The Nobel Prize in Literature 2011 is awarded to Tomas Tranströmer "because, through his condensed, transluscent images, he gives us fresh access to reality".
ECB総裁の記者会見、利下げ無し、ただし欧州銀行へのリファイナンス・オペレーションとカバード・ボンド購入プログラムを発表 -------------------------------------------------------- 8:46a ECB to launch new covered bond purchase program (マーケットウオッチ) 8:46a ECB to conduct refinancing operations -------------------------------------------------------- (FTの実況ブログ)ttp://blogs.ft.com/the-world/2011/10/eurozone-crisis-live-blog-3/#axzz1a0Ov6tyA
13.47 There’s a new covered bond purchase programme. The ?40bn programme will see the central bank buy debt in both primary and secondary markets. That’s a significant step-up from the securities markets programme which buys debt only in secondary markets. Purchases will start in November and end in October 2012. 13.43 Here’s the announcement on liquidity support. There will be a 12-month refinancing operation in October and a 13-month operation in December. -------------------------------------------------------- (WSJの実況ブログ)ttp://blogs.ft.com/the-world/2011/10/eurozone-crisis-live-blog-3/#axzz1a0Ov6tyA
by Brian BlackstoneAdd a Comment Trichet disappoints some analysts hoping for a rate cut, but does unveil new loans to banks with maturities up to 13 months, and ECB will resume covered-bond purchases. So basically two out of three on the wish-list of financial markets.
Is this the crucial statement from Trichet so far, asks Matthew Walls, a news editor at the Wall Street Journal Europe. "Trichet says risks to the medium-term inflation outlook broadly balanced, suggesting Trichet's not going to give the markets a strong sign that it will cut rates as soon as November." 「Trichet総裁は中期的インフレ見通しは広範にバランスしているといっているので、11月に利下げのチャンスがあると市場に 思わせないための強いサインを出している」とWSJ欧州版報道部編集長のMatthew Wallsが述べている
<FTの実況ブログから> 14.10 The FT’s Martin Sandbu on the ECB’s opposition to leveraging the EFSF through the central bank: Martin Sandbu: So the ECB is opposed to turning the EFSF into a bank which would have access to ECB lending. Though Mr Trichet pointed out that EFSF can leverage itself in the market ? that almost sounded like an encouragement.
Snap reaction from Deutsche Bank’s prolific Alan Ruskin.
The inflation hawks win. The separation principle lives on. And Trichet remains consistent to the last. Very interesting to see EUR immediately fall. Two possibilities ? firstly a 1yr LTRO is still expected, and O/N rates are already reflective of lower official rates; and secondly, this is widely seen as a very negative signal for EU financial stress that is the main driver of the EUR. Let’s see what Trichet says in the press conference, but actions in this case speak louder than words. In addition, Trichet has left Draghi with a difficult ‘playbook’ for upcoming meetings, for it will be difficult for Draghi to ease next month and still pretend there is continuity in pursuing the ECB’s inflation mandate. A hardline ECB true to its separation principle could easily persist, but as we have seen in recent weeks, that will not stop the EUR going down. ttp://ftalphaville.ft.com/blog/2011/10/06/695236/no-change-at-the-ecb-2/
There were a few cheeky titbits in an otherwise workmanlike Goldman Sachs note published Wednesday on US banks. 水曜日にゴールドマンの書いている予想なのだが
First up for a teasing: French banks. As we know, US banks are sitting ducklings in the middle of the European maelstrom. This is mostly bad news. But there is some good news for Wall Street, of course. Goldman reckons that European banks’ portfolio of US dollar denominated assets will be in the shop window. ヨーロッパの負債危機でフランスの銀行がドル資金調達のためにドル建ての資産を投げ売りすると予想している。米国の銀行 にとっては美味しい鴨(ry
ゴールドマンの予想は We believe aggregate US dollar funded assets held by French banks exceed $100 bn, which we expect them to begin to shed. Areas of reduction will most likely focus on (1) aircraft leasing, (2) commercial real estate, (3) equipment financing, and (4) leveraged loans. We believe the US banking system has sufficient capital and liquidity to absorb these assets. フランスの銀行のドル建て資産は$100 bn, で、売られることになると予想。航空機のリース、商業用不動産、機器のファイナンス、 レバレッジ付きのローンなどで米国の銀行はこれらを吸収できる余力がある(ry