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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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From: Eva12/29/2010 11:09:42 PM
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update -- trotsky, 10:31:40 12/29/10 Wed
Euro area credit watch - an update showing where all these markets find themselves at the end of the year. In brief, it doesn't look good. CDS spreads and bond yields of not only the PIIGS but increasingly other euro area members continue to shoot up and are ending the year with a decidedly bullish (i.e., bearish for euro area sovereign debt) picture.
We briefly discuss the ECB's failure to drain the full amount of its PIIGS bond purchases from the system this week - this seems more of a seasonal quirk than anything else, but we note that a central bank using interest rate targeting will eventually be forced to increase liquidity if increasing credit demand pressures rates above its target rate.
Meanwhile, stocks and commodities continue to trade as though they were in another universe altogether. Market participants seem oblivious to the risk, but risk keeps growing by the day.

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