Daily Reading – November 19, 2010
FT Alphaville: Bernanke: it’s not me, it’s you.
The People’s Bank of China sure knows how to gatecrash a party.In an uncanny coincidence, the PBOC lifted bank reserve requirements 50bps – widely seen as a step against QE-inspired capital flows – just as Fed chairman Ben Bernanke rose to speak at the European Central Bank on, erm, the merits of QE…
FT Alphaville: Bursting bubbles.
What better way to end the week than with a history lesson from Société Générale’s Dylan Grice…
FT Alphaville: Construction wobbles.
There’s something about the following graphs from the Royal Institute for Chartered Surveyors Q3 UK Construction Market Survey that is beginning to give us a worrying sense of déja-vu…
FT Alphaville: Commodity ETFs: even worse than you thought.
The issue of rollover and contango decay in commodity exchange traded products has received a lot of attention in the media…
FT Alphaville: A Chinese real-estate supply shock.
Standard Chartered’s analysts have been doing a good job of monitoring the Chinese real-estate conundrum — i.e. will prices collapse or will they just keep booming forever?…
FT Alphaville: On declining Irish deposits.
At some point this morning Allied Irish Banks will finally get round to publishing its trading update. While we wait for that statement to hit the wires, Citigroup has published a report on Irish bank deposits and the extent to which the system is now reliant on funding from the eurosystem…
FT Alphaville: To rebuild an Irish banking system, part one.
Routing international aid through the Irish sovereign to recapitalise Irish banks — this scenario isn’t if but when; and increasingly it’s no longer when but how, and how much…
FT Alphaville: To rebuild an Irish banking system, part two.
We’ve now well and truly progressed to the question not of when but of how much in bailout loans is needed for Ireland, so…
The Big Picture: GM: The Most Successful Bailout Bankruptcy.
I have a quote in this Bloomberg article, but the more important stuff is further down in the article…
The Big Picture: Q3 Earnings in the Books.
With 96% of S&P 500 companies having reported for Q3 2010, the COTD provides some long-term perspective as to current earnings.
The Big Picture: Bernanke/China/Ireland.
Bernanke is reiterating his goal with his new round of asset purchases and that to keep long term interest rates low…
The Big Picture: Wedbush: Cheap as a Fox.
“He truly is the cheapest man alive.”-A Wedbush employee, who spoke on condition of anonymity, citing a fear of retaliation from Mr. Wedbush…
The Big Picture: Succinct summation of week’s events (11/16/10).
Positives: 1) Ireland getting bank bailout, fire put out for now 2) China, Hong Kong and South Korea all take steps to battle rising inflation 3) Philly Fed much better than expected and at best level since Dec ’09…