Morning Reading – Wednesday, March 16, 2011
FT Alphaville: Goldman sees no earthquake impact on Japan’s GDP
Proving that not even a natural catastrophe and a potential nuclear meltdown can dent Goldman’s unerring global financial optimism — Goldman Sachs has published a Q&A concerning the potential economic effects of Friday’s quake and tsunamis.
FT Alphaville: CDS markets predictably worried
The sovereign CDS market appeared predictably worried on Wednesday.
FT Alphaville: Meanwhile, in Bahrain…
The FT reports Tuesday that Bahrain has declared a state of emergency and asked the military to reassert its control over the capital, Manama, as clashes between Shia and Sunni groups spread across the country.
FT Alphaville: Moody’s downgrades Portugal to A3 from A1
So concludes the credit rating agency’s latest review of the eurozone periphery, which began in December.
FT Alphaville: Portugal: finally about the banks
Portugal’s fiscal plight is dire: but unlike in Spain or Ireland, the country’s banks are not major burdens on the sovereign. Where was the big 2000s Portuguese housing bubble, after all. Right?
No.
Calculated Risk: Lawler: Early Read on February Existing Home Sales
Based on available local MLS sales stats, I estimate that US existing home sales this February were down very slightly from last February’s pace on an unadjusted basis. Assuming that this February’s seasonal factor is little changed from last February’s (which is what I expect), existing home sales on a seasonally adjusted basis should come in at an annual rate of around 5.0 million, which would be down about 6.7% from January’s pace, though January sales seemed a bit high relative to my local tracking.