Credit losses growing at a rapid pace at CITIGROUP

o        POLITICS ARE  BACK : G20, Americas Summit, Durban II, Trip to California. There is more than only economics but Strauss-Kahn stated recently that means are not sufficient nor swift enough to get the world economy back on tracks before some time. The coming weeks could be kind of hectic as company results are to be released. Profit takings may be in the air.

o        TOP STORIES ON BLOOMBERG : ”Credit losses growing at a rapid pace at CITIGROUP” and “Obama can’t pick up the phone when the mortgage refinancing customer gets no answer”. In the US, there were more banks going bankrupt so far in 2009 than in 2008. Stay cool in spite of the huge rebound!

o        VIX is further down at 33.9. Gold is down as well at 868 USD per oz and the oil price (BRENT CRUDE SPOT) is stable at 51.8 USD. The USD has been strengthening the EUR at 1.29. CMS 10-2 years spread is stable at 1.56. The 5y CMS stands at 2.83 and the 3y at 2.33.

 

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