Is it possible for the Russians to stop the slide from rouble and equity markets?
Since the top on June 1 the rouble-based Micex went down with 24%.
All right then, it’s not the only sector losing height.
As we mentioned yesterday.
Since the top on June 1 the rouble-based Micex went down with 24%.
All right then, it’s not the only sector losing height.
As we mentioned yesterday.
But help is coming. From the ECB auctioning 442.2 bln euro’s today for one year at 1%. Euro rates fell to record lows.
As is illustrated by the overnight rates.
A success in terms of driving down rates. In terms of excess reserves this bargain opportunity gave banks the opportunity to stock up euro cash to an excess of some 270 bln euro.
Thank you ECB.
Last week the ECB said that eurozone banks could face 283 bln EUR losses before 2011.
Well, this makes pretty up for it, not?
No wonder European banks are going higher.
Don’t forget: there is still a FOMC meeting going on.
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