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February 26, 2009 --- Bank vs. Sovereign Stress Test
Overnight, Bernanke sparked a rally as he re-iterated that full nationalization of banks was not an option, while Obama then sparked a sell-off as he talked about increasing regulation…My doubt is that SPX can stand above 743 for long? …Macro wise, data continue to be disappointing. If German 4QGDP (-1.7% yoy) and
But what really concerns me now is not the Bank Stress Test, but the Sovereign Stress. Overnight, I saw Ukraine’s credit rating was cut two levels by S&P, Latvia was downgraded to junk, and CDS for US govt crossed 100bps for the first time (was just 20bps last Sep)… Watch CDS of Korea and
Local market wise, I think today is likely to be another day without direction as choppy price action O/N indicates uncertainly and the lack of visibility and consensus in the markets. In China, State Council yty approved stimulus package to boost the NFM an logistic industries, completing the 1st round of massive support to 10 key industries…I wait to see another catalyst, other wise stay put is my best choice…
Overseas Market Reviews
Overnight, equity gained in Asia (+2.7% in