BHBGroupTrader Weekly Market Spread Report: Issue 8
Plain and simple. Equity markets started the week of June 15-19 on the wrong foot as the European Central Bank confirmed Monday the view I posited in last week’s BHBGroupTrader Market Spread Report, namely that central bankers are not buying the green shoot theories of recovery. In its bi-annual Financial Stability Review, the ECB suggested that euro-zone banks will need to write down an additional $283 billion by the end of next year and warned that risks to euro-zone financial stability “remain high”. Among the central bank’s worries were sharper-than-anticipated falls in U.S. house prices, further winnowing of euro-zone banks’ capital buffers and the possibility that economic upheavals across Central and Eastern Europe — where some euro-zone banks have big investments — could intensify. Other sources of concern include rising corporate-default rates, falling property prices in some euro-zone countries, and the potential for the bloc’s recession to be worse than expected.
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