10 Things You Need To Know Before The Opening Bell

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Good morning. Here’s what you need to know:

  • Overnight trading saw the impact of Germany’s ban on naked short selling and CDS set in, with a moderate selloff in Asia and a continued push towards $1.21 with the euro. European exchanges also moved downward. 
  • Germany is now pushing for their partial ban of naked short selling and CDS trading to be adopted by all of Europe, but it is meeting unlikely opposition. France’s finance minister Christine Lagarde is in opposition to the ban, and upset over the German unilateral decision. Here are the firms Germany banned naked shortselling on >
  • German Chancellor Angela Merkel, in a speech in Berlin, brought further uncertainty to the euro saying it was in “danger.” Merkel also called for a eurozone wide plan for “orderly state insolvency.” 
  • The result of all this uncertainty has been a widening in the CDS spreads of major European sovereigns. According to CMA Datavision, Italy and Portugal’s spreads have widened overnight as a result of the uncertainty.
  • In a reminder that it isn’t just the eurozone undergoing severe fiscal distress, Romania is set for a 60,000 strong protest today against proposed government austerity measures. The EU country has experienced such protests in the capital city of Bucharest multiple times since the IMF was called in to provide support to the troubled state.
  • The situation in Thailand has escalated this morning, with Bangkok’s stock exchange now in flames. Many protesters have now surrendered to the government, but spontaneous riots continue to break-out across the country. Check out the roots of what’s going on in Thailand > 
  • Toyota has been hit with another recall, and is now informing owners of 11,500 Lexus vehicles that their cars will need to be returned for servicing. The LS line is impacted, with the focus being a computerized steering problem.
  • Primary election results overnight in the U.S. point towards more polar politicians gaining support from their party’s base. Democrats may also be inspired from the results, due to surprising win in a house election in Pennsylvania.
  • Due to the expiration of tax-credits associated with home purchases, mortgage demand fell to its lowest level in 13 years last week. The outlook for the rest of the Spring season is not positive.
  • Sen. Dodd has now moved against banning the trading of derivatives outright at the country’s investment banks, and would prefer to see the ban stayed for 2-years and the Treasury Secretary given final decision. This is in opposition to Sen. Blanche Lincoln’s position, and is to be at the centre of the final days of financial reform debate. 
  • Bonus: Megan Fox has announced her surprising dietary habits, noting that she could live a week without eating.
  • Follow up to the minute market coverage all day at The Money Game >

 

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