Here’s what you need to know this morning:
- Greece’s position continues to deteriorate as markets continue to pummel the country’s sovereign debt yields. The yield on the country’s 2-year bonds has come close to 8%, suggesting confidence in the country’s ability to refinance its debts is deteriorating.
- Its not just Greece experiencing sovereign debt concerns, as Credit Derivatives Research Government Risk Index jumped 40% over February. The index measures the risk of France, Germany, Italy, Japan, Spain, the U.K. and the U.S..
- 18 Wall Street banks have been accused of utilising similar end of quarter borrowing practices as Lehman Brother’s Repo 105. The banks include Morgan Stanley, Goldman Sachs, and JP Morgan.
- Gold prices are yet again rising this morning on the uncertainty still apparent in markets over sovereign debt and inflation concerns. The metal is rising most dramatically against the weakening euro, and has been for some time.
- The Motion Picture Association of America, along with several studios and production companies, is trying to stop the market trading in Hollywood film futures from being setup. The market, under consideration by the Commodities Futures Trading Commission, is being pushed by Veriana Ventures and Cantor Fitzgerald.
- DJIA, S&P, and NASDAQ futures are all up this morning, along with most dollar denominated metals and energy commodities.
- China failed to sell all the debt it hoped to in its Friday auction. The bills were short term, 273 and 91 days.
- In an apparent snub of the Obama administration, Israeli Prime Minister Benjamin Netanyahu has decided not to attend President Obama’s 47 country conference on international security. The slight comes after weeks of escalating tension over Israel’s settlement expansion.
- The yuan is on a 6-month high as speculation remains rampant that the country is planning a weekend revaluation of the currency.
- Rep. Bart Stupak, who backed down on health care to get a deal done, has decided to retire at the end of his term.
- Bonus: Tiger Woods found a way to avoid the jeers in the crowd at yesterday’s Masters and play well. He finished 4 under par, 2 off the lead, even though fans held signs like “Sex Addict” in the crowd.
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