Morning Recap: Unrest In Libya Continues, Just A Question Of When

Morning Notes

– Not much has changed on the Libya front overnight and global markets are net down small
– Libya’s Interior Minister quit to join protestors; reports that Libyan Justice Minister + one of Gaddafi’s sons’ senior aide resigned as a result of objection over violence
– Now a question of when the Libyan state will collapse
– Biggest concern/risk appears to be whether the turmoil will spread into Saudi Arabia and other major oil producing nations in the Middle East
– Oil is up again today, though it has not made a higher high from yday
– China’s Shanghai Comp was actually up in the overnight
– Nikkei closed down 80bps- Japanese yen advanced
– Hong Kong GDP came in better than expected (+6.2% y/y), but Hang Seng closed down 40bps
– European bourses down this morning
– HPQ’s weak earnings last night has added negative tone in the pre
– BOE minutes were out- some notes include a 6-3 vote to keep rates unch’d, which marks another vote in favour of a rate hike from BOE’s last meeting
– BOE minutes helped boost the pound
– On economic calendar for today: Existing Home Sales at 10a; 5 yr note auction results at 1p
– Despite the ugly sell off yesterday, Spooz are currently up 3 handles from FV ahead of the open

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