For LatAm, QE3 Impact on Financial Risk Is Key

The Fed’s QE3 will have varying effects by country in LatAm; however, there are a few broad strokes that color the region. QE3 comes at a moment when growth is weak across the board and policy action is widely needed. What QE3 signifies for LatAm, in this context, is not only related to the added […]

ECB Will Build a Bridge…But to Where?

All eyes are on the ECB governing council meeting on August 2nd to see exactly what Mario Draghi meant last week when he pledged that the ECB would preserve the euro. The way the markets have rallied off the back of this statement, it seems that investors think that the ECB is poised to intervene […]

A Spanish Bailout? Don’t Hold Your Breath

From the guardian: It is a rule of thumb among eurozone crisis observers that the more something is denied by officials, the more likely it is to happen. With Spain’s borrowing costs at euro-area record highs, its officials insist it will not need a full bailout programme. To most of us, however, it seems no longer […]

Canada: Of Resource Investment and ‘Net Benefit’s

Two important pieces of news for the Canadian resource sector were announced today, both reference in some way the “net benefit” clause for investment in Canada, one at a national level (Nexen-CNOOC), the other at a provincial (National Gateway pipeline review), both important to Canadian and global resource supply chains. First, the proposed takeover of Nexen […]

How Much Did Barclays Make From Manipulating Libor?

No doubt at some point a full calculation will be forthcoming. It is important to remember that many banks are involved in the scandal, and that for every long derivative there’s a short, so there were winners and losers and the sums are all mixed up. It may well be that just as Bank X’s […]

EU Summit: Some Good Progress, But Any Game Changers?

This EU summit marked many firsts for eurozone crisis era EU summits: it was the first time Greece hasn’t been discussed in years, it was the first time Italy and Spain bonded together and it was the first time President Hollande attended an EU summit. By dinner time on Thursday, the EU summit seemed a […]

A Week in Sovereign Wealth: From Nigeria to Qatar

Its been an important week for two funds at different ends of the sovereign investment risk tolerance spectrum – Nigeria and Qatar, both of which have sparked a series of headlines and have intentionally or not taken some new strides. The Nigerian governors breaking the deadlock on the country’s new US$1 billion fund and Qatar […]

EFSF/ESM Bond Buying in Primary Market Not Much Better

I’ve already explained why EFSF/ESM secondary market bond purchases wouldn’t really help. One of the ideas floating around the EU summit is that the EFSF/ESM can buy bonds in the primary markets. While this would be more effective in terms of reducing borrowing costs and buying time, it is unlikely to buy enough time to […]

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