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Saturday, 6 December 2014

Huge gains in US employment - YouTube

Huge gains in US employment - YouTube: ""

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Oil Poised to Extend Drop After Hitting Five-Year Low - Bloomberg

Oil Poised to Extend Drop After Hitting Five-Year Low - Bloomberg:

"West Texas Intermediate and Brent crudes are poised to decline from the lowest closing levels in more than five years after shrugging off a sign that the market has dropped too fast.

The 14-day relative strength index (BCOM) for WTI slipped to 27.0364 yesterday, according to data compiled by Bloomberg. Investors typically start buying contracts when the reading is below 30. The 14-day RSI for Brent slipped to 23.6843. The move highlights the extent of the bear market in the face of technical support.

“We’re way oversold in both Brent and WTI, not to mention the products, and the market’s not responding,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone yesterday. “A market that ignores these bullish signals is heading much lower.”"

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Russia Contagion Spreads to Former Soviet States Amid Rout - Bloomberg

Russia Contagion Spreads to Former Soviet States Amid Rout - Bloomberg:

"Russia’s currency and bond rout is spreading to former Soviet states.

Currencies are tumbling after holding steady since President Vladimir Putin annexed Crimea in March. Russia’s deepening crisis and the ruble’s 34 percent slump over the past six months hurt economies that rely on remittances and imports from the country.

Georgia’s lari lost 10 percent against the dollar last week, surpassing the 6.5 percent decline in the ruble as the biggest loser among 169 currencies tracked by Bloomberg. The Armenian dram slumped 2.8 percent, the sixth weekly drop, the longest slump since March 2010. Kazakhstan’s dollar-denominated notes due in 2024 slid, sending yields up 57 basis points, or 0.57 percentage point, to 4.76 percent."

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Gazprombank Bonds Plunge Toward Distressed Levels Amid Sanctions - Bloomberg

Gazprombank Bonds Plunge Toward Distressed Levels Amid Sanctions - Bloomberg:

"Dollar bonds of OAO Gazprombank approached distressed levels after the biggest weekly slide on record in the latest sign that U.S. and European Union sanctions are hobbling Russia’s biggest lenders.

Yields on subordinated debt of Russia’s third-biggest bank jumped 180 basis points this week to 11.69 percent at 6:33 p.m. in Moscow, bringing the premium of the December 2023 notes over U.S. Treasuries to 946 basis points. Spreads exceeding 1,000 basis points are typically considered distressed.

Borrowing costs of Russian lenders have soared, signaling investor concern over their ability to make debt payments as penalties choke off their access to western markets. This has forced the government to pledge funds to shore up the capital of lenders including Gazprombank. Russia is facing the biggest outflows in six years as the ruble tumbles and oil slides into a bear market, bringing the economy of the world’s largest energy exporter to the brink of recession."

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Istanbul Airport Dreamers Set to Land Record Turkish Loan - Bloomberg

Istanbul Airport Dreamers Set to Land Record Turkish Loan - Bloomberg:

"The builders of Istanbul’s third airport, intended to be among the world’s busiest by 2020, are reducing the number of banks in talks to fund the project and may have Turkey’s biggest corporate loan in place next month.

Three state-run banks including TC Ziraat Bankasi AS and Turkiye Halk Bankasi AS (HALKB), and another three private lenders are close to agreeing to provide about 4.5 billion euros ($5.5 billion) for the project’s first phase, according to four people familiar with the situation. As many as 10 banks were being considered earlier this year, Hakan Ates, chief executive officer of Denizbank AS (DENIZ), among the current group of financiers, said on June 17.

A loan that size would surpass the $4.75 billion Ojer Telekomunikasyon AS arranged in May last year, the record for a Turkish company. The involvement of state banks may signify the importance of the project to President Recep Tayyip Erdogan, who wants Istanbul to develop into a major regional transportation hub, which would help the national carrier compete with long-haul rivals from the Middle East and Europe."

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