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Australia Cuts Bank Rate
Started:November 1st, 2011 (07:40 PM) by Quick Summary Views / Replies:260 / 0
Last Reply:November 1st, 2011 (07:40 PM) Attachments:0

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Australia Cuts Bank Rate

Old November 1st, 2011, 07:40 PM   #1 (permalink)
Quick Summary
Australia Cuts Bank Rate

By Ralph Shell: Equity and currency markets have been battered with a steady stream of negative news. The euphoric reaction to last weeks grand scheme produced by the European leaders is now being revealed as folly.

Equities are in retreat. Perhaps the hardest hit is the Italian market where the FTSE MIB Index was down 6.8% in the past day. Yields on Italian 10 year sovereign debt have increased to 6.21%, and even Italian 2 year notes are now paying over 5%. The rate hike is not confined to Italy. Belgium 10 year notes are above 4.3%, but the winner in this contest is still the Greeks, where 2 year notes yield 82%. The surge in yields is taking place even after the ECB attempts to keep rates low, buying sovereign debt.

Again Greece is the epicenter of the latest crisis. The IMF austerity and bail out plan will be submitted to a

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