Spreadex Market Update
Asian shares rise again
With risk assets from stocks to commodities rallying over the past two sessions, recovering some of last week's sharp losses, markets were prone to profit taking as trading will likely slow ahead of the Thanksgiving holiday weekend.
Moody’s has stripped France of its prized triple-A rating On Monday, cutting the sovereign credit rating on Europe’s No.2 economy by one notch to Aa1 from Aaa. This has highlighted the uncertain fiscal outlook and France’s deteriorating economy.
The downgrade, which follows a cut by Standard & Poor's in January, was widely expected but is still a blow to Socialist President Francois Hollande as he strives to convince the world he can fix France's public finances and stalled economy.
The FSA has announced that British banking should be forced to fully separate their retail arms from investment banking operations. In a plan designed to protect the taxpayer, banks should face the threat of being broken up if they fail properly to comply with proposals to ring-fence retail deposits from riskier activities.
Essar Energy PLC’s convertible bonds have enjoyed their biggest rally since they were first issued two years ago.
This is as a result of a planned recast of $4.8bn of debt by billionaire brothers Shashikant and Ravikant Ruia.
This is something that plays a huge role in increasing confidence.
In the current benign market, it’s much easier to go ahead and refinance so that the management can focus on the business rather than worry where the funds will come from.
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