The failure of the government to produce a credible fiscal package to fight the country’s mounting debt burden only adds to the reasons why gilts yields will rise in 2010.
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Now that deficits are bad and the euro and sterling should suffer from budget concerns in Greece, Spain and the U.K., budget surpluses should be good news from the Australian and New Zealand dollars as well as the Norwegian krone and Swedish krona.
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Morgan Stanley has suggested the U.K. could be the first big economy to have a debt crisis, especially if there’s a hung parliament next year. But, chances are, there won't be.
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Calls for Japan to intervene to stop the JPY’s advance are more acute. However, the U.S. and the euro zone could have a problem given their pressure on China to do just the opposite. BOJ may have to resort to QE instead.
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Gold prices extended gains above $1,200 a troy ounce Wednesday as investors continued to seek a hedge for a weakening dollar and inflation fears. The low interest rate environment globally and quantitative easing programs also assists the rise
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Neste Oil’s CEO says refining markets continue to look gloomy. Margins have declined since the company released its 3Q report. But he was hopeful that signs of economic upturn will drive a margin recovery in the third or fourth quarters of 2010.
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Dubai’s debt problem may be small in the greater scale of things but it could still have ramifications for how other sovereign-related debt is treated and cap any recovery in global risk appetite.
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Fear of a debt default by Dubai sent European stocks tumbling and the pound down on fears for U.K. bank exposure. The price of gold retreated from its new record high and the dollar rebounded from recent lows, helped by talk of BOJ intervention and suspected SNB moves to halt the franc’s rise.
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The dollar fell under Y88 for the first time in 10 months and could continue to fall as US real yields decline, Japanese risk appetite wanes and the country’s current account surplus grows once again.
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