Research (Investicniweb.cz)
World markets  |  June 22, 2012 11:24:35

Friday's trading at a 15 lower bank ratings



Audit of Spanish banks fell by 100 billion would be possible to help the whole sector should provide a sufficient reserve. In the worst scenario would be reviewed the need for banks to fill up 51 to 62 billion euros, the baseline scenario would require "only" 16 to 25 billion. Detailed audits are intended by the Spanish Ministry of Finance published in September. Neither of the three largest Spanish banks would not suffer from lack of capital.

Stress tests conducted by two independent audit firms (Oliver Wyman and Roland Berger Strategy Consultants), the Spanish Government under tougher standards than those of the International Monetary Fund. Worst scenario foresaw a 6.5% drop in GDP and 60% drop in house prices maximum level before the crisis.

In early June, the IMF said Spanish banks will need at least 37 billion euros, one of the representatives of the Fund an amount estimated at 60 to 80 billion euros.

European trade at the time of publication of the report ended, the U.S. trading day after the worst of the economic data (specifically, after worse than expected outcome Philadelphia Fed's index of activities and recommendations of Goldman Sachs shares Short, respectively, in response to this number) was marked by high demand for dollar U.S. bonds.

Yield 10-year U.S. Treasury bonds

Moody's downgraded rating of 15 banks

The uncertainty in the banking sector has brought credit rating agency Moody's, which was after the end of trading on Wall Street downgrade to 17 large banks with global reach. Warnings by the Agency have been known for several months. Finally, it was lowered 15 ratings.

- Nomura and Macquarie lost 1 degree on Wednesday.

- On Thursday, came about 1 degree even HSBC, Lloyds TSB, RBS and Société Générale.

- About 2 degrees was exacerbated from Bank of America, BNP Paribas, Barclays, Citigroup, Credit Agricole, Goldman Sachs, JPMorgan Chase, Morgan Stanley, RBC and UBS.

- About 3 degrees came only Credit Suisse.

For example, Morgan Stanley's chief executive officer may, according to James Gorman affect about 8% of derivative contracts, net of prior bond ratings (senior debt) will affect 868 to 7200 million dollars in collateral, derivatives and other payments.

Already in May reduced the ratings agency, including Italian banks UniCredit and Intesa Sanpaolo, subsequently deteriorated to 16 rating of the Spanish financial institutions, led by Banco Santander and 7 German and Austrian banks.

In February, Moody's warned that it is reduced by three levels of assessment of UBS, Credit Suisse and Morgan Stanley. Barclays, BNP Paribas, Credit Agricole, HSBC Holdings, Goldman Sachs, Deutsche Bank, JPMorgan Chase, Citigroup, Macquarie Group and Royal Bank of Canada had come by two grades. One level could be reduced from Bank of America, Nomura Holdings, Royal Bank of Scotland and Société Générale.

EURUSD trading on Friday launched Thursday's lows.

EURUSD
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