Texas-area manufacturing turns much more positive, with the Dallas Fed saying its general business activity index jumped to 16.2 from 2.6, and expectations are even stronger - six-month outlook up to 31.4 from 26.9, and six-month jobs expectations to 37.9 from 13.0.
It's not just swaps on Spain and Portugal CDS that are soaring, as Italian CDS surge to a six-month high. Italy is like Portugal in that it is growing so slowly that its tax revenues might fall short of covering its IOUs. Italy's economy is almost half-again as large as Spain's, and Spain is considered the "big elephant" in the room that the euro zone doesn't have the resources to save.
Europe's sovereigns may be adding debt, but its companies are shedding it, paying off creditors at the fastest rate in seven years. Liabilities as a percentage of earnings fell 22% last quarter - and, excluding the three months after Lehman Brothers' bankruptcy, valuations in Europe are projected to head to record lows.
狗仔卡
发表于 2010-11-29 11:12 AM
发表于 2010-11-29 11:25 AM
