Spanish Unemployment Hits Record 25%
Coming austerity cutbacks are expected to drive the rate even higher in the year to come.
Downgrades Drive Spanish Bond Yields Higher
Five regions in Spain were hit by ratings downgrades by Moody’s, sending yields higher and prices lower on Spanish bonds at a Tuesday sale. The Spanish economy also showed further contraction.
French Banks’ Trading Assets Create ‘Systemic Risk’
The investment banking units of BNP Paribas, Société Générale, Credit Agricole and Natixis hold 2.05 trillion euros ($2.64 trillion) in trading assets.
BNP Paribas to Boost Wealth Management in U.S.
The bank’s plans in the U.S. are part of a broader strategy to expand in smaller markets like Turkey, Poland and Morocco.
New Hire Roundup: TD Ameritrade Institutional Adds Dario
Also this week in new hires, Joseph Nader joined Wescott Financial Advisory Group; Will Proctor went to a new spot at Neuberger Berman; and more.
Spain Risks ECB Wrath With Unemployment Extension
Calling the move “just” in a country with unemployment near 25%, Prime Minister Mariano Rajoy also said that he was still considering asking for help from Europe to combat cripplingly high bond yields.
German Bonds Lose Favor as Bailouts Loom
Investors are pulling money out of Bunds and seeking what they see as safer investments.
Draghi Says ECB Will Do ‘Whatever It Takes’
ECB President Mario Draghi declared that the central bank will do “whatever it takes” to keep the euro intact, as eurozone central banks looked for new ways to spur bank lending and undo the bloc’s financial logjam.
Italy’s Bond Yield Falls at Sale Despite Moody’s Cut
Italy passed a market test on Friday after a Moody’s downgrade that its industry minister called unjustified.
Targeting Covered Bonds
The ProShares USD Covered Bond (COBO) made its trading debut in late May.