Negatieve feedback-koppeling

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Degenen die de beoordelingen geven, verdienen aan de koerswisselingen.
Voor hen is dat positieve feedback, maar het is gebruikelijker om van
negatieve feedback te spreken.

Een aantal jaren geleden kwam direkteur Weill van Citibank in de
problemen, omdat een analyst van Citibank negatieve adviezen gaf en een
collega op een andere afdeling vooraf posities had ingenomen.
Toen was het kennelijk een uitzondering, maar vandaag aan de dag is het
kennelijk volkomen normaal.

Goldman Sachs & Co. verkopen hedges aan Griekenland, die de
kredietwaardigheid verdoezelen, en wéten vooraf dat dit in de toekomst
wéér voor winst gaat zorgen.
Nu noemen ze het waarschijnlijk een delayed double whammy.

Groet / Cees

Worries over Greece send euro tumbling
http://www.ft.com/cms/s/0/fd11e6c0-21d8-11df-98dd-00144feab49a.html
By Jamie Chisholm, Global Markets Commentator

Published: February 25 2010 07:58 | Last updated: February 25 2010 08:33

08:30 GMT: Action in the forex markets triggered a fresh bout of nerves
among investors on Thursday, after the euro tumbled to a one-year low
against the yen, sparking fears that a flight into perceived haven
assets was again under way.

The FTSE World equity index fell 0.5 per cent and gold lost further
ground as the yen’s surge also pushed the dollar close to eight-month highs.

Investors have been extremely sensitive of late to moves in major
currencies – particularly the euro/dollar cross, which they have used as
a proxy for global risk appetite.

The renewed slump in the euro came as traders absorbed the threat by
credit rating agency Standard & Poor’s to downgrade Greece’s sovereign
debt, and pictures of scuffles between strikers and police in Athens
reminded markets that a solution to the eurozone’s fiscal woes would not
be easily achieved.

The S&P warning had been released on Wednesday, but at the time traders
appeared unable to focus on anything other than the testimony to
Congress of Federal Reserve chairman Ben Bernanke. His confirmation that
interest rates would stay low for an extended period helped Wall Street
rise 1 per cent.

However, the forex turmoil has caused a sell-off in the S&P 500 futures
contract, suggesting Wall Street will open with a 0.6 per cent loss.

Before that investors will have to navigate a very busy day of European
corporate earnings reports and news out of the US on durable goods
orders, house prices and weekly jobless claims. Mr Bernanke will be
grilled in Washington for a second day.

● The yen’s gains were broad-based as selling of the euro by Japanese
exporters, and the worries over Greece, pushed the yen through stop-loss
orders, exacerbating the move. The yen hit Y120.25 to the euro at one
stage before paring its gains a touch. It was later trading up 1.2 per
cent at Y120.44 against the single currency and up 0.8 per cent to
Y89.35 versus the dollar.

The buck rose 0.4 per cent to $1.3480 versus the euro and climbed 0.2
per cent on a trader-weighted basis, just shy of a recent eight-month peak.

● Asian stock markets turned tail as traders saw the “haven” proxies –
the yen, and on the day to a lesser extent, the dollar – start to gain
ground and the US futures tumble. The FTSE Asia-Pacific index lost 0.7
per cent, with the Nikkei 225 in Tokyo off 1 per cent. The Hang Seng in
Hong Kong fell 0.3 per cent but the Shanghai Composite was typically
maverick and gained 1.3 per cent, a one-month closing high.

European bourses were not immune to the heightened risk aversion. The
FTSE Eurofirst 300 fell 0.4 per cent and London’s FTSE 100 lost 0.3 per
cent.

● The stronger dollar and concerns about technical weakness saw more
selling in gold. The bullion dropped 0.6 per cent to $1,091. Oil
succumbed to the risk aversion sweeping bourses, dipping 0.5 per cent to
$79.57.

● Supposed haven government bonds were in demand. The yield on US
10-year notes fell 3 basis points to 3.66 per cent. The Treasury will
auction $32bn of seven-year notes later. Ten-year German Bund yields
fell 2bp to 3.11 per cent.

Greek sovereign debt came under pressure, with the yield rising 15bp to
6.64 per cent.

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