Thursday 28 August 2008 - Quis custodiet ipsos custodes?
Presented by Paul Donovan
+ The WSJ reports that the US Federal Deposit Insurance Corporation may have
to borrow from the Treasury, in order to deal with a cash flow crisis created
by the number of US bank failures. It has had to borrow money in the past
(during the S&L crisis).
+ One insolvency expert is warning that 300 small US banks may fail in the
next 3 years. The tightening credit environment is one reason why the Fed
does not consider its current policy stance to be especially accommodative.
.
+ German inflation figures start to emerge from the various states today. We
expect the preliminary German CPI reading to rise to 3.6% yoy - as base
effects and commodities have a last upwards impact on inflation rates, and
offset the weakening growth.
+ Australia saw very weak second quarter construction data released (-2.6%
qoq, against market hopes for an increase). This gives downside risk to
second quarter growth.
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