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November 16, 2011

‘Worst-Case Outcome’

“France, Spain, they’re all seeing yields move out, so you get the impression that we’re at some sort of juncture where banks, investors and corporations are starting to prepare for the worst-case outcome,” said Greg Gibbs, a currency strategist at Royal Bank of Scotland Group Plc in Sydney. “The euro will remain under pressure.”

Indonesia’s rupiah fell 0.6 percent to 9,045 per dollar. Bank Indonesia estimates gross domestic product will increase 6.5 percent next year from a previous estimate of 6.7 percent. The central bank unexpectedly cut its benchmark interest rate by 50 basis points to 6 percent last week.

The cost of protecting corporate and sovereign bonds from default rose in Australia and Asia outside of Japan, with the Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan advancing 3 basis points to 208.5 basis points, Royal Bank of Scotland Group Plc prices show. The gauge is set for its highest close since Nov. 9, according to CMA.

Oil dropped from the highest level in more than three months, retreating 0.9 percent to $98.45 a barrel. Gold for immediate delivery fell 0.7 percent to $1,768.20 an ounce. Copper in London rose 0.2 percent to $7,698.5 a metric ton, paring an advance of as much as 1.8 percent.

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From → Global neh

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