|S&P 500 returns||+2.89%|
|Nikkei 225 (9:35 AM IST)||+4.64%|
|US Financials index||+2.48%|
|ICICI Bank ADR||+8.93%|
|Call rate on 8th||7.812%|
|Currency futures (9:35 AM IST)||47.37|
- A dollar swap facility.
- I have an article in Financial Express today: The US dollar is an unstable yardstick.
- Indian Express interviews Bimal Jalan; Business Standard interviews Mahesh Vyas; S. Narayan in Mint.
- Business World on the regulatory strategy of RBI.
- Editorials in Business Standard and Financial Express on the monetary policy process of recent weeks.
- John Steele Gordon has an article where he describes three fascinating financial crises: the banking crisis in the US of 1836, the S&L crisis, and the sub-prime crisis.
- When does NBER announce that a recession began?
- I found some current CDS data for financial firms and countries (hat tip). It is the cost per year to insure $10,000 of debt for 5 years.
Argentina 4453 Venezuela 2017 Egypt 663 Indonesia 638 Russia 523 Turkey 445 Philippines 418 Morgan Stanley 402 South Africa 397 South Korea 335 Brazil 331 Mexico 323 Goldman Sachs 305 Malaysia 228 Thailand 220 Merill Lynch 212 Citigroup 194 China 167 Bank of America 126 UK 57 US 36 Germany 28
- China wants to prop up aggregate demand using the State. See Li Yanping and Chia-Peck Wong on Bloomberg, and David Berboza in New York Times.
- Jon Danielsson and Casper G. de Vries emphasise that resolving the crisis of the money market requires new information transfers. I wrote on a similar theme on 10 October.