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Commercial Mortgage Delinquency Soars to Historic High
The delinquency rate among commercial mortgage-backed securities (CMBS) topped 8% to yet another historical high in April, according to the latest data from analytics firm Trepp.
The percentage of loans 30+ days delinquent, in foreclosure or real estate owned (REO) status jumped 41 basis points (bps) to an overall 8.02%, from 7.61% in March. The share of loans considered “seriously delinquent” — 60+ days delinquent, in foreclosure or REO status climbed 48bps to its own record-high of 7.14%.
The share of CMBS loans past due has marched higher and higher over the last year:
About 4,000 teachers and students marched to Parliament to protest the cuts, carrying black flags and holding banners reading: "Send the bill to those responsible."
Scuffles broke out as they approached the Parliament building, with demonstrators throwing stones at riot police, who responded with small bursts of pepper spray to keep the crowd back.
Earlier, about 100 protesters from the Greek Communist Party cut through locks on the gates of the major tourist attraction shortly after dawn and hung banners in Greek and English reading: "Peoples of Europe - Rise Up."
Police did not intervene as the protesters carrying red flags stood beside the ancient Parthenon, next to the two large banners. The demonstrators did not attempt to prevent tourists from visiting the site.
Public servants, including state school teachers and hospital workers, began a 48-hour strike Tuesday, with protest marches planned later in the day.
The strike led to several domestic flights by Greece's Olympic Air and Aegean Airlines being canceled, while all flights to and from the country were to be grounded for 24 hours Wednesday as air traffic controllers join in a nationwide general strike.
Wednesday's strike is expected to shut down services across the country. Public transport will halt in the morning and evening, government offices will remain closed throughout the day and state hospitals will function with emergency staff.
Originally posted by Hx3_1963
DJIA down 170...
Concerns shifted to Madrid as local traders cited speculation of a sovereign debt downgrade for Spain and the possibility that the country could apply for support. Following the mounting speculation, Fitch Ratings reiterated its AAA rating for Spain and its stable outlook.
Nevertheless, equity markets couldn't shake the jitters. The Stoxx Europe 600 index was 1.2% lower at 257.39. London's FTSE 100 index was 1.2% lower at 5487.82, Frankfurt's DAX index dropped 0.8% to 6117.50, and Paris's CAC-40 index fell 1.5% to 3769.88, with banks pacing the declines.
The Athens ASE fell 2.6% to 1804.95 and Madrid's IBEX sank 5%. Spanish banking stocks dropped sharply, with Banco Bilbao Vizcaya Argentaria and Banco Santander both falling more than 4% in afternoon trade.
Greek financial stocks also slumped on concerns that deepening recessionary risks could hurt their profitability, aswell as on worries that heightening civil unrest could derail promised reforms. The Athens banking sub index was down 5.6%. Shares of Piraeus Bank were down 6.2% , National Bank of Greece was off 6.2% Alpha Bank was down 5.9% and EFG Eurobank was 5.7% lower.
Credit Agricole: Sell Everything If The Dollar Keeps Rallying
From Credit Agricole
For those of you who have seen my presentation on markets in the last couple of months you will have seen the following chart (chart 1). Its shows various popular assets (Bovespa, AUD, Gold) vs. my global liquidity model in green, which is designed to measure changes in the $ pool of global liquidity aka the cash we have to invest in those assets. Essentially, I believe it shows how assets markets have become junkies dependent, on a forever falling $ and an ever increasing pool of liquidity. To illustrate the point you can see that in March 2008 the model rolled, within 2 months the Bovespa followed and a month after that the AUD. On the rebound the model turned at the end of October and gold, which actually peaked earlier on the way down followed tick for tick. The Bovespa once again was a laggard turning the following month and the AUD finally followed 4 months after the initial turn.