【zt:briefing.com】Floor Talk： Stock market was in rally mode just a short time ago, but reversed in abrupt fashion following a headline that (股市)
Stock market was in rally mode just a short time ago, but reversed in abrupt fashion following a headline that the ECB's Governing Council has lifted the current waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic (i.e. Greece) since it is currently not possible to assume successful conclusion of the programme review. The instruments in question, the statement said, will cease to be eligible as collateral as of the maturity of the current main refinancing operation.
The suspension has no impact on the counterparty status of Greek financial institutions. It was noted that the liquidity needs of Eurosystem counterparties, for counterparties that do not have sufficient alternative collateral, can be satisfied by the relevant national central bank, by means of emergency liquidity assistance (ELA) within the existing Eurosystem rules.
This statement hit the stock market as much for its timing as its substance. A day ago, a rally was forged in part on the reported notion that Greece was striking a more conciliatory tone in its debt negotiation efforts. Many participants were perhaps lulled into thinking that everyone is going to play nice in the end and that Greece will ultimately get the funding it needs to run its country and make its debt payments. That could still happen, but today's statement makes it known that nothing can be taken for granted and that the new leaders of Greece are quickly finding out that it is not as easy to confront the country's creditors as duly elected leaders as it is being duly nominated candidates.
It all feeds into a new feeling of uncertainty; hence, there has been a sell-first-ask-questions later response that has undone what had been shaping up to be a nice rally to end the day.
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- Byron Wien: The Ten Surprises of 2015 (The Power of Lower Oil Prices)
- super(学霸), 2015-02-04 11:59 (#16669)
- Roach: Why central bankers around the world have lost control - super(学霸), 2015-02-04 12:00 (#16670)
- The first Surprise is that the Federal Reserve raises interest rates sooner than expected. - super(学霸), 2015-02-04 12:21 (#16671)
- the second Surprise is that our luck runs out in protecting our major financial institutions from attack. - super(学霸), 2015-02-04 12:22 (#16672)
- the third Surprise: In spite of rising short-term interest rates and cyber-security issues, I still believe 2015 will be a good year for United States equities...up 15% - super(学霸), 2015-02-04 12:23 (#16673)
- 货币真是不能炒啊。。。$17.60 守着 ULE 已经一天了，根本就没有动一下 - super(学霸), 2015-02-04 15:31 (#16722)
- 【zt:briefing.com】Floor Talk： Stock market was in rally mode just a short time ago, but reversed in abrupt fashion following a headline that - super(学霸), 2015-02-04 17:03 (#16730)