Nawet elfy się tam pojawiły ;-)Islandczycy nabrali przekonania, że są dobrzy nie tylko w połowie dorsza i wytopie aluminium, ale też w najbardziej skomplikowanych transakcjach finansowych. Mimo że ich kultura finansowa była zerowa. Jeszcze 20 lat temu Islandia nie miała giełdy. Do 1998 roku wszystkie jej banki były państwowe. Nagle zostały sprywatyzowane i przejęte przez agresywnych niedoświadczonych menedżerów. Zaczęły kupować sieci handlowe w Wielkiej Brytanii i Danii, linie lotnicze (American Airlines) i wszystko inne po każdej cenie. Gdy zabrakło krajowych pieniędzy, przerzuciły się na depozyty zbierane za pośrednictwem Internetu w innych krajach, np. Wielkiej Brytanii i Holandii. W sumie trzy banki islandzkie nagromadziły aktywa dziesięciokrotnie przewyższające dochód narodowy Islandii. Gdy bańka spekulacyjna pękła, nawet państwo nie było w stanie ich uratować.
Za to każdy Islandczyk, łącznie z niemowlętami, został z długiem wynoszącym 330 tysięcy euro na osobę.
ICNThe U.S. economy is expecting a light calendar, with few economic releases and numbers to be closely watched this next week including the most recent developments from the U.S labor and housing markets, with second-quarter GDP and consumer confidence data.
Sales of newly constructed U.S. houses probably rose 0.3 percent to a an annual rate of 370 thousand, figures from the U.S. Department of Housing and Urban Development may show on Wednesday, indicting the housing market is adding a bit of steam to recovery.
The U.S. housing market, however, is still suffering the doldrums of the global economy in general, regardless of the record-breaking low mortgage rates and the Federal Reserve`s "Operation Twist", which supposedly aims to pick up the housing markets in general.
On the manufacturing front, a key report on Thursday from the U.S. Department of Commerce is likely to show that demand for long-lasting factory goods rose but less than in May, supported by booking for aircraft and automobiles.
A separate report may show that weekly jobless claims were little changed in the week ended July 21, after weekly unemployment insurances unexpectedly spiked by 34 thousand to 386 thousand in week ended July 14, trailing analysts` median estimate of 365 thousand.
The National Association of Realtors is scheduled to release June`s house re-sale report, with pending home sale expected to tick lower to 0.9 percent from last month` unexpected rebound of 15.30 percent on the year, adding to evident the housing recovery will be long.
Markets are have not yet ran out of hopes that the Federal Reserve will work out something to jolt the sluggish recovery. There are a lot of expectations for a stretch of the timeline for near zero interest rates, but still the Fed believes a QE3 is still too early to uncover.
Friday will bring the first and most anticipated estimate of second-quarter gross domestic product, with a market consensus expecting the U.S. economy grew at a slower pace in the three months ended June, at a 1.5 percent rate from 1.9 percent rate, a quarter ago.
Federal Reserve Chairman Ben. S Bernanke signaled in his latest appearance that the U.S. economy is doing much worse than anticipated, with the latest`s jobs report showing that economy created a very modest 80 thousand jobs in June, thwarting spending in particular.
Confidence among U.S. consumer is likely to pick up easily this month, with the Thompson Reuters/University of Michigan index of consumer sentiment expected to notch up 73 from 72, which was the lowest level this year.
Stopy procentowe na rynku długu spadły do wyjątkowo niskich poziomów.FX: Option expiries for today's 1400GMT cut,
* Euro-dollar; $1.2100, $1.2150, $1.2200, $1.2290, $1.2300
* Dollar-yen; Y78.35, Y78.70, Y78.85, Y79.00
* Cable; $1.5600, $1.5605
* Aussie; $1.0315, $1.0390, $1.0400
GILT: UK 2-year Gilt yield falls to fresh record low at 0.0813%
SCHATZ: German 2-year Schatz yield hits record low at -0.0836%
EUROZONE: Timeline of key events in the eurozone for next few weeks:
- Jul 23 Portugal YTD budget report
- Jul 23 Eurozone July advanced consumer confidence
- Jul 24 Spain 3-month-/6-month T-bill auction
- Jul 24 Sicily governor Lombardo to meet Monti
- Jul 24 European July PMI survey
- Jul 25 ECB bank lending survey
- Jul 26 Italy CTZ/Linker auctions
- Jul 27 Italy T-bill auction
- Jul 27 Italy July business confidence data
- Jul 30 Spain Q2 GDP data
- Jul 30 Italy month-end BTP auctions
- Jul 30 Spain bond redemption for E12.9bln
- Jul 31 "Big Four" audit firms to give detailed Spain bank assessment
- Aug 2 ECB Governing Council meeting, Draghi press conference
- Aug 2 Spain bond auction
ECB: The ECB said a total E740 mn was borrowed at the marginal rate via the overnight facility Friday with a total E49.434 bn deposited, down from Thursday's levels. Current account deposits are at E493 bn, up modestly from previous. Net net, total joint deposit account and current account holdings are is higher than in recent days, with jointy holdings up around E8 bn from previous.
