Morning Reading – January 14, 2011

FT Alphaville: Oil shock-ed

Via Sean Corrigan at Diapason Commodities Management, here’s a chart showing the Continuous Commodities Index (CCI) versus US manufacturing wages.

FT Alphaville: An €80bn mega-inyección for Spanish banks?

Just as the European Central Bank announced that Spanish bank borrowing resumed its upward trajectory last month (€70bn in December, up from €64.5bn in November) El Confidencial is reporting that Spain is preparing a massive capital injection of between €30 and €80bn to clean up the cajas, or local savings banks.

FT BeyondBRICs: China raises bank reserve requirements by 50bps

The People’s Bank of China has raised the reserve requirement ratio (RRR) by 50 basis points in an attempt to mop up excess cash. This is the seventh such hike since the start of 2009, and comes just over three weeks since China raised the benchmark interest rate.

FT BeyondBRICs: Indian inflation: more bad news

It’s increasingly difficult for politicians to ignore rising inflation in emerging markets, as India is proving. Pranab Mukherjee, India’s finance minister, said on Friday that the current level of food inflation was not acceptable, according to Reuters.

The Big Picture: Time to Defang Moody’s and S&P

I started out in this business on a trading desk. The head of trading who trained me was a crusty no bullshit former Marine Jungle Combat Instructor. He was not keen on Fundamental Analysts, and I vividly recall that quote above as one of his favorite expressions about them.

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