To me actually election impossibly market drama we've looked at -- -- in the you know this thing but today. Something completely different. And cited market -- who -- Italian team yes. Later in the show will take a look at UK markets and spin today after Betty we PMI's but first those Italians yes and I'm joined tonight by -- Nolan director of credit assess -- to provide up. Market governor -- as assertive of them to all the other main markets by them. What does this -- telling us this beat that. We might not obscene or be shown them these elements. And what we see this week scene -- quite large spike in Italian sovereign CDS. We've seen it go from 240 to 290. That they -- millions that you that the largest since December 2011. That's quite significant measure. And that shows that how invest is very concerned about the political instability in Italy. And so rates in conceded CDS is still very very. Actually indicated. -- concern out of the volume what's the level of interest -- like on the stand. But it's just the crisis the most intense month interest in this. And yes but some months. Yet we -- too big and spike in the number of quotes we receive non daily CDS service. And that there -- quotes come from the main market makers in the CBS market. And so we've seen a spike cup was to levels reminiscent of lost some time before BCB -- of it's wherever it takes that continues in his speech exactly in the guaranteed of follow enough that I. Some are saying you know very acts of levels and and that's good to see him in much of the -- that. Came from the EU naked naked CDS and solvents and we concede is still events back to market them. That's all said but it's really the one. The one really thinks it's he's going to default and it's is still still a long shot I mean there are people out there who think it will -- the present. But it's gets caught a fringe view. And if you look at -- yet the C -- levels around 300 basis points that's nominated at levels we sold. Last summer when they close to 600 basis points. That shows that the market still has confidence in the ECB in the NC program that confidence has been shaken sliding this week. I'm probably what's valuable to someone speculates of police that she pumped up its act exactly the other offs and false money out that it. -- CDS market since okay that's actually -- -- that was the main driver this week Catholics he gets on Almonte is practically. How did that spill over and says other regulars on insolvency yet something can take a spate. It did have some effect is quite limited. The widening in Spain was nominated levels that we. So and Italy and is he now is trading and why didn't spying for the first time in about a year. That shows that it's he's taken over as the main concern market and we could see an uptick in quotes in Spain as well again no -- levels of its -- OK don't find it until it was governor Nolan from CBS data provider market. While spelling and that is don't you -- plunging today after -- PMI shock but sends money fights thanks sets of strings and John and at the fastest rate since July last year. Cable falls to his lowest in almost two years but just manages to hold above the bank -- -- book that comes at one dollar fifty. But the triple dip recession buck on the radar investors lost to the relative safety of government bonds. Guilt yields firmly by below 2% the lowest since the first day of trading this year. Not the best thing about him for -- to come out with a 570. Million pound loss for the year 2012. Britain's biggest retail by accepting a site for the one and a half billion pounds to compensate customers missile won't insurance. Shares 1006 almost a 7% in fact towards fifty parents -- it away from the 61 price target the government has. To start selling -- 40% stake in the bank. But so -- today I'm all for. This week I -- a look ahead to the top financial news next week tune into you don't -- their heads at 1650 GMT ING maybe even the simplest of.
Mar. 1 - Turmoil in Italian markets this week post-election, none more so than CDS. Plus, UK PMIs bring triple-dip recession back into view. ( Transcript )
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