Eur-Ibor testing the old highs here, could this be the TURN?http://www.kshitij.c...ry/eurlib.shtml
News source:http://us.ft.com/ftg...r...euro libor"
=1/ when the crisis started:Banks make their own liquidity a priority
By Michael Mackenzie in New York and David Oakley in London
Tuesday Sep 16 2008 14:40
Turmoil intensified across global money markets on Tuesday as banks stockpiled their holdings of cash and refused to lend to each other, prompting a surge in borrowing rates.
Central banks helped ease soaring overnight rates, while dollar loans were aggressively sought by many institutions in the interbank lending market so they could finance their US assets.
During morning trade in London, the overnight dollar rate briefly rose above 10 per cent before it was fixed at 6.44 per cent, more than double its setting of 3.11 per cent on Monday and triple last week's rate of 2.15 per cent. Overnight sterling rate jumped to 6.79 per cent from Monday's 5.49 per cent.
= 2/ yesterdayFunding fears send European banks tumbling
By Rachel Morarjee
Tuesday Oct 7 2008 05:10
European stocks sank back into negative territory erasing early gains on Tuesday as fears that banks need additional funding sent financial stocks tumbling.
After its biggest drop since 1987, the FTSE Eurofirst 300 extended its losses , down 0.4 per cent to 1000.90, with the loserboard reading like a list of the continent's largest banks.
Germany's Xetra Dax fell 0.5 per cent to 5,361.69 and in France the CAC 40 bucked the trend rising 0.6 per cent to 3,734.64. In London, the FTSE 100 fell 0.1 per cent to 4,584.3.
THAT WAS yesterday