It is a miserable wet, cold and windy day in the City of London, and I feel that a rubber dingy would have been a more appropriate method of transport to get into the office.
Investors are awaiting Thursday’s release of the Oliver Wyman investigation into the Spanish banking sector. The report has independently covered 14 banking groups, with an estimated figure for a required bailout of €60bn. Currently Spain has earmarked €100bn to recapitalise the Spanish banks, but the figure might have underestimated the issues the financial sectors are facing.
Volcker: "Ring fencing Britain's banks will not protect taxpayers in the event of another financial crisis" - Daily Telegraph
Banks to shed €20bn worth of loans backed by offices, shops & hotels this year, as lenders race to reduce exposure to the volatile real estate sector, ahead of regulatory changes –FT
Crédit Agricole will likely have to pour a further up to €700m into its failing Greek unit before it will be able to sell it – Wall Street Journal
JJB Sports enters administration as the proposed takeover by Sports Direct is likely to come under investigation by the competition commission.