Monday, 18 February 2008

Barclay's to end the credit crunch gloom?


With the Government stepping in to Northern Rock it has been a bit depressing really from a taxpayer perspective recently.

So to lighten the mood a little it is good to see that the market reaction today was quite positive and banks shares increased. Perhaps now we all know they will never be allowed to fail by the government shrewd investors have spotted a sure thing?

Slightly more credible are the rumours that Barclay's will announce a good set of results tomorrow and perhaps even raise the dividend. This could be the beginning of the end of the credit-crunch if true. If big banks' like Barclay's and Lloyd's can get through this past 1/2 year intact then we are not in a Japan-like situation with endless depression ahead of us due to bad credit issues at the major banks.*

There are still plenty of problems facing the economy and prospects for the year, but some good reporting news from the banks is a good sign; especially if you happen to work in one (which I don't btw).


*One lesson from Japan though is that a densely populated country stuck with high demand for property and low supply can still suffer monumental crashes if things get out of control enough - an argument often made by the uninitiated as to why the UK will escape a US style property collapse.

UPDATE: Well the news was OK from Barclay's but not enough to sustain the rally, then Credit Suisse has come out with even more unexpected write-downs - over the hump but not free and clear yet!

14 comments:

Bill Quango MP said...

I see your domino story is linked on Guidos what to watch today CU.

May I propose for your next poll. How long will Northern Rock remain in its TEMPORARY state.
Put me down for 6 years..

CityUnslicker said...

thanks Bill - depends they may flog it when the market recovers -but he crappy loans will stay on the government books for a very long time...

Anonymous said...

That'll be Debit Suisse?

CityUnslicker said...

they have started suspending junior staff now - always a sign of problems at the top!

Mark Wadsworth said...

You've changed your tune. Best-case, this is the end of the beginning.

CityUnslicker said...

trying to even the balance of comment MW - don't want everyone thinking me and ND are just really dull pessimists!

Anonymous said...

Good news - got an interview with them next week!

BTW - is there an e-mail address for this site/posters? Wanted to pass something on but couldn't see any contact link on the HP. Could be I'm just blind which is odds-on given CPU time!

Apologies for anon post - can't seem to log on to google a/c

Scandrett

Scandrett said...

Ah - there we go!

Scandrett said...
This comment has been removed by the author.
Mark Wadsworth said...

CU, to be fair, ND is the pessimist, not you. But from where I'm standing, ND doesn't realise how bad it's going to get ...

CityUnslicker said...

dominicdm@yahoo.com for me

mint said...

i thought barclays have an underlying exposure to granite.

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