Fitch: shipping industry plagued by overcapacity/poor cash generation since 2009 and expects higher distressed shipping credits over next yr
Shipping woes intensify: Baltic Dry Index closed at 648 yesterday, down from above 2000 in November
Italian government bonds have returned as much as 11 percent this year, becoming one of the best assets in global financial markets (forget stocks, global equities have risen just over 7 percent).
But prospective (and existing) buyers of Italy’s high-yielding debt have to face fears that they may get caught up in a wave of forced selling in the Italian paper involving as much as 140 billion euros.
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It still attaches a high, 25 percent chance to a partial or complete euro zone breakup and has been recommending its investors to position very defensively.