The six largest U.S. money market funds have eliminated their lending to Italian and Spanish banks, reduced investments in French banks and are favoring Swiss securities for their $511 billion of assets.
Holdings of European bank certificates of deposit, repurchase agreements and commercial paper reported by the six largest funds managed by JPMorgan Chase & Co. , Fidelity Investments, Federated Investors Inc., Blackrock Inc. and the Vanguard Group Inc. show they are shunning euro-region banks, according to data compiled by Bloomberg.
European bank shares tumbled to the lowest since March 2009 on Aug. 10, led by Paris-based Societe Generale SA, amid concern that France’s creditworthiness was in doubt. U.S. prime money funds have reduced European debt holdings by $38 billion to $340 billion in July, according to an Aug. 9 report by JPMorgan….
Read more at http://www.bloomberg.com/news/2011-08-12/u-s-money-funds-shun-italian-spanish-banks-for-swiss-assets.html
No comments:
Post a Comment