Hungary credit downgrade by S&P

From S&P Republic of Hungary 'BBB-/A-3' Ratings Placed On Watch Negative Owing To The Unpredictable Policy Framework Overview In our opinion, the predictability of Hungary's policy framework continues to erode, weighing on the economy's medium-term growth prospects. As a result, we are placing the 'BBB-/A-3' foreign and local currency sovereign credit ratings on Hungary on CreditWatch with negative implications. We are also placing the 'BBB-' long-term counterparty credit rating on the National Bank of Hungary on CreditWatch with negative implications.

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Hang Seng off more than 1000 points

18,963.89 -1,050.54 (-5.25%) Nov 10 - Close

Italian 10-year reaches 7.2% today.

LCH.Clearnet raises margin requirements on Italy debt

Market Stalls As LCH Announces Margin Hikes On Italian Debt Headlines for now but chatter is that LCH will lift charges on Italian bonds effective close today (Wednesday November 9th). The details can be found here. *LCH COMMENTS ON ITALY BOND DEPOSIT CHARGES IN WEBSITE DOCUMENT LCH Raises Deposit Charge on 10-Yr Bonds to 11.65% From 6.65%

More:The deposit factor for Italian bonds due in seven-to-10 years will rise to 11.65 percent, the French unit of LCH Clearnet said. That compares with a charge of 6.65 percent announced on Oct. 7. Clearing houses guarantee that investors’ trades are completed by standing in the middle of two counterparties, and raise margin requirements to protect themselves against losses should one side of the trade fail.

Italy debt crisis

Barclays Credit research via Zerohedge:

"At this point, Italy may be beyond the point of no return. While reform may be necessary, we doubt that Italian economic reforms alone will be sufficient to rehabilitate the Italian credit and eliminate the possibility of a debilitating confidence crisis that could overwhelm the positive effects of a reform agenda, however well conceived and implemented."

MF Global: Beginning of more Wall Street ponzi unravelling

Shareholders, last in line to recover anything from a bankrupt estate, may get nothing []. MF Global's largest common shareholders as of Sept. 30 were Pyramis Global Advisors, with 8.4%, and RS Investments in San Francisco, with 7.8%, according to court papers. RS has sold its entire stake, Erin Burke, a spokeswoman for the firm, said in an e-mail. Fine Capital Partners held 7.4% and Cadian Capital Management had 6.2%, the company said. J.C. Flowers & Co. owns 1.5 million preferred shares, MF Global said. Mr. Corzine, who joined MF Holdings in March 2010, is also an operating partner at J.C. Flowers.

JP Morgan damage control:

JPMorgan Chase sought to protect its own huge exposure to MF Global, asking the bankruptcy court to place controls on the cash it provided the company, according to a Dow Jones Newswires report. CreditSights analysts estimated JPMorgan could have up to $120 million at risk in the company. According to the bankruptcy filing and its third-quarter financial report, MF Global has 25,000-50,000 creditors and around $40 billion in debts.

Greece: Nothing to see here, move along

Analysis: Coup talk unwarranted despite Greek army shakeup

Greek government's sacking of its military brass at the height of the debt crisis