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European credit spreads clawed back most of the session's losses by afternoon on Monday as US stocks opened higher, but the mood remained cautious ahead of earnings from several US investment banks this week.
By 1610 GMT, the Markit iTraxx Crossover index, which is made up of 50 mostly "junk"-rated credits, was at 404 basis points according to Markit, five basis points wider versus late trades on Friday. It had earlier shot above 410 basis points, tracking falls in US stocks on Friday. Meanwhile, the investment-grade iTraxx Europe index was at 67.25 basis points, 1.25 basis points wider.
The Financial Times said on Monday that Merrill was seeking about $4 billion in a second capital raising, and the Kuwait Investment Authority was expected to be a significant investor.
A deal could be announced as soon as midweek, the paper said, citing people familiar with the matter. "People seem to be looking for the negative in everything. If the writedowns come in high, they will be worried there is still worse to come, and if the writedowns are low, they will still probably be worried that there is more out there," the trader said.
M&T Bank Corp, the first large US bank to report fourth-quarter results and which counts Warren Buffett's Berkshire Hathaway Inc among its largest investors, said on Monday that profit fell 70 percent, hurt by debt writedowns and turmoil in residential real estate markets.

Copyright Reuters, 2008

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