GO
Loading...

Art Cashin: Capital Markets Ride 'Sigh of Relief'

Monday, 13 Sep 2010 | 10:42 AM ET

Stocks climbed Monday, as banks across the world rallied after global regulators said financial firms have until 2018 to comply with the new Basel III banking capital rules. Art Cashin, director of floor operations at UBS Financial Services, shared his insights.

Big Board Buzz
Getting the word on the street, with Bernard McSherry, Strategic Initiatives Cuttone & Co., and Art Cashin, UBS.

The market gain is "more a sigh of relief that you’re not going to wind up with 50 Deutsche Banks* coming and taking hundreds of billions of dollars out of the market in a matter of a month or two,” Cashin told CNBC.

“So that strain on the market is not there, in terms of capital-raising immediately,” he said.

Meanwhile, Cashin said if the S&P 500can surpass the 1,114 to 1,117 range, then it has a chance at taking a run at the April highs at around 1,131.

*(See Deutsche Bank CEO Joseph Ackermann's comments on Basel III.)

______________________________
Scorecard—What He Said:

  • Cashin's Previous Appearance on CNBC (Sept. 9, 2010)

______________________________
More on Banks:

______________________________
CNBC Slideshows:

______________________________
CNBC Data Pages:

______________________________

______________________________
CNBC's Companies in the News:

Goldman Sachs

Genzyme

  • Genzyme to Sell Genetic Lab Unit for $925 Million

Hewlett-Packard

BP

  • BP Sees Oil Spill Claims Below $20 Billion; Analysts

______________________________
Disclosures:

No immediate information was available for Cashin or his firm.

______________________________

Disclaimer

  Price   Change %Change
S&P 500
---
BP.
---
DBK
---
GS
---
HPQ
---

Featured