"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Wednesday, August 31, 2011

Stay Out Of Euro-US-China Menage A Trois


PIMCO's Bill Gross: Stay Out Of Euro-US-China Menage A Trois
Forbes (blog)
In other words, instability is so high in Europe that the possibility of one or more of the distressed PIIGS exiting the Eurozone is very real. Other highly destabilizing scenarios, like a Greek default, are also on the table, ...
Berlusconi Accepts Allies' Demands to Overhaul $66 Billion Austerity Plan
Bloomberg
The ECB has restrained Italy's borrowing costs in the past three weeks by buying its bonds in the secondary market after contagion from the sovereign-debt crisis sent yields to a euro- era record 6.40 percent on Aug. 5. “The deterioration in Italy's ...
Swiss Re: Nordic Insurers Stood Up Well Through Financial Crisis
Insurance News Net (press release)
Insurers in the Nordic countries fared better than others during the financial crisis of the past three years, but they, like insurers throughout the rest of Europe , will need to deal with tougher market conditions than before the crisis, according to ...
ECB Trichet: Euro Is A Strong Currency, Has Kept Value
Wall Street Journal
The euro zone is facing credibility problems because of the problems of some of its member states and not because of a euro-zone-wide issue, Trichet said. European governments "are trying to cope with a situation," which is the gravest financial crisis ...
ANEK: Losses Downsized In 1st Half 2011
Capital.gr (press release)
... versus euro 111.8 mil in the corresponding period last year, while EBITDA amounted to losses ofeuro 3.3 mil versus losses of euro 13.8 mil. According to an announcement, the passenger ferry industry was dearly affected by the financial crisis...
The Mega-Merger: The United States and Canada
Business Insider
There is a very real possibility that the woes of the eurozone will mushroom into a Lehman-style financial crisis in September or October of this year. Such a financial crisis initially would be euro-centric, but ultimately (and quickly) it would have ...
Crisis-ridden Belarus to allow free float of its currency in mid-September
Washington Post
Belarus is mired in its worst financial crisis since the fall of the Soviet Union. The government devalued the ruble by some 50 percent this year, causing panic buying of staples and huge lines at foreign exchange offices. Foreign currency has been ...
Analysis: Pockets of debt illiquidity show rising bank fears
Reuters
Banks have also much higher capital levels since the financial crisis. That said, some traders worry things could worsen. The corporate bond market, for example, has seen spotty liquidity, traders said. Bank of America's (BAC.N) credit default swaps ...
China's yuan could challenge dollar role in a decade
Reuters
In promoting the yuan's use overseas, China's leaders are seizing an opportunity to gain a foothold in Asia at the expense of the United States, Europe and Japan, all weakened by the global financial crisis, Garcia-Herrero said. ...
Amateur Hour Cancelled
Cayman News Service
Questions had been raised in the press by some institutional investors about the performance of some independent directors during the recent financial crisis and now many of these questions have been decisively answered by the Grand Court of the Cayman ...
Greece: Bond exchange hits leading lender NBG with €1.31bn losses
Washington Post
Greece is grappling with a major financial crisis, avoiding bankruptcy by receiving two successive international bailout loan agreements worth a total €219 billion ($315.4 billion). Voluntary private sector involvement was agreed as part of the second ...
The world needs a strong, united Europe
CNN (blog)
By Joschka Fischer, Project Syndicate BERLIN – Slowly, word is getting round – even in Germany – that the financial crisis could destroy the European unification project in its entirety, because it demonstrates, quite relentlessly, the weaknesses of ...
Poland May Join Euro Zone Before 2020, Says Central Banker
Wall Street Journal
Poland agreed to adopt the euro before it joined the European Union in 2004. It doesn't have a formal euro adoption target after dropping 2012 amid the financial crisis following the collapse of Lehman Brothers in 2008. ...
Consumer confidence plunges, but Americans might still spend
MiamiHerald.com
... month when the economy shed 539000 jobs amid recession and financial crisis. Blame for the steep drop fell on Congress and Washington's political brinksmanship over the debt ceiling, which took the nation to the verge of a first-ever debt default...

Contagion alert
istockAnalyst.com (press release)
default has not been ruled out and if it came, the losses would be much higher and inevitably restrict lending. Similarly, the Greek troubles were well documented when it needed an ECB bailout in 2010. Earlier this year it became apparent the terms ...
Strong franc fuels gloom at small Swiss firms-survey
Reuters
Although 87 percent of firms evaluated their current business situation as positive, the proportion of pessimists hit its highest level since the peak of the financial crisis in February 2009. "The turbulence on the world markets and the ongoing euro ...
Italy Living on Borrowed Time
Wall Street Journal
At the time, fears of debt-crisis contagion from relative minnows Greece, Portugal and Ireland were threatening to strand the whales of Spain and Italy. Investors were worried that the euro zone's €440 billion rescue craft, the European Financial ...
What Caused The Financial Crisis? Don't Ask An Economist
Business Insider
What caused the financial crisis that is still reverberating through the global economy? Last week's 4th Nobel Laureate Meeting in Lindau, Germany – a meeting that brings Nobel laureates in economics together with several hundred young economists from ...
Labor's great financial crisis split with Reserve Bank of Australia: WikiLeaks
The Australian
LABOR'S handling of the global financial crisis has come under fresh scrutiny, with a leaked diplomatic cable revealing a split with the Reserve Bank on the economy's ability to recover on the back of the China boom. A 2009 US embassy cable released by ...
So what's the catastrophe du jour?
MarketWatch
And it might lead to contagion. You better sell your stocks right now because of this Greece contagion risk. Oh wait. My bad, I was watching a replay of CNBC from two weeks ago. Or was it two months ago. Or was it two years ago. Hmm. I can't remember. ...
Dollar Stores Seem To Have Bright Futures
Seeking Alpha
In fact, the psychological shock from the 2008 financial crisis continues to lure in many households for periodic dollar store shopping trips, instead of the once normal fill-in visits. I think it's important to have exposure to best in breed in a ...
Scariest films are those that could really happen
msnbc.com
By Mark Blankenship “Contagion,” opening Sept. 9, looks scary, and not just because of Gwyneth Paltrow's face in the poster. It's about the worldwide outbreak of a deadly virus that threatens to kill the entire human population, and if you think about ...
Despite Being Squeezed At Home, Banks Kept Lending To Foreign Markets
Business Insider
At the height of the financial crisis in 2008-2009, it seemed as if Western banks would pull up their foreign stakes and go home, leaving financial markets much more fragmented along national lines. But, as a new report by Deutsche Bank Research shows, ...
Canada's Dollar Falls for First Time in Three Days on Sapped Risk Demand
Bloomberg
Government bonds were headed for their best monthly returns since the depths of the financial crisis in 2008. “We're going to follow the path of other asset markets, so you have to have a view on equities,” said Shane Enright, executive director at ...
WORLD FOREX: Euro Falls Back After Dire Confidence Data
NASDAQ
Combined with an Italian bond auction that underwhelmed most investors and raised fears that sovereign debt contagion may yet claim the euro zone's third largest economy, the dour sentiment figures helped drag the euro below $1.44. ...
Could France Be Downgraded?
FN Arena News
Firstly there is the simple risk of euro-debt contagion but also a risk, suggests Danske, that an increased European Financial Stability Fund (EFSF) could actually prove a “contagion carrier”.Contagion or not, one cannot dismiss the psychological ...
The Year Of The Japanese Yen
Daily Markets
The world of currency trading has been on extreme volatility so far this year because of all thefinancial crisis major economies have been experiencing. So if you ask me what currency has been performing well, 2 answers come to mind. ...
US Treasuries Largest Bubble in World History, Says NIA
MarketWatch (press release)
Market volatility is now at a level last seen in March of 2009 towards the end of the last financial crisis. On days with either positive economic news or rumors that Bernanke is getting ready to unleash QE3, stock prices rise while the prices of both ...
Despite Financial Crisis, Renewables Surged Forward in 2010
RenewableEnergyWorld.com
The renewables sector as a whole is unquestionably buoyant, despite the repercussions of the financial crisis. Yet it must also be recognised that unpredictable policies on financial support are still affecting some markets for renewable energy. ...
Prudent Germans opposed to Euro bailout
Greeley Gazette
The graphs and really cool big dots are colorful, but the real story behind the financial crisis facing most of the members of the EU is almost completely ignored. In the conclusion, the article refers to Germans as prudent people who have managed to ...

Tuesday, August 30, 2011

Euro Banks Stocking Up On Dollars To Avoid Liquidity Squeeze


Euro Banks Stocking Up On Dollars To Avoid Liquidity Squeeze
Forbes
Among the many lessons from the global financial crisis, European banks have learned not to rely solely on short-term funding markets amid widespread volatility. Back in 2008, US money markets froze, causing a global liquidity squeeze that in part ...
Hurricane Irene and the Financial Crisis
Reason Online (blog)
In both the financial crisis and Irene, the government actions taken were exceptional and involved depriving people of private property without the due process required under the Fifth Amendment. In the financial crisis, Bush and Paulson seized Fannie ...
Europe's Big Mistake
New Yorker
This year, Europe has been wrestling with high unemployment, slow growth, and a continuing debt crisis, with the economies of Portugal, Ireland, Italy, Greece, and Spain (the so-called PIIGS) struggling to avoid default...
Euro Vision
Newsweek
Mayhem in the euro zone is a major contributor to the international financial crisis. The immediate cause may be reckless policies pursued by governments and banks, but the institutional structure of the European Monetary Union is the stubborn root of ...
Hungary Sees Decade of Euro Zone Turmoil
Wall Street Journal (blog)
Hungary must be able to keep afloat amid the prolonged euro zone debt crisis which is evolving into a deepening financial crisis, he added. In doing so, the country must fight to maintain its economic sovereignty by being able to finance itself ...
Iceland Helping Freeze Up Euro Zone
Seeking Alpha
This marked the first rate hike by the island nation since the outbreak of the financial crisis. But unlike the eurozone, which recently raised rates in the face of crisis, the rate hike decision in Iceland was made in the backdrop of a genuinely ...
The Student Financial Crisis
Daily Beast
Our college kids can be dunces about money. Here's what they need to know about budgeting, credit cards, and splurging on Starbucks. Right now, some 2.1 million students are packing off to college. By the time they graduate, they'll be well versed in...
Czechs Stay Wary of Euro Zone
Wall Street Journal
Last week, Czech President Vaclav Klaus, speaking at an economic and political forum in Austria, dismissed Czech participation in the euro zone as "not an issue," blamed the euro for the financial crisis now roiling Europe. Mr. Klaus said the euro-zone ...
Polish finance minister says Europe at risk of "collapse"
EUobserver.com
... as Germany mishandle the financial crisis. Speaking in Polish daily Gazeta Wyborcza on Monday (29 August), the minister said: "European elites, including German elites, must decide if they want the euro to survive - even at a high price - or not. ...
EU rules out fresh capitalisation for Europe's banks
Telegraph.co.uk
Photo: AP By Roland Gribben The officials poured cold water on calls from Christine Lagarde, head of the International Monetary Fund for "mandatory" recapitalisation to avoid another financial crisis but acknowledged that the EU economy was continuing...
Bound by chains of EU contagion
Business Spectator
Investors are worried that if Greece's funding package is delayed, Greece could default on its loan repayments. Growing anti-bailout sentiment in northern eurozone countries is also roiling markets. In coming weeks, European parliaments need to approve ...
Forex: Euro Consolidation Ahead, Sterling Advance To Accelerate
DailyFX
By David Song, Currency Analyst Over the weekend, International Monetary Fund Managing Director Christine Lagarde said recapitalizing the banking system in Europe 'is key to cutting the chains ofcontagion, and went onto say that monetary policy should ...
German Bundestag rallies against euro bailout fund
EurActiv
A financial transaction tax is needed to repair the damage of the financial crisis, which has cost millions in jobs, and the money should be used to invest in low-carbon growth and employment, said Bernadette Ségol, the newly-appointed ...
Representatives of Greece's bailout creditors in Athens for new talks on ...
Washington Post
Greece is in the throes of a major financial crisis, and is being kept solvent by two successive international bailouts worth a total €219 billion ($315.4 billion). In return, the Socialist government took harsh austerity measures, whose progress is ...
 How France & the French Model Might Be More Relevant Than ...
Huffington Post (blog)
The decision made by many global companies to establish their European headquarters in Ireland or Britain has come back to haunt them as Ireland was brought to its knees by the financial crisis and Britain watched any remaining industry vanish. ...
FOREX-Dollar rises vs yen and franc on US economic data
Reuters
[ID:nLDE77Q03M] "With reports of possible bank mergers in Greece and ongoing rhetoric from European leaders attempting to talk down speculation of further contagion, concerns regarding the sovereign debt crisis have eased in the interim with traders ...
Should Older Workers Step Aside?
Huffington Post (blog)
This world came to an abrupt end with the financial crisis in 2008, as the monthly unemployment rate spiked. It has since remained stubbornly high, and many of the jobs lost in the Great Recession have not come back. In response, some have suggested ...
Volvo, Scania Brace For New Downturn
Wall Street Journal
The financial crisis of 2008 resulted in a rapidly worsening situation in the Swedish labor market, with unemployment rising to 9% from 6% as manufacturers were forced to cut staff. Volvo, which laid off one-fifth of its work force, or 18000 workers, ...
How to Know When the Stock Market's Hit Bottom
TIME
Fears are growing that a default by one of the countries that uses the Euro currency could cause a European banking crisis that would go global and lead to large losses at US banks as well. Thefinancial crisis that would follow – even if not as ...
Europe: Not That Bad Actually
Moneyshow.com
With a government debt-to-GDP ratio of 119% at the end of 2010, the country faces the second-largest debt burden of the fiscally weak PIIGS (Portugal, Italy, Ireland, Greece, and Spain). To worsen matters, Italy is the EU's third-largest economy, ...
US Elites Begin To Confront The Paper Dollar
Forbes
[The financial crisis's] very occurrence seemingly validated the arguments of those like [Rep. Ron] Paul who had long insisted that the economic superstructure was, as a result of government interference and fiat money, inherently unstable. ...
Hottest ETFs of the Week: Irene Aftermath
Wall Street Pit
By Everyday Finance Aug 29, 2011, 6:52 AM Author's Website It's been a tumultuous few weeks with everything from continued drama in the Middle East to further contagion in the Euro zone and capping it off with Hurricane Irene. ...
The perilous urge to merge
Sydney Morning Herald
By staying away from shoddy mortgage lending, derivatives trading and investments in mortgage-backed securities, it is the rare large financial institution that never reported an unprofitable year through the financial crisis...

Monday, August 29, 2011

Forex EUR/USD weekly outlook: August 29 - September 2


Forex - EUR/USD weekly outlook: August 29 - September 2
Forex Pros
... despite fears that the region's debt crisis was deepening as the European Central Bank continued buying Spanish and Italian government debt, maintaining borrowing costs at sustainable levels, preventing contagion to core euro zone economies. ...
Opinion Line (Aug. 28)
Kansas.com
Hurricane, earthquakes, flooding, tornadoes, forest fires, heat, drought, crop failures, financial crisis, unemployment, Mideast governments toppling, famine in Africa, bankruptcies, home foreclosures, middle- income folks in food lines, ...
Susan Tompor: Experts don't expect another recession
Detroit Free Press
I wonder, though, how the brutal financial crisis that hit three years ago could influence the actions of business leaders and consumers going forward. Some events can create a life of their own. Are we headed for another epic meltdown? ...
Gold fund investors miss out on bullion's bull run
Telegraph.co.uk
In 2006, before the financial crisis, they invested £1.25bn. Philippa Gee, the managing director of Philippa Gee Wealth Management, said: "The funds don't invest in gold directly, they typically look to invest in gold-related stocks that are more ...
Obama's Legacy: A Failed Recovery & Double-Dip Recession
Forbes
This is Obama's failed American recovery, and in the near future, Obama's impending double-dip recession (thanks in no small part to his three consecutive years with Trillion-dollar in deficits that have inflated the national deficit to soaring ...
Germany churns currency chaos - Pittsburgh Tribune-Review
Faced with a sliding dollar and a suspect euro, investors have run increasingly to gold, silver, Swiss francs, yen and even sterling. ... The German people have little interest in financing the relaxed lifestyles of some so-called PIIGS countries. ...
Today's Tribune-Review

Even a joint bond might not save the euro
Financial Times
By Wolfgang Münchau The universal experience of financial crisis management is that the longer one waits to resolve it, the more expensive the ultimate bill will be. In the eurozone that moment has been reached. Two months ago, it was said the worst ...
Global Finance Leaders Fret About A New Recession
Wall Street Journal
Fears have recently grown that Europe could be the source of another major global financial shock similar to the Lehman Brothers Holdings default in 2008 that sparked the financial crisis. The high debt accumulated to fight that crisis is now ...
Otaining a Mortgage Post Financial Crisis
Mortgage News
Experts have warned of a second wave of the credit crisis. Reports have shown that even lenders expert to find it increasingly harder over the coming months to secure cash on the wholesale market to fund loans. Director at mortgage broker private ...
When confidence goes
Malta Independent Online
Even countries in the emerging world, which had kept the world economy going after the 2008financial crisis, are now cutting down their growth forecast under the weight of measures to control inflation. Global share prices have dropped by some 15 per ...
UK building society mergers forecast
Financial Times
The sector, down to 48 societies after a wave of mergers and takeovers in the financial crisis and downturn, will have a “continuing trickle” of deals, said Richard Gabbertas, a partner in KPMG's financial services consultancy. ...
Three years after Lehman, a new debt crisis looms
The Guardian
Financial crisis: traders on the floor of the New York Stock Exchange shortly after the collapse of Lehman Brothers in September 2008. Photograph: Mario Tama/Getty Images The F word is back. Back in the financial markets, back in the conclaves of ...
Lagarde capital call surprises regulators
Financial Times
The cost of insuring European bank debt against default has reached all-time highs, in excess even of the days leading up to the financial crisis. Investors remain sceptical that banks can withstand the losses of a default by a European government, ...
Global investors renew interest in Indian realty
Business Standard
The heightened activity by these investors comes after two years of exit or inactivity of global funds such as Wachovia, Citigroup, Goldman Sachs and Marathon, among others, in the Indian property sector after the global financial crisis in 2008-09. ...
Poker-faced Bernanke buys more time for Fed options
Reuters
US Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee hearing on Enhanced Oversight After theFinancial Crisis: The Wall Street Reform Act at One Year on Capitol Hill in Washington, July 21, ...
Expatriates becoming victims of organised criminals
Pakistan Daily Times
It is high time that the government starts learning from its previous mistakes and try its best to eliminate financial crisis, injustice and terrorism from society. It should also realise that these expatriates had been giving the precious foreign ...
Can Gaddafi's downfall boost the euro?
Malta Independent Online
On the contrary, Baroin said that the European Stability fund (EFSF) the euro's emergency bailout fund would be expanded if necessary to fight contagion across the eurozone. It is no secret that Germany chancellor Angela Merkel strongly opposes the ...
Fiscal accountability and transparency in Jamaica
Jamaica Gleaner
The programme is consistent with the imperative to reassure financial markets in a context of global financial crisis. It was expected to facilitate greater transparency and increase the attractiveness of its debt issues with additional benefits for ...
Credibility of agencies vital to growth of GCC bond markets
gulfnews.com
Since the financial crisis of 2008, CFA Institute is striving for greater accountability and more effective oversight of CRAs and greater due diligence of the underlying loans they are rating. What should fund managers take away from this? ...
Similarity between two earthquakes
Korea Times
Portugal is at the brink of financial crisis now and there are all kinds of questions about what is going to happen to the country. The concern is that a crisis in Portugal could have a domino effect. When the country's international status was greatly ...
Why We're in a Crisis of Confidence
Morningstar.com
Although we don't seem to be on the precipice of another global financial crisis, there are still plenty of things to rattle the cages of investors and consumers. Bearish markets editor Bearemy Glaser is the worry-prone alter-ego of markets editor ...
Analysts say Lakeforest Mall owners at risk of loan default
Washington Post
Locally, however, even owners of well-located properties such as the Shops at Georgetown Park and Springfield Mall have run into trouble by borrowing heavily before the financial crisis arrived. The country's second largest owner of malls, ...
Bsp Reports Higher July GIR
Manila Bulletin
The Philippine dollar reserves have provided an important buffer for the country, especially during the economic and financial crisis. The BSP forecast for 2011 for the GIR is $70 billion and $75 billion next year. Of the $71.88-billion GIR, ...
Nelson sees niche for midsize banks
DesMoinesRegister.com
Nelson has presided over a season of progress at West Bank, Iowa's sixth-largest bank, which struggled during the financial crisis. Iowa has 11 community banks, including West Bank, with more than a billion dollars in assets, and the ones that weren't ...
Western world in hock
Jackson Clarion Ledger
The weaker economies of Western Europe (the PIIGS - Portugal, Italy, Ireland, Greece, and Spain) have similar or greater amounts of debt. Trends indicate that servicing government debt will exceed future GDP for all of these countries including the ...
RI political quiz, storm edition
Providence Journal
Soon after taking office, Providence Mayor Angel Taveras used a hurricane analogy in saying that the city's financial crisis was much worse than he'd expected. What was his exact quote? A. “I thought we were maybe a Category 1 hurricane. ...
Bad practices sealed Wall Street's fate
Port Huron Times Herald
Tom Coburn of Oklahoma to release a bipartisan report on the causes of the 2008 financial crisis. It is the product of more than two years of work by the Senate Permanent Subcommittee on Investigations, of which I am the chairman. The financial crisis ...
Some Idaho banks miss TARP payments
The Idaho Statesman
Three Idaho bank companies have failed to make on-time payments of their debts to the US Treasury for government money they took at the height of the financial crisis. Two of the banks also have US Treasury observers attending the board meetings of the...
French Socialists project 'caring and sharing' in bid to beat Nicolas Sarkozy
The Guardian
But France's Socialists are gearing up for a bruising battle against Nicolas Sarkozy in next spring's presidential election, worried that voters do not trust them to handle thefinancial crisis. With the 2012 presidential race wide open, ...
Brokers fear grey areas in new rules, as planners face bar on taking commission
The Australian
This was after the collapse of the market in the global financial crisis revealed a massive loss of money by investors put into dodgy, risky or inappropriate investments by planners receiving generous commission payments for doing so. ...
Congress isn't broken – it's fixed by special interests
Nashua Telegraph
With congressional approval ratings near their lowest point on record, and leaders in both parties stubbornly unable to solve the fiscal crisis and start creating jobs, it's hard not to want to starve all politicians of campaign cash. ...
Jefferson County must cut 2012 budgets an additional 20 percent
al.com (blog)
BIRMINGHAM, Alabama -- Jefferson County department heads and elected officials, already operating with reduced staffs and money because of an ongoing financial crisis, must make an additional 20 percent reduction in their fiscal 2012 budgets, ...
Federal government to reimburse states for Irene damage
Reuters
The timing is terrible for municipalities as they dig their way out of their bleakest economic period in decades after the financial crisis and recession sank budgets and forced widespread cuts in expense and increased taxes. ...
Diversification through real estate investment
New England Business Bulletin
By Richard E. (Rick) Barnes The recent global financial crisis and downturn in the real estate market has triggered widespread risk-aversion among investors. Once the worst of the crisis passed, investors and money managers were left with the task of ...
Hintao meets Sarkozy to discuss European debt crisis and G-20 summit
BusinessGhana
Hu also vowed to enhance strategic coordination with France in order to jointly counter the globalfinancial crisis, maintain global financial stability and boost the recovery of the global economy. Sarkozy hailed the sound growth of bilateral ties, ...
OUTRAGE IN OAKRIDGE
The Register-Guard
OAKRIDGE — Not long after news of this town's financial crisis broke this summer, an elderly woman walked into City Administrator Gordon Zimmerman's office and offered the bulk of her life savings — close to $300000 — as a loan to rescue Oakridge ...
AP Enterprise: Brown appointments favor Democrats
San Jose Mercury News
... office says there is no connection between the union support he received in 2010 and his job picks, but it has opened him to criticism that he is stacking the deck in favor of labor interests as the state struggles with an ongoing financial crisis...
Ben Dov's Debt Weakens Partner Communications: Israel Overnight
Bloomberg
Cellcom's 32 percent drop this year and Partner's 47 percent decline helped push the benchmark TA-25 Index 17 percent lower this year, or 19 percent in dollar terms. Koor Industries Ltd. (KOR), 63 percent owned by Discount Investment, today reported a ...

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