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

Wednesday, August 3, 2011

World markets slide on eurozone contagion fears

World markets slide on eurozone contagion fears
Bangkok Post
European shares fell sharply on Tuesday and the dollar firmed against the euro amid worrying signs of contagion in the eurozone. A trader works on the floor of the New York Stock Exchange during morning trading. European shares fell sharply on Tuesday...
Contagion Fears Weigh on Euro
Briefing.com
EURUSD is lower by 65 pips at 1.4190 as contagion fears continue to spread as Italian yields surge by 26 bps, running the 10-yr yield up to 6.158%. Today's selling has the single currency on the verge of testing short-term support near 1.41 with more ...
Portugal must ditch PPP investments, focus on exports-minister
Reuters
The terms of the 78-billion euro bailout Portugal agreed with the EU and the IMF in May require the new centre-right government, which took over in June, to review major PPPs to identify, and possibly renegotiate, potential unforeseen costs for the ...
Commission plays down contagion fears
European Voice
By Constant Brand The European Commission today said that there was no discussion of EU bail-outs for Italy, Spain or Cyprus despite concern on the financial markets about the countries' ability to manage their debts. Yields on Italian and Spanish ...
IMF warns interest rates will have to rise
The Australian
And some parts of the economy would come under "considerable pressure" as they were squeezed by a dollar that had become up to 20 per cent overvalued. However, the IMF remained concerned that record commodity export prices and a huge pipeline of mining ...
US debt crisis turns focus on yuan as reserve currency
BBC News
Officials, from the head of the International Monetary Fund (IMF) to the Philippines finance minister, have warned that the US dollar may lose its reserve status. For China, the largest lender to the US and the world's second biggest economy, ...
HSBC-Libor Probe, Dutch Deposit Guarantee, IMF-BASEL, Gabelli: Compliance
Bloomberg
The bank also received grand jury subpoenas and other requests for documents from the US Attorney's Office, the Department of Justice and the New York District Attorney's Office over its units' bank note and dollar clearing services, compliance with ...
IMF's Lagarde hails US debt deal
FXstreet.com
The opinions and analysis offered on Forexlive are for educational purposes only and clients and prospects are advised to carefully consider the opinions and recommendations offered by the analysts and to use the analysis and opinions in conjunction ...
French PM: Special Parliament Session For EFSF Changes Sept 6
Wall Street Journal
"In order to quickly help Greece in its recovery effort, and to counter contagion risks from the Greek crisis to other sovereign debt of the euro zone, it is essential to implement the new intervention tools of the European Financial Stability Facility ...
Sterling hits 2-mth high vs weak euro, slips vs dollar
Reuters UK
By Naomi Tajitsu and Nia Williams LONDON, Aug 2 (Reuters) - Sterling hit a two-month high against the euro on Tuesday as the single currency suffered broadly due to renewed worries about eurozone debt and the risks of contagion to countries like Spain ...
Euro mixed after US data
FXstreet.com
That rebound in the USD has allowed the Euro to weaken and the Pound to strengthen a tad. Sterling's strength has happened in spite of the International Monetary Fund (IMF) doing what it often does and stating the blinking obvious. ...
IMF's 'Harsh' Legacy Blocks Middle East Loans After Egypt U-Turn
Bloomberg
Radwan argued that IMF terms were reasonable and Egypt -- whose economy shrank at an annual rate of 4.2 percent in the first quarter while yields on its dollar bonds surged -- needed the money to “get out of the bottleneck by raising public investments ...
ECB eyed for signs of growing rate hike caution
Reuters
While August is usually the bank's quietest meeting of the year, the current situation -- as in most summers since the financial crisis erupted in 2008 -- is anything but 'normal'. The euro zone's debt crisis appears to have entered a new and ...
IMF: George Osborne may miss plan to eliminate deficit
Telegraph.co.uk
Chancellor George Osborne is in danger of missing his key performance yardstick of eliminating the structural deficit over the next five years, the International Monetary Fund (IMF) has warned. Despite its concerns, the IMF remained supportive of the ...
IMF's Worried About Greece's Debt Problems
TheStreet.com
And it would appear that in the case of Greece and a number several other Eurocountries, it is most definitely time to apply the screws. Here is a brief summary on the economic problems in euro countries followed by my interpretation of what the IMF ...
Italy to hold financial stability meeting: source
MSN Philippines News
As the country battles to stave off contagion from the european debt crisis, Tremonti is also facing opposition calls to resign after a senior aide was caught up in a corruption scandal. Prime Minister Silvio Berlusconi is set to address parliament on ...
Benchmark Yields In Treasury, Bunds, Gilts Fall On Growth Fears
Wall Street Journal
Even if the risk of a US default has been averted, fears about contagion risks in the euro-zone's sovereign debt troubled areas coupled with a string of disappointing global data over the past few sessions has got many investors increasingly anxious ...
Sterling near 2-mth high vs euro, PMI fails to inspire
Reuters UK
By Nia Williams LONDON, Aug 2 (Reuters) - Sterling hovered near a two-month high against the euro on Tuesday on renewed worries about euro zone peripheral debt and risks of contagion, although it failed to gain much traction despite ...
Palace to closely monitor peso appreciation
Philippine Star
He said speculators, with enough financial muscle to move hundreds of millions of dollars, could mop up the peso and sell them as soon as the currency market swings the other way, similar to what happened during the 1997 Asian financial crisis...
Obama Torn Between Two Evils of Exorbitant Privilege And Eminent Domain
The Market Oracle
When the USA set up the 1944 Bretton Woods conference and founded the IMF and World Bank it could make the proud boast that the US dollar would always be exchanged for metallic gold, because it was "as good as gold". From 1948 it set $35 as the exact ...
Spanish, Italian markets slammed by investor fears
Forbes
She told Zapatero "that the experts agree that the current situation is due to the financial crisisplaguing the euro area worsened by the uncertainty of the economic situation in the United States," Zapatero's administration said in a statement issued ...
Liviu Voinea (GEA): an economic growth of 3.5-4% in 2012 can be achieved only ...
ACTmedia
The stand-by agreement between Romania and IMF started on 31 March 2011 and it a precautionary type, going up to 3.1 billion DST, 3.6 billion euro, representing approximately 300% of the quota Romania has with IMF. The new agreement with IMFwill last ...
Europe shares fall 1.8 pct to 11-month closing low
Reuters
The STOXX Europe 600 Banking Index fell 2.5 percent, hitting a 26-month low, on renewed concern about euro zone peripheral debt levels. The sector has lost nearly 16 percent this year, on worries about contagion in the euro zone debt crisis. ...
Dollar depreciation dilemma
China Daily
Despite the declining proportion of US dollar-denominated foreign assets in global foreign reserves over the past decade, down from 71 percent in 1999 to 61 percent in 2010, according to the IMF, thedollar is still overwhelmingly bigger than the euro...
The second "Great Contraction"
CNN (blog)
He was formerly chief economist at the IMF. He will be on CNN GPS this Sunday at 10am ET/PT. For more from Yao Yang, visit Project Syndicate and check it out on Facebook and Twitter. By Kenneth Rogoff, Project Syndicate Why is everyone still referring ...
Juncker to meet with Italian FinMin Temonto tomorrow
ForexLive (blog)
Which helps more – the black or gold stuff? cambiste: well maybe he thinks like me that the ECB is going to have to intervene and sell Euro and live with some inflation for a little while to help the PIIGS. Sean: 1.4150 is important support on daily as ...
The Countdown to the Last US 'Default'
Resource Investor
Washington was busy in foreign exchange, however, buying $862m worth of Belgian Francs and Dutch guilders from the IMF to better suit their governments' preference for guaranteed credits at the central-banks' central bank. Reports of French gold buying ...
Leading indicators continue pointing in positive direction
My West Texas
It has only been 33 months since the financial crisis of 2008, and the memory of the sharp drop in the stock market is still fresh in many investors' minds. As a result, people are worried that the economy could fall back into recession this year if ...
Most North Carolinians blame government for current financial crisis, says ...
Mountain Xpress (blog)
Grappling with 9.9 percent statewide unemployment, 63 percent of North Carolina voters blame government for the current financial crisis, according to a poll released today by the Civitas Institute. Sixty-three percent of voters say government is most ...
Timeline: Japan primes markets for yen intervention
Reuters
April 19, 1995 - The dollar hits a record postwar low at 79.75 yen after US-Japanese trade frictions spark heavy selling. By the end of the year it is near 103.40. 1998 - The Asian financial crisis sees the yen weaken to nearly 148 to the dollar in ...
US out of default, but not out of crisis
The Voice of Russia
President Obama says that the measures provided by this law will save the country not only from a default, but also from a possible financial crisis. However, experts are very skeptical about that. For a normal financial situation, a country's budget ...
Senate votes through U.S. debt rise
The Sun
It came as the IMF said the government should consider cutting taxes or pumping more cash into the economy. By STEVE HAWKES and TOM NEWTON DUNN A MEASURE to cut spending and raise the US debt ceiling to avert a potentially catastrophic default gained ...
Oracle Financial Services Data Warehouse Meets Post-Meltdown Demands
InformationWeek
In the wake of the financial crisis, big banks need to go beyond siloed reporting to support rapid risk analysis and stress testing. By Doug Henschen InformationWeek Let's say the debt deal collapses and the US credit rating drops. ...
Central Falls receiver acts to file for bankruptcy / Video
Providence Journal
By W. Zachary Malinowski CENTRAL FALLS — The fiscal crisis that has crippled the city over the past few years reached critical mass on Monday as the state-appointed receiver filed for Chapter 9 bankruptcy protection in federal court, the first time a ...
S Korea gold buy shows strong official appetite
Moneycontrol.com
South Korea's first gold purchase since the Asian financial crisis shows that the official appetite for gold remains intact in the face of record prices, as a shaky global economic recovery, sovereign debt issues and high inflation drive ...
Josh Mandel would have voted against debt deal, blasts Sherrod Brown
Plain Dealer
"Sherrod Brown has spent the past four decades trying to get taxpayers to bail him out of crisis after financial crisis that he helped create," Mandel said. "Enough is enough! "Sherrod Brown had every opportunity to embrace a reasonable compromise ...
As person-to-person online lending grows, how should it be regulated?
iWatch News
By Alexandra Duszak By Ben Hallman Angry at Wall Street over the financial crisis and consumer credit practices seen as predatory, some consumers have opted to close their accounts with major banks. By Julie Vorman Lenders must give more information to ...
IMF estimates Australian dollar 10-15% over-valued | ForexLive
AUD/USD stops through 1.0880 and 1.0870 done. We've been as low as 1.0857, presently at 1.0870. More stops through 1.0850.ForexLive
DocuBase Article: Euro Area Cross-border Financial Flows and the ...
Euro Area Cross-border Financial Flows and the Global Financial Crisis. August 1, 2011 22:08. Source: European Central Bank. From Non-Technical Summary: The global financial crisis that started in 2007 and intensified after the collapse ...DocuTicker
State Debt: Economic Weiser expected return of the euro crisis ...
By B.B
The euro rescue fund – filled with guarantees of the euro area – and the International Monetary Fund (IMF) take over 109 billion euros. This is the debt mountain in Greece Prime Minister Giorgos Papandreou to decline until the end of ...Economics Newspaper
Forex: Euro To Threaten July Rebound, U.S. Dollar Strength Ahead
By DailyFX
The heightening risk for contagion dragged on the Euro and the single-currency may face additional headwinds during the North American trade as the European policy makers struggle to restore investor confidence. ...Business Insider
IMF knows it too: tax cuts stimulate growth – Telegraph Blogs
By Janet Daley
The IMF has joined the burgeoning party of those urging the government to acknowledge what all sensible people know: the way to stimulate real and lasting (as opposed to phoney and temporary) growth in the economy is by...News
Inside the News: Euro zone contagion fears dominate markets ...
Aug 2 - Lawmakers in Washington are poised to avert an immediate U.S. debt crisis, but growth andcontagion fears return to haunt the euro zone.
www.reuters.com/.../inside-the-news-euro-zone-contagion-fear...

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