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

Thursday, February 2, 2012

Euro zone manufacturing shrinks again

Euro zone manufacturing shrinks again in Jan: PMI
Reuters
By Jonathan Cable | LONDON (Reuters) - Euro zone manufacturing activity declined for a sixth straight month in January as a slight upturn in Germany failed to offset a prolonged contraction in the bloc's smaller economies, a survey showed on Wednesday.

Santander, Intesa join euro zone bank funding thaw
Reuters
Santander, the euro zone's biggest bank, raised 2 billion euros from the first Spanish covered bond in over eight months on Wednesday and paid less than expected to do so, thanks to strong demand. That followed hot on the heels of a 1.5 billion euro ...

What was the point of the latest EU summit?
Telegraph.co.uk (blog)
A step towards greater discipline across the eurozone, a modest but not decisive step towards sorting itself out. And yet more institutional complexity, which the eurozonereally doesn't need. The acrimonious December Summit had all the usual ...

Telegraph.co.uk (blog)

Prosecutors Lining Up Financial Crisis Charges
Wall Street Journal (blog)
There is, of course, plenty of blame to go around, as one can read in full detail in the Financial Crisis Inquiry Report. (As gripping and well-written government tomb as there is.) But it sounds like there will at least be some blame being placed more ...

Is Greece Close to Leaving the Eurozone?
Knowledge@Wharton
Amid the latest effort in Europe to ward off another systemic financial crisis, Greece looks more likely to drop out of the euro zone than ever, at least temporarily, says Franklin Allen, a Wharton finance professor. At this week's European summit, ...

Knowledge@Wharton

Eurozone unemployment hits record high
AFP
Eurozone unemployment hit a record 10.4 percent in November and December, provisional official figures show.Duration: 02:24.

Osborne should lay out euro crisis stimulus plans - IFS
Reuters UK
LONDON (Reuters) - Chancellor George Osborne should publish broad stimulus plans for an emergency such as a break-up of the euro zone in next month's budget, the country's leading fiscal policy think-tank said on Wednesday. The Institute for Fiscal ...

Credit squeeze threatens eurozone recovery
Financial Times
A European Central Bank survey on Wednesday showed the eurozone debt crisis has triggered a severe credit squeeze across the region with banks imposing significantly harsher loan terms on businesses and consumers. Demand for mortgages and loans to fund ...

Financial Times

Detroit Financial Crisis Plan Still Under Wraps, Negotiations Ongoing
Huffington Post
Detroit City Council and Mayor Dave Bing have yet to come to an agreement on how to address the city's budget deficit as the threat of a state takeover continues to loom. Both the Bing and the Council have been working since late November to come up ...

CORRECTED-Belgium slides into recession
Reuters
* Belgian GDP -0.2 pct q/q in Q4, +0.9 pct yr/yr * Economy contracted for second consecutive quarter * Euro zone economy also expected to have contracted in Q4 By Philip Blenkinsop BRUSSELS, Feb 1 (Reuters) - Belgium fell back into recession in the ...

Hedge funds brace for euro zone break-up
Reuters
By Laurence Fletcher | LONDON (Reuters) - Nervous hedge funds managers are stress-testing their portfolios and searching for ways of protecting themselves against their worst nightmare -- a potential break-up of the euro zone.

Portugal as Greece Prods ECB to Halt Contagion Buoying Bulls
BusinessWeek
“Eurozone large-cap equities could rise 20 percent to 30 percent this year given the depressed starting point,” Michael Darda, chief economist at MKM Partners LLC in Stamford, Connecticut, wrote in a report to clients yesterday.

Portugal Not a Significant Risk to Euro Zone, Fitch Says
BusinessWeek
1 (Bloomberg) -- Portugal doesn't present the risk of default that Greece does to the rest of the European Union because officials there are seeking to contain the nation's financial crisis, according to Fitch Ratings. “The government there is ...

Eurozone bank loan plan resembles 'Ponzi scheme'
Citywire.co.uk
John Bennett, manager of the Henderson European Focus Trust, says European Central Bank is following the 'rule of the jungle'. by Caelainn Barr on Feb 01, 2012 at 05:01 Throwing cheap money ateurozone banks to avoid a credit crunch was always going to ...

The euro zone's new 'fiscal compact'
BusinessWorld Online Edition
News from Brussels of the signing last Monday of a new "fiscal compact" by the euro zonecountries (except the UK and the Czech Republic) was welcomed as a positive step in the quest for a resolution of the region's festering debt crisis.

Eurozone Bank Lending Survey shows falling loan demand in Ireland and rest of ...
FinFacts Ireland
By Finfacts Team The Central Bank today reported the Irish responses to theEurozone Bank Lending Survey and during the final quarter of 2011, credit standards were unchanged on loans to enterprises. However, a further decrease in loan demand from ...

FinFacts Ireland

Copper rises after euro zone PMI data
Khaleej Times
LONDON - Copper rose by almost 1 percent on Wednesday as the euro strengthened against the dollar after euro zone manufacturing data showed an activity upturn in Germany, the region's largest economy. Benchmark copper on the London Metal Exchange ...

Euro zone's unemployment is at highest level since the euro was introduced
Olive Press
Sterling started lower against the euro before rallying throughout the afternoon finishing the day above the 1.20 level with increased fear surrounding the euro zone. However, a record drop in consumer credit has led to many people believing that there ...

S.Korea exports shock, inflation dips as euro crisis bites
Reuters
EURO ZONE, SHIPS, HOLIDAYS HURT EXPORTS The won fell 0.3 percent versus the dollar, a relatively small but significant decline given foreign net buying of local stocks that amounted to about $300 million and helped push up the benchmark KOSPI 0.2 ...

Eurozone crisis knocks investor confidence
Financial News
European investors sold off equities in January as volatile markets and the ongoingeurozone crisis knocked confidence levels and led to greater risk aversion, according to State Street Global Markets. Its monthly State Street Investor Confidence Index ...

Financial News

Merkel Seeks Euro Zone Investments from Beijing
Spiegel Online
During her trip to China, German Chancellor Angela Merkel plans to promote investments in the debt-ridden euro-zone countries. But the Chinese have so far been tight with their money. Will Merkel succeed in getting Beijing to bend?

Spiegel Online

ICAP profits hit by euro zone crisis
Reuters
"The continued uncertainty in the euro zone and constraints on market liquidity, together with customers reducing risk before the year-end, led to more subdued volumes," the company said on Wednesday. ICAP said its trading volume in electronic markets ...

PMIs Illustrate Two-Speed Europe
Wall Street Journal (blog)
By Alex Brittain Wednesday's batch of euro-zone data has plenty to offer for those trying to predict if the region is heading for recession. But the thing that really stands out among the data is how clear it is that there's now a two-speed Europe.

FTSE LIVE: UK, China and eurozone manufacturing data lifts mood; Imperial ...
This is Money
A key US manufacturing report is due out later, following encouraging updates on the sector's performance in the UK, eurozone and China. Worry about the state of Greece's debts was put on the back burner today as investors assessed some hopeful ...

Financial crisis next shock for aged care
The Canberra Times
BY PETER JEAN AND NATASHA RUDRA The residential aged-care sector has warned it is on its ''last financial legs'' and more families have spoken out about problems in the troubled Ginninderra Gardens facility. A new report to be issued today found ...

Euro zone ill-suited for long-term economic task
Reuters Blogs (blog)
By Pierre Briancon By Pierre Briançon The fiscal treaty euro zone leaders finally agreed on this week adds a solemn touch to their oft-repeated promises that the days of financial insouciance are over. But most of the treaty's content had already been ...

Only eurozone exits will let IMF get its money back
Financial Times
However, if a country exited the eurozone there would be an appropriate role for the IMF in helping to stabilise the transition. Furthermore, with the possibility, after a period, of resumed growth in the country concerned, there would be a good chance ...

Monti: 'We are co-protagonists of Eurozone governance history'
EUX.TV
In a press conference after the EU Summit held on Monday, Mario Monti, Italian prime Minister, told journalists that the measures taken by the Italian government will not deepen the possible recession that threatens Italy.

PIIGS Look Beautiful And Why The Bull Move Is Just Getting Started
Seeking Alpha
We all know that PIIGS is an acronym for Portugal, Ireland, Italy, Greece, and Spain - all the countries with high debt and which have been the source of angst and fear in markets. There is no Portugal ETF, but let's look at the price ratios of each of ...

Coal Giant Adaro Is Cautious Amid Euro Crisis | The Jakarta Globe
As financial woes in Europe push down the demand for coal, Adaro Energy, the second-biggest coal producer in Indonesia, expects its net income to grow a conservative 5 percent to 7 percent this year on rising production, a top executive ...
Jakarta Globe RSS: Business

Fuel Fix » Eurozone crisis triggers credit squeeze
By FT.com - Energy
Posted on February 1, 2012 at 5:19 am by FT.com - Energy in. 1. |. Tweet. Share share E-mail. Theeurozone debt crisis has triggered a severe credit squeeze across the region with banks imposing significantly harsher loan terms. 1. |. Tweet ...
Fuel Fix

Wolf Richter: Exodus from the Eurozone Debt Crisis « naked ...
By Yves Smith
Unemployment is a staggering problem in Eurozone countries that are at the core of the debt crisis. Spain's jobless rate jumped to 22.8%. Among 16 to 24-year-olds, it's an unimaginable 51.4%, up from 18% in 2008 when Spain's crisis began ...
naked capitalism

Euro Rebound as Eurozone Manufacturing Expands — Forex News
By NewsInspector
The euro rose today, erasing its previous losses, after a report showed that eurozone manufacturing improved this month, easing concerns about the negative impact of the European financial crisis on the region's economy. Final eurozone ...
Forex News

ekathimerini.com | EU won't risk Greek eurozone exit, Tsipras says
Alexis Tsipras, the leader of the Coalition of the Radical Left (SYRIZA), which has gained popularity in the polls as the prospect of more austerity looms, told Skai on Wednesday that the European Union would not be able to handle Greece ...
Latest News

Reason Writers on TV: Peter Suderman Talks Eurozone Debt Crisis ...
By Reason Magazine
On Monday, January 31, Reason Associate Editor Peter Suderman appeared on Freedom Watch with Judge Napolitano to discuss Greece's financial meltdown and its subsequent resistance to any austerity measures other EU members want ...
Reason Magazine Full Feed

Euro zone flash CPI eases in line with expectations By Forexpros
By Forexpros
Euro zone flash CPI eases in line with expectations.
Forex Pros RSS News Feed | Forex News

Financial Crisis Reveals Hopelessly Enslaved | Occupy Congress
By Shelly
For a free society to function in any capacity there has to be transparency of and access to information, as well as a set of rules that are applied equally to everyone. Our society has chosen not to hold those responsible for the financial ...
Occupy Congress

England Expects: "the Greeks have to leave the euro zone"
By Gawain Towler
"The conclusion almost sounds paradoxical: In order to rescue their state and their sovereignty, the Greeks have to leave the euro zone. They owe it to themselves. They have to go their own way with the freedom afforded by exchange rate ...
England Expects

Hedge Funds Euro Zone
By Theo O'Brien
A potential break-up of the Euro Zone has been keeping some hedge fund managers up at night, wondering how best to protect their funds from this worst-case scenario. Managers have set about stress-testing their portfolios for this event and ...
Hedge Fund Blogger.com

Analysis: Eurozone Inflation Steady At 2.7% Y/Y In January | ForexLive
January flash: +2.7% y/y MNI survey median: +2.7% y/y MNI survey range: +2.4% to +3.0% y/y December final: +2.7% y/y FRANKFURT (MNI) - Much as.
ForexLive

Euro zone inflation stable, bets still on for ECB rate - Business News ...
By SINA.com
BRUSSELS - Consumer price inflation in the euro zone remained at 2.7 percent for the second straight month in January, data showed on Wednesday, off last year's peak and supporting bets that the European Central Bank will cut rates to ...
English headline news from SINA.com

Eurozone unemployment at new record high | Citizens for Legitimate ...
By legitgov
Eurozone unemployment at new record high 31 Jan 2012 Unemployment in the 17-nation eurozoneended 2011 at 10.4 per cent, a new record high for the single currency since its launch at the start of 1999, official figures showed today.
Citizens for Legitimate Government

Eurozone crisis live: EU summit optimism tested by record ...
The jobless rate has hit its highest level since the euro was created, at 10.4%
www.guardian.co.uk/.../eurozone-debt-crisis-summit-greece

Eurozone crisis live: Germany wins battle on tighter fiscal rules for ...
European leaders gather in Brussels for another summit meeting, but the situation in Greece remains fraught.
www.guardian.co.uk/business/2012/jan/30/debt-crisis-greece

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