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

Saturday, April 28, 2012

France's Hollande and Germany's Merkel Clash

France's Francois Hollande and Germany's Angela Merkel clash over euro austerity pact - Telegraph: "It is "not for Germany to decide for the rest of Europe", said Francois Hollande, the frontrunner to replace Nicolas Sarkozy as French president. If elected, Mr Hollande says that he will not pass the fiscal austerity pact agreed by the leaders of 25 European nations, unless it contains measures to spur on growth. His stance puts him on a collision course with Angela Merkel, the German Chancellor. She hit back at the French Socialist candidate's plans, warning the deal is "not open to new negotiations". "The fiscal pact is negotiated, it was signed by 25 government leaders and has already been ratified by Portugal and Greece," she told a German newspaper. . . " 

Hollande Shifting Euro-Zone Core
Wall Street Journal (blog)
More recently, the euro-zone debt crisis threatened to unhinge the entire project, before Ms. Merkel and Mr. Sarkozy (Merkozy in Brussels shorthand) rallied together to help bail out insolvent euro-zone states and build up further defenses to restore ...

Euro-Zone Data Point to Contraction
Wall Street Journal
By PAUL HANNON And STEVE MCGRATH LONDON—The euro-zone economy continued to contract at the start of the second quarter, with consumer and business confidence weaker, according to a raft of data released Friday. The Centre for Economic Policy Research ...

Euro-Zone Economic Confidence Drops
Wall Street Journal
By ILONA BILLINGTON LONDON (Dow Jones)--Confidence in the euro zone economy fell a second straight month in April, adding to evidence it won't grow until the second half of the year at best, a survey showed Thursday. The overall economic sentiment ...

Gold gains on weaker dollar, euro-zone fears
MarketWatch
Meanwhile, concerns rose about the euro zone after Standard & Poor's Ratings Services late Thursday downgraded Spain's credit rating by two notches, saying the move reflected a deterioration in the country's “budget deficit trajectory” and the ...

Credit tough for small euro zone firms -ECB
Reuters
The difficulties these firms are having finding loans will do little to improve the outlook for the stallingeuro zone economy, with firms in the bloc's heavily indebted states particularly under pressure. Looking at more than 7500 firms, ...

Hedge funds bet against eurozone
Financial Times
Indeed, their bets against the bonds of “core” eurozone countries – not just France, but Germany and the Netherlands too – represent a new, deeper level of bearishness on the single currency area's prospects. The European Central Bank's longer-term ...

Euro zone: Steps forward, steps back
Reuters Blogs (blog)
Madrid insists it will not have to do so, nor will it look to the euro zone for help. Something will have to give since there is no prospect of troubled banks raising capital themselves. However, S&P did note the structural reforms already undertaken ...

Summary Box: Spain's Financial Crisis Deepens
TheStreet.com
By AP 04/27/12 - 03:34 PM EDT AP TOUGH TIMES: Spain's economic problems are growing as unemployment rose to 24.4 percent in the first quarter from 22.9 percent in the fourth quarter and a major credit agency lowered its rating on the country's debt.

Brent slips toward $119, Spain downgrade revives euro zone woes
Reuters
While strong corporate earnings have been driving US equity markets higher, "other markets remain nervous over the euro zone economies and the Spain ratings downgrade is a reinforcement of that view," Ric Spooner, chief market analyst at CMC Markets in ...

Spain's economic crisis deepens as unemployment hits 24.4%
USA TODAY
Spain, the eurozone's fourth-largest economy, is just now just three notches above so-called junk status. Earlier this week, the Bank of Spain confirmed that the country had entered a technical recession — two consecutive quarters of negative growth.

USA TODAY

Hollande and Merkel clash looms over eurozone austerity
The Guardian
As the French Socialist leader extended his poll lead over Nicolas Sarkozy to 10 points on Fridaywith just over a week until the French vote, Merkel declared that his drive to reopen the EU's fiscal pact penalising spendthrift eurozone governments was ...

The Guardian

Another Signal of Euro Zone Slowdown, Spanish Unemployment at 24.4%
123Jump.com
2:00 PM Frankfurt – The latest release of the confidence index in the euro zone offered another evidence of economic slowdown in the region and Spain said unemployment soared to 24.4%, the highest in the region. Bond yields of Spain and Italy advanced ...

Eurozone crisis live: Credit downgrade piles pressure on Spain
The Guardian
Eurozone retail PMIs are out for Germany, France and Italy and they're not great. The Markit purchasing managers' index for the sector in Germany showed that the value of retail sales fell compared to last month. Same for France and Italy.

The Guardian

Eurozone SMEs struggle to secure credit
Financial Times
By Ralph Atkins in Frankfurt There has been a “considerable worsening” of access to credit for small and midsized businesses in the eurozone, the European Central Bank has warned in the latest sign that its offers of long-term loans to banks have yet ...

NYMEX-Crude down, Spain ratings cut reignites fears over euro zone
Reuters
SINGAPORE, April 27 (Reuters) - US crude futures were lower on Friday, holding just over $104, as Standard & Poor's decision to cut its credit rating on Spain renewed fears over the state of the euro zone economies. FUNDAMENTALS * NYMEX crude for June ...

The UK's (Other) Euro-Zone Problem
Wall Street Journal (blog)
Up until the financial crisis, the disparity was masked by government spending and inflated government wages relative to local productivity. The regions received an additional boost from debt-fueled consumption, supported by rising house prices.

Eurocoin Falls, Points To Euro-Zone Contraction
NASDAQ
LONDON -- The euro-zone economy continued to contract at the start of the second quarter, with consumer and business confidence weaker, according to a raft of data released Friday. The Centre for Economic Policy Research and the Bank of Italy said ...

Euro zone's woes deepen as Spain's debt rating cut
Otago Daily Times
"The United Kingdom economy has just slipped back into recession as has Spain, manufacturing sector indicators for the euro zone have plunged, the French presidential election may produce a Socialist winner intent on raising taxes and boosting ...

Otago Daily Times

Euro zone SMEs say access to bank loans deteriorating: ECB
Oman Daily Observer
FRANKFURT — Small- and medium-sized businesses in the euro zone say getting bank loans has become harder, according to the results of a survey released by the European Central Bank yesterday. While firms' external financing needs have increased ...

Eurozone retail sales fall to lowest level since 2008
BBC News
Retail sales in the three largest eurozone economies - Germany, France and Italy - have fallen to their second lowest level on record, a survey says. The purchasing managers' index (PMI) for the three countries, compiled by research firm Markit, ...

BBC News

Uniqa halves PIIGS exposure since end-2011
Reuters
VIENNA, April 27 (Reuters) - Austrian insurer Uniqa has cut its exposure to euro zone peripheryPIIGS countries by around 1 billion euros ($1.32 billion)- or half - since the end of last year, finance chief Hannes Bogner told reporters on Friday.

Spain economic crisis deepens as unemployment rises and S&P downgrades ...
Orlando Sentinel
Official figures showed that unemployment has jumped to 24.4 percent in the first quarter of 2012 — the highest rate in the 17-country eurozone — from 22.9 percent in the fourth quarter of 2011. The data showed that another 365900 people lost their ...

Euro zone crisis: Yeah, it's back
GlobalPost (blog)
In case you haven't noticed, the euro zone crisis is back this week — from Spain, to France, to the Netherlands, the UK and beyond. "At the end of the last installment, it looked like the debt-strickeneuro zone was over the worst of it.

Eurozone to add growth to its strategy
New Europe
The Eurozone seems to be preparing for nothing less than a full change of course in its strategy in an effort to counter its sovereign debt crisis. The reason for this is that the currently applied severe fiscal diet imposed not only to 'sinner' ...

New Europe

Eurozone economic confidence decreases
China Daily
Economic confidence in the eurozone declined in April as the region's slump showed signs of deepening. An index of executive and consumer sentiment in the 17-nationeurozone fell to 92.8 from a revised 94.5 in March, the European Commission in Brussels ...

China Daily

Euro zone woes keep banks wary after Q1 bounce
Bangladesh News 24 hours
London/Madrid, Apr 27 (bdnews24.com/Reuters) — Earnings from some of Europe's top banks showed the scars of the euro zone crisis on Thursday, with big losses on Spanish property and fragile economic recovery likely to dampen an early investment ...

Reuters Asks: Which govt could euro zone crisis claim next?
Reuters
Reuters asks which European government could find itself a victim of the euro-zone crisis next. ( Transcript ) Food Fight: How the Food Industry outsmarted Washi... Abusing a tax loophole meant to aid the poor –... Will a gold bar buy a case of beer?

No Sauce Hollandaise for Spain
Wall Street Journal (blog)
By Nicholas Hastings The growth policies being promoted by the likely victor of presidential elections on May 6, Francois Hollande, are swiftly gaining traction in the euro zone. Policies directed at promoting economic expansion would go some way to ...

"The Eurozone will most likely be much smaller, but potentially much stronger ...
FXstreet.com
by Mauricio Carrillo - FXstreet.com | View company's profile Last time I interviewed Megan Greene, Economist at Economistmeg.com & Head of European Economics at Roubini Global Economics, she was sure that the Eurozone had only two solutions: "fiscal ...

The Spain Downgrade and Contagion: Just How Much Risk?
Elliott Wave
What is our view on the risk of contagion as one European domino after another falls? One thing's for sure, if you wait on the financial media to alert you, you'll likely find yourself woefully behind the eight-ball.

Another catastrophe from the Euro zone – Old salt - My Telegraph
By barnaclebilly
Another catastrophe from the Euro zone. By barnaclebilly. The credit rating agency Standard & Poor's has cut Spain's sovereign debt rating, warning that the government's budget situation is worsening, even as new data showed that the ...
Old salt

Mike Norman Economics: Thomas I. Palley — From Financial Crisis ...
By Tom Hickey
Thomas I. Palley — From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics. Broadly speaking, there exist three different perspectives on the crisis. Perspective 1 is the hard-core neoliberal position ...
Mike Norman Economics

Euro zone stoxx 600 bank index slumps -3.5%!!! | ForexLive
By Gerry Davies
But EUR/USD sits serenely at 1.3177. Go figure. DAX down around 1%, Spain's IBEX down around 1.9%.
ForexLive

XE.com - UPDATE 1-Credit tough for small euro zone firms -ECB
Small and medium sized companies in the euro zone are struggling to get bank funding, with banks increasingly turning down loan applications, a European Central Bank survey, which captured the immediate aftermath of its two major cash ...
XE Forex News

Historical Perspective of the 2008 Financial Crisis — Money and ...
By Weiss Ratings
Historical Perspective of the 2008 Financial Crisis. Weiss Ratings | Friday, April 27, 2012 at 11:58 am. The financial and banking crisis that began in 2008 has affected all Americans. We've seen investment losses, tighter credit, and reduced ...
Money and Markets

Eurozone Retail Sales Plunge at Strongest Pace Since Late-2008 ...
By Stefan B
Eurozone Retail Sales Plunge at Strongest Pace Since Late-2008; German Retail Sales Plunge Into Contraction; French Retail Sales Plunge at Record Pace; Record Job Losses, Record Retail Plunge in Italy. by Mike Shedlock MISH'S Global ...
Financial Survival Network

The impact of fiscal austerity in the eurozone | Martin Wolf's ...
By Martin Wolf
Martin Wolf, chief economics commentator at the Financial Times, opens discussion on a topic of his choice.
Martin Wolf's Exchange

22 Reasons To Expect A Financial Crisis [AUDIO]
By Mark
Thursday morning I talked about an article I read by Gary North, he was Ron Paul's original economist. He compiled a list of these things to look for. Listen to.
AM 1450 KMMS - Bozeman's News...

Managing the Crisis in the Eurozone: Implications for Cyprus ...
By admin
Michalis Sarris - Managing the Crisis in the Eurozone - Implications for Cyprus - Cyprus International Institute of Management.
Cyprus International Institute...

We can learn from Iceland's crash – and their recovery ...
By Martina
Debtonation: The Global Financial Crisis ... This raises the question of whether the economy is facing not just a recession but also a severe financial crisis. Yet if Iceland got it all ... So compared with theEurozone, Iceland is not doing so badly.
Debtonation: The Global Financial Crisis

Q. and A. About 'Frontline' Series on the Financial Crisis - NYTimes ...
DealBook's Andrew Ross Sorkin hosted a question and answer session with Michael Kirk and Mike Wiser, the producers of the PBS "Frontline" documentary on ...
dealbook.nytimes.com/.../qa-on-frontlines-financial-crisis-doc...

Euro Crisis - Google News

Fiscal Cliff - Google News

Economics, interest rates, house prices, inflation, Bank of England

Markets News - Global Financial Market News

Financial Crisis

Jeremy Warner - Finance and business comments

Ambrose Evans-Pritchard - Finance and business comments

Jeff Randall - Business and politics comments

New Normal News

Views under the Palm

johnyah