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Thursday, April 5, 2012

Spain: Como se dice “contagion”?

Spain Jolts Euro Zone Back on Alert
New York Times
A surge in borrowing costs for Spain on Wednesday unsettled financial markets and showed that even if the European debt crisis was in remission, it was not cured. A decision by the European Central Bank on Wednesday to leave its main interest rate unchanged also reflected concerns about the broader euro zone, where the economy was sputtering and credit was still tight. The Spanish debt auction came just days ...

Spain: Como se dice “contagion”?
Reuters Blogs (blog)
By Ana Nicolaci da Costa The euro zone's fourth largest economy had to pay dearer to borrow through medium-term bonds, a sign that concerns over the country´s fiscal problems was curbing appetite for its debt. It sold 2.6 billion euros of 2015, ...

Draghi Sees Exit From Crisis Response Premature For Now
Wall Street Journal
Striking a cautious balance between taming stubbornly high inflation amid rising commodity prices and supporting the still-weak euro-zone economy, the ECB left its main interest rate unchanged at a 1% record low for the fourth straight month earlier ...

Euro zone economy sinks, US service growth slows
By Andy Bruce and Jason Lange | LONDON/WASHINGTON (Reuters) - Euro zone businesses floundered in March and growth cooled in the service sectors of the United States and India, taking some steam out of the global economy. Other data on Wednesday showed ...

Europe Stocks Slump on Euro-Zone Worries
Wall Street Journal
By ISHAQ SIDDIQI And SARA SJOLIN European stock markets slumped Wednesday as surging Spanish and Italian government yields renewed worries over the euro-zone debt crisis. The benchmark Stoxx Europe 600 index slid 2.1% to 258.76, its lowest close in ...

ECB Chief Signals Growth Aid Is Unlikely
Wall Street Journal
By BRIAN BLACKSTONE FRANKFURT—The European Central Bank said it is concerned about too-high inflation in the euro zone this year, disappointing hopes it might signal a willingness to help boost the region's meager growth. The European Central Bank ...

GLOBAL ECONOMY-Euro zone economy sinks, US service growth slows
Euro zone private sector slumps further in March * Growth in US service sector cools * US adds more private jobs than expected * India services PMI hits 5 month low, confidence wilts By Andy Bruce and Jason Lange LONDON/WASHINGTON April 4 (Reuters) ...

European shares fall as Spain reignites euro crisis
Euro zone banks, which own the bulk of the region's government debt, fell 3.1 percent after Spain sold fewer bonds than it had hoped, reflecting investor anxiety about the country's efforts to reduce its deficit. Debt fears were exacerbated by euro ...

ECB: Eurozone Interest Rates on Hold
This follows calls from some senior ECB officials for the bank to begin piecing together an exit strategy for winding back the funds the bank has pumped into the 17-member eurozone'sfinancial system. However, Draghi is not expected to rule out the ...

MONEY MARKETS-Rates to stay low after ECB dismisses exit talk
* ECB to allow measures to have effect * Spanish pressure spreading to corporate credit By Kirsten Donovan LONDON, April 4 (Reuters) - Euro zone money market rates are set to stay at rock bottom levels after ECB President Mario Draghi said on Wednesday ...

GLOBAL ECONOMY-Euro zone in recession, India slows
Euro zone private sector slumps further in March * Euro zone PMIs hint at 0.2 pct decline in Q1 - in recession * Services firms become more optimistic about outlook * UK services business picks up unexpectedly * India services PMI hits 5 month low, ...

Euro-Zone Data Cement Recession Fears
Wall Street Journal
By ALEX BRITTAIN LONDON—Euro-zone business activity contracted in March, a survey showed Wednesday, all but confirming that the currency bloc is now in recession and casting doubt on policy makers' hopes that the downturn will be short-lived.

US STOCKS-Wall St drops on euro zone, fading Fed stimulus odds
Spanish borrowing costs jumped at bond auctions, sparking worry about a recurrence of a euro zone debt crisis and highlighting recession worries in the region. The PHLX Europe sector index lost 3 percent. Two Long-Term Refinancing Operations launched ...

Weak European economy means it's too early to discuss exit from $1.3 trillion ...
Washington Post
FRANKFURT, Germany — European Central Bank President Mario Draghi said it was far too soon to talk about an exit from its massive emergency loans to banks, saying that any such move would be premature while the 17-country eurozone was struggling with ...

ECB Leaves Main Rate Unchanged At Record Low 1%, As Expected
Wall Street Journal
But some euro-zone central bankers--led by Germany's Bundesbank--remain doubtful and have urged a debate. Analysts expect Draghi won't present a detailed exit strategy Wednesday, amid fears this could damage fragile market confidence.

Detroit financial crisis: After appeals court ruling, review team meeting now
Detroit Free Press
By Dawson Bell LANSING – A state court of appeals panel removed this morning one of the roadblocks to the adoption of the proposed consent agreement between Detroit and state officials to restructure city financial management, dissolving a lower court ...

'Premature' to weigh ECB exit strategy: Draghi
By William L. Watts, MarketWatch FRANKFURT (MarketWatch)—Sky-high unemployment and firmly-anchored inflation expectations in the euro zone make it too early to start talking about unwinding the European Central Bank's long-term refinancing operations ...

Canadian Bonds Rally As Euro-Zone Debt Fears Mount After Spanish Auction
Wall Street Journal
Spain's rising debt burden now risks accelerating fears of extending the euro-zone's debt crisis and comes about one month after Greece's own credit troubles captivated world markets. "Their bond auction was horrible. There's no other way to describe ...

ECB leaves key rate at 1 percent
Atlanta Journal Constitution
By DAVID McHUGH AP FRANKFURT, Germany — European Central Bank head Mario Draghi says a weak eurozone economy has held back businesses from applying for loans despite the abundant cash made available by the central bank's massive amounts of cheap ...

Europe's central bank looks in vain for growth
By DAVID McHUGH FRANKFURT, Germany -- Europe is searching for something to get growth going again and pull the eurozone's heavily indebted countries out of their troubles -- but with little luck. Unemployment and manufacturing indicators suggest the 17 ...

CANADA STOCKS-TSX falls as euro zone, Fed weighs
TSX hits low of 12182.19 * 9 of 10 main sectors lower * Materials, energy lead market rout By Jennifer Kwan TORONTO, April 4 (Reuters) - Sliding resource stocks led Canadian equities lower on Wednesday on fresh worries about the euro zone debt crisis ...

Euro zone sales disappoint, prospects poor
By Robin Emmott | BRUSSELS (Reuters) - Shoppers in the euro zone cut back on their spending in February as households faced stubborn inflation, growing unemployment lines and pay freezes across the public and private sector.

Dimming QE3 Hopes, Renewed Euro Worries Slam Global Markets
Fox Business
Spain, firmly at the sharp end of the euro zone crisis, raised less debt than hoped at rising yields, focusing market attention on a European Central Bank certain to hold the region's borrowing costs at record lows later in the day.

Specter of Long Recession Hangs Over Euro Zone
Wall Street Journal (blog)
By Alex Brittain With seven euro-zone members already officially in recession at the end of last year, the currency bloc as a whole always seemed likely to follow at some point. Survey data Wednesday appears to all but confirm that long-held suspicion ...

IMF chief wants 'more firepower' to fight crises
Christine Lagarde told the annual meeting of The Associated Press that last week's move byeurozone countries to boost their own rescue fund has strengthened her case to ask other large economies to expand the IMF's financial war chest.

FOREX-Euro falls to 3-week low vs dollar as ECB and Fed diverge
A widening interest rate differential between the euro zone and the United States would favor the dollar over the euro. The single currency was already under pressure after Spain's borrowing costs jumped at a bond auction.

Draghi says Eurozone still subject to inflation risks as prices stabilise
Interest rates are staying at a record low in the Eurozone at one per cent. Frankfurt European Central Bank President Mario Draghi said policymakers are prepared to act against inflation threats if needed, while assuring investors that the ECB doesn't ...


ECB to hold fire, resist pressure to head for exit
By Paul Carrel | FRANKFURT (Reuters) - The European Central Bank will hold interest rates at a record low of 1 percent on Wednesday and resist German pressure to flag an exit from its crisis-fighting mode as the euro zone recovery looks increasingly ...

The ECB's proportionate response to the Eurozone crisis | vox ...
When the Eurozone crisis worsened during the summer of last year, a number of experts proposed to appoint the ECB as a lender of last resort in the government bond markets to make these markets less prone to liquidity crises and contagion ...
VoxEU.org: Recent Articles

By Cullen Roche
Here's an easy reference page for Eurozone sovereign bond yields. It looks like action in yields is starting to pick up again so it's nice to have these all.

Japanization of euro zone bonds? | Global Investing
By Mike Dolan
Seniority of the ECB and NCBs (about 15% in each of the five peripherals) is a potential medium-term issue that may prevent international investors from coming back to these markets - Barclays.
Global Investing

No Mysteries in Eurozone Crisis » TripleCrisis
By Jeff Madrick
Little is more tragic about the eurozone crisis than that we know how to minimize it and provide the best chance for stability and growth yet we are not doing what we must. As an American, I should say 'they' are not doing it. It was just ...

XE.com - GLOBAL ECONOMY-Euro zone in recession, India slows
The euro zone's services business remains mired in a mild recession but activity is perking up in Britain and is more robust in Asia, according to data on Wednesday that underscored widening fault lines in a plodding global economy.
XE Forex News

11-year-old Dutch boy solves eurocrisis | Radio Netherlands ...
By Peter Hooghiemstra
An 11-year-old Dutch boy has received an honourable mention from the jury of the UK's prestigious Wolfson Economics Prize. His 'pizza idea' for solving the eurocrisis also won him 10...

Roubini: The Euro Zone Needs a Divorce « SGTreport – The ...
According to Roubini Global Economics, the marriage of the euro zone is beyond “on the rocks” and the chairman Nouriel Roubini feels the EU should accept its fate. Frequently a guest contributor to the Financial Times, Roubini — along with ...
SGTreport - The Corporate Propaganda...

What Paul Gregory is Writing About: The Euro Crisis Is Over but No ...
By Paul Gregory
The Euro crisis is far from over. Imagine that the two major Greek parties lose to the nationalists and communists, the Spanish conservative government dilutes austerity, and the stimulus-inclined socialists win in France. Those saying the crisis ...
What Paul Gregory is Writing About

A Modest Step for the Eurozone - Council on Foreign Relations
By Thomas Klau and Christopher Alessi
The recent decision by European finance ministers to expand the eurozone bailout funds is an important political step, but by itself will not be enough to stem the tide of the debt crisis, says EU expert Thomas Klau.
CFR.org - Interviews

Eurozone March final services PMI 49.2 | ForexLive
By Joe Brown
Above flash estimate of 48.7 and Feb's 48.8 Final services business expectations 60.6, below flash estimate of 60.9, but an 8mth high Final composite PMI.

Euro zone sales disappoint, prospects poor @ Forex Factory
By From reuters.com
Euro zone sales disappoint, prospects poor - Shoppers in the euro zone cut back on their spending in February as households faced stubborn inflation, growing unemployment lines and pay freezes across the public and private sector.
Forex Factory

Euro zone retail sales dip modestly in February By Forexpros
By Forexpros
Euro zone retail sales dip modestly in February. ... Year-over-year, retail sales in the euro zonefell at an annualized rate of 2.1% in February, compared to expectations for a 1.1% drop, after falling at a rate of 1.1% in January. Following the ...
Forex Pros RSS News Feed | Forex News

Euro-Zone Recession Fears Weigh on EUR
By forexyard
After staging a brief recovery during Asian trading yesterday, the euro once again turned bearish against many of its main currency rivals during the afternoon session. Concerns that the euro-zone...
PalFX - Information Services

Euro zone sales disappoint, prospects poor - Yahoo! News
From Yahoo! News: BRUSSELS (Reuters) - Shoppers in the euro zone cut back on their spending in February as households faced stubborn inflation, growing ...

Eurozone Unemployment February 2012: Joblessness In Eurozone ...
Euro zone unemployment at 10.8 pct in February * EU jobless rate rises to 10.2 pct * Sharp divide between north and south By Robin Emmott BRUSSELS, April ...

Mish's Global Economic Trend Analysis: Eurozone Unemployment ...
Mish's financial blog covers global news and macroeconomic events regarding the world economy. The blog's primary focus is inflation, deflation, and ...

Eurozone Follies: Confusing Callousness for Courage » New Deal 2.0
European elites pushing austerity are repeating the mistakes they made during World War I and the Great Depression. The question is whether they'll realize it ...

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