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

Tuesday, May 29, 2012

Eurozone volatility dominates stocks and commodity prices

Eurozone volatility dominates stocks, commodity price moves
Futures Magazine
By John L. Caiazzo The Eurozone continues to be the dominant factor in most market activity. This week after Moody's previously announced downgrade of Spanish Banks, Standard & Poors announced additional Spanish bank credit downgrades.

Futures Magazine

Greece to Leave Euro Zone on June 18: Wealth Manager
CNBC.com
Greece will leave the euro zone on June 18 if the populist government wins the country's elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com ...

UK's Cameron Discusses Euro-Crisis Contingency Plans With BOE, FSA Chiefs
Wall Street Journal
By Nicholas Winning LONDON (Dow Jones)--UK Prime Minister David Cameron gathered the heads of the Bank of England and the country's financial services regulator and his top three ministers Monday to discuss contingency plans for the euro-zone crisis.

Wall St Week Ahead: US data, Europe woes to set tone
msnbc.com
By Reuters NEW YORK -- Investors will grapple next week with major US economic reports and the looming possibility of a Greek exit from the euro zone, which is likely to keep dragging on equities for weeks to come. As contingency plans are made for ...

INSIGHT-European firms plan for Greek unrest and euro exit
Reuters
* Companies prepare for civil unrest and switch to drachma * Cut Greek debts, slow investments and credit worthiness checked * Worries Greek problems may spread to other eurozone areas By David Jones LONDON, May 28 (Reuters) - British electrical ...

Eurozone bonds some way off, risk-sharing already reality
Reuters
By Ana Nicolaci da Costa | LONDON (Reuters) - Germany keeps reaffirming its long-standing opposition to shared euro zone bonds but analysts say the region is already headed towards implicit mutual responsibility for national debts and Berlin will come ...

Morning Briefing: Euro Zone Sentiment to Set Tone
Wall Street Journal (blog)
By Sean Carney Trade in central Europe Monday will track euro-zone developments after the head of Spain's Catalonia region Friday called for the central government to act quickly to help regions share their debt burdens, while stressing Catalonia will ...

Euro Zone Crisis Pushing Away Emerging Europe: EBRD
CNBC.com
The deepening euro zone crisis is threatening the integration of Eastern European nations into the single currency area, the Chief Economist at the European Bank for Reconstruction and Development (EBRD) told CNBC's “Worldwide Exchange”.

CNBC.com

Eurozone's ties that bind grow tighter
Financial Times
By James Mackintosh The ties that bind the eurozone's tottering banking system to its weakest governments are growing ever-tighter. The region would clearly be better off if its banks owned no government debt. But the banks are the biggest owners of ...

Threat Of Euro-Zone Breakup Harming UK
Wall Street Journal
By PAUL HANNON LONDON—The threat of an "extreme outcome" to the euro zone's fiscal crisis has made capital more expensive, weakening investment and the UK economy's growth potential, a member of the Bank of England's Monetary Policy Committee said ...

UK's Cameron holds meeting about eurozone crisis
The Seattle Times
Britain's Prime Minister David Cameron has met with top economic officials to discuss the financial crisis in the neighboring eurozone. The Associated Press No comments have been posted to this article. Britain's Prime Minister David Cameron has met ...

Insight: European firms plan for Greek unrest and euro exit
Chicago Tribune
As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system. Those preparations include sweeping cash out of Greece every night, cutting debts, ...

UK's Cameron meets with nation's top economic officials to discuss eurozone crisis
Washington Post
LONDON — Britain's Prime Minister David Cameron has met with top economic officials to discuss the financial crisis in the neighboring eurozone. Cameron's office said in a statement the prime minister met for an hour Monday with Bank of England ...

Analysis: With or without euro, Europe must raise its game
Reuters
Nor did he detect that Europe was tightening its belt as urgently as Asia did after its 1997/98financial crisis. "While euro zone economies have contracted a bit, people seem to be bent on enjoying life as usual," Xie wrote in New Century weekly, ...

PRECIOUS-Gold firms on euro rebound; Europe worries linger
Reuters
* Gold lacks conviction, awaits direction from euro zone * Spot gold may rebound to $1588/oz - technicals * Increase in gold shorts outpaces gains in longs - CFTC (Adds details; updates prices) By Rujun Shen SINGAPORE, May 28 (Reuters) - Gold rose on ...

Eurozone crisis is raising borrowing costs for UK firms, says Bank adviser
The Guardian
The euro crisis is a key factor in Britain's return to recession, after fears of a Greek exit triggered a sharp rise in borrowing costs for UK firms, according to a Bank of England policymaker. Funding costs for UK banks have soared as international ...

The Guardian

European shares knocked by Spain bank worries
Reuters
The FTSEurofirst 300 closed down 0.1 percent at 984.01, having earlier reached a high of 993.21 - boosted by opinion polls suggesting Greece's pro-bailout parties may be able to form a government committed to staying in the euro zone.

As Goes Greece
Huffington Post
If Greece failed to deliver on the austerity demands, Greece could somehow be tossed out of the Euro and the rest of the Eurozone would be healthier for it. That also proved to be fantasy. Failure to help Greece revealed the vulnerability of the system ...

PRECIOUS-Gold prices slightly lower as euro slips
Reuters
Lingering concerns over sluggish growth in the euro zone and the health of Spanish banks mean the unit is also on track to fall 5 percent this month. Spot gold was at $1570.96 an ounce at 1:46 pm EDT (1746 GMT), down $2.59 or 0.6 percent.

Euro zone ying and yang
Reuters Blogs (blog)
And the Lloyd's of London insurance market said it had reduced its exposure “as much as possible” to the euro zone in preparation for a collapse of the single currency. German Bund futures have slipped as a result of the latest Greek polls but traders ...

No magic potion for eurozone banks
BBC News
As I mentioned a couple of weeks ago, the biggest short-term risk to the stability and cohesion of the eurozone is that banks in the financially stretched southern European countries run short of cash, as their depositors and creditors withdraw their ...

BBC News

World stock markets inch higher as polls suggest Greeks prefer to stay in eurozone
Toledo Blade
The likelihood of Greece leaving the eurozone has been growing steadily since early May, when political parties opposed to the harsh terms of the country's financial rescue received unexpectedly high support in polls. The Greek exit would extend ...

Gold holds ground, underpinned by steady euro
Reuters
FUNDAMENTALS * Spot gold traded nearly flat at $1574.28 an ounce by 0047 GMT, after falling more than 1 percent last week on jitters over the euro zone debt crisis. * US gold edged up 0.4 percent to $1574.2. * Greece's conservatives have regained an ...

European shares boosted by Greek euro hopes
Reuters
The weekend polls went some way towards reassuring investors worried about a possible Greekeuro zone exit in case of a leftist victory in the June 17 election - an event with unpredictable and potentially costly contagion risks for the other economies ...

At Cannes, films explore financial crisis
Spartanburg Herald Journal
By JILL LAWLESS Associated Press CANNES, France (AP) — There was Brad Pitt and Nicole Kidman, red carpet glamour and a crop of new Academy Award contenders — but this was also the year the global financial crisis exploded onto movie screens at Cannes.

Eurozone crisis live: Markets rally after latest Greek polling data
The Guardian (blog)
Thought you were a little quiet 8.51am: Over in Greece, the news that IMF chief Christine Lagarde had argued the financial crisis was payback time for years of good living and tax avoidance has provoked a stormy reaction. Political leaders from across...

The Guardian (blog)

Euro Crisis Meets Eurovision
Wall Street Journal
Tongue-in-cheek number crunchers discover possible euro crisis/Eurovision link By Katie Martin Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Gagging on the austerity medicine spooned out by its euro-zone partners, Greece has hit back where it really ...

Greece To Exit Euro Zone On June 18 Says Fund Manager
ValueWalk
He labelled the Greek people “cheaters” in the Euro Zone. The manager said that “Greek society is built on cheating and scheming” and added that finally getting caught was inevitable for the country. Whether his harsh analysis of Greek society is to be ...

ValueWalk

Eurozone Crisis Will Hurt US Economy, Obama Bid for Reelection
Independent Voter Network
By Bob Morris on 05/28/2012 in Economy, Elections 2012, President with 0 Comments A seriousEurozone crisis is imminent. It will have serious,nasty ramifications for the US economy and for Obama's bid for reelection. Incumbent presidents generally get ...

IFC chief: eurozone crisis will hit poor countries hardest | beyondbrics
By Stefan Wagstyl
beyondbrics, from the Financial Times, brings news and comment from more than 40 emerging economies, headed by China, India, Brazil, Russia, Mexico, Indonesia and South Africa. We cover politics and economics, finance and business ...
beyondbrics

Rashomon, the Eurozone Crisis and Turkey - EconoMonitor
By Emre Deliveli
Here is the intro. to my Hurriyet Daily News column from two weeks ago, where I went over the two distinct narratives of the Eurozone crisis, and why Turkish policymakers have chosen to subscribe to one particular story (basically it makes ...
EconoMonitor

Pension Pulse: Anti-Austerity Winds Blowing Across Eurozone?
By Leo Kolivakis
Despite the SPD's demands, the party - which has until now backed Merkel on euro zone policies - has made clear it will not torpedo the fiscal pact, seen as the centrepiece of Europe's drive to overcome its debt crisis and recover market ...
Pension Pulse

Africa GDP seen rising, euro zone a concern – Zimbabwe News ...
ARUSHA, Tanzania - Africa's economy will expand 4.5 percent this year before accelerating to 4.8 percent in 2013, the African Development Bank said on Monday though it warned the festering euro zone crisis may hurt demand for African ...
The Zimbabwe Mail

French Politics: German Internal Politics and the Euro Crisis
By Art Goldhammer
German Internal Politics and the Euro Crisis. The European Council on Foreign Relations provides a document that usefully summarizes the positions of the various German parties with respect to theeuro crisis. (h/t JS). Posted by Art ...
French Politics

The Irish Economy » Blog Archive » Treaty and future of eurozone
By Frank Barry
I wrote the following background piece in response to a request last week. It's similar to John's Compact Logic. My respondent wrote back: “So a Yes will facilitate EU growth policies, the exact opposite of the No position?”. I was also asked ...
The Irish Economy

Cameron to meet BofE chief over eurozone crisis – Full story | The ...
By Newswires
(via AFP) Prime Minister David Cameron will meet the head of the central bank and the head of Britain's financial watchdog on Monday to discuss the ...
The Wall Street Examiner

Commodities advance as Greek poll calms eurozone fears ...
Key commodities advanced Monday on bullishness that the eurozone's debt crisis might be contained on hints that voters in Greece may back the cost-cutting required for European Union financial aid.
Proactiveinvestors USA & Canada website

PM calls eurozone crisis summit « This Is Guernsey
By PA
Prime Minister David Cameron is convening a top-level meeting at 10 Downing Street to discuss the crisis in the eurozone.
This Is Guernsey » This Is Guernsey

EUROPE TO US CONTAGION: Episode 1 in the coming complete ...
By John Ward
EUROPE TO US CONTAGION: Episode 1 in the coming complete crock of nonsense. The U.S. Federal Reserve is well equipped to deal with any fallout from Europe's escalating debt crisis, a top official said today. “There's absolutely no ...
A diary of deception and distortion

Eurozone Crisis: Why is the 7pc Bond Yield Important for Spain ...
By Stefan B
Eurozone Crisis: Why is the 7pc Bond Yield Important for Spain? Spanish bond yields today climbed closer to 7pc, as investors took fright at the growing cost to the government of shoring up Spain's banks following the bail-out of Bankia.
Financial Survival Network

Groundhog Day, June 17th – “For the eurozone, the worst is yet to ...
By Andy Duncan
If the Eurocrats in Brussels let the Greeks have their pesky election, and let the soon-to-be newly elected Greek government have its head, then Greece should drop out of the Euro in pretty short order. At least, that's what the splendid Liam ...
The God That Failed

Spain region, Greek exit warnings rattle euro zone - Yahoo! News
From Yahoo! News: (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, ...
news.yahoo.com/spain-region-greek-exit-warnings-rattle-euro...

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