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

Sunday, May 6, 2012

Gloom builds for Eurozone and United States; Elections today in France and Greece

Gloom builds for euro zone, United States
Reuters
By Jonathan Spicer and Andy Bruce | NEW YORK/LONDON (Reuters) - The euro zone economy worsened markedly last month and US employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the ...

Campaigning over, politicians await critical Greek vote
Reuters
* Most uncertain and critical poll for decades * Inconclusive result could shake euro zone anew * Angry Greeks abandon traditional big parties By George Georgiopoulos and Karolina Tagaris ATHENS, May 5 (Reuters) - A ban on campaigning took effect in ...

London set for property boom in wake of French and Greek elections as rich ...
This is Money
Earlier this year the Swiss government was forced to intervene after nervous investors transferred cash there from the Eurozone, sending the value of the Swiss Franc to unsustainable levels. The Swiss authorities moved to peg the currency to the euro.

This is Money

Eurozone Solutions: The Incredibly Annoying Mark Weisbrot at the CEPR
Forbes
What really annoys me about this latest is that while I agree with him on his basic policy prescription for many eurozone countries almost all of the evidence he uses is so manipulated as to be near worthless. I should note that while I disagree often ...

Calls for policy shift as Eurozone unemployment hits record high
gulfnews.com
Unemployment in the Eurozone rose by 169000 in March, official figures showed on Wednesday, taking the rate up to 10.9 per cent — its highest level since the euro was launched in 1999. The seasonally adjusted rate was up from 10.8 per cent in February ...

gulfnews.com

Germany says ready to fight for eurozone growth
Channel News Asia
BERLIN: Germany said on Saturday it was prepared to promote growth in the eurozone, a wish dear to Francois Hollande, the front-running candidate in this weekend's French presidential election. "I am confident our two countries will initiate good ...

As the euro zone turns: More elections, more uncertainty
CTV.ca
The question is whether the ouster of the conservative Mr. Sarkozy, the chief economic ally and lap dog of German Chancellor Angela Merkel, would make the euro zone crisis worse (if that is imaginable as the region plunges back into recession) or ...

Euro Zone Finance Ministers Gear Greek Deal
Retirement Planning
by Hubert Ian Wright on May 5, 2012 The euro zone is now finally set to push through a new and fresh improved rescue package for Greece that is expected to turn away the threat of a potentially appalling default, at least for the present time, ...

Retirement Planning

Hedge Funds Betting Against the Eurozone: Why You Should Worry
DailyFinance
By John Grgurich, The Motley Fool Some of the world's most prominent hedge fund managers are betting against the eurozone -- and not just the peripheral countries everyone knows are in trouble. They're taking positions against the core countries, ...

Eurozone business plummets: Markit PMI survey
Pakistan Daily Times
BRUSSELS: Eurozone private sector activity fell sharply in April, with powerhouse Germany grinding to a halt and the bloc's weaker southern members struggling badly, a key survey showed Friday. The Purchasing Managers Index (PMI) compiled by the ...

With Hollande projected to win, how will the face of the Eurozone change?
Alaska Dispatch
French elections on Sunday will likely speed up changes to the core European dynamics that have steered the eurozone's path through the economic crisis, particularly if socialist Francois Hollande, who is leading President Nicolas Sarkozy narrowly in ...

Dubai turns page on financial crisis with launch of underwater hotel
Middle East Online
Dubai's tourism industry shows signs of renewed confidence at Arabian Travel Market, one of world's biggest events for the sector. By Rebecca Bundhun - DUBAI When the hotel industry decides it is time to launch an underwater hotel, you know the tide ...

Middle East Online

Eurozone crisis to hit trade and shipping
Sunday Observer
By Lalin FERNANDOPULLE The sovereign debt crisis in the Eurozone will affect trade and shipping in 2012 and 2013 said Aitken Spence Shipping Maritime Sri Lanka Chairman and CEO, Dr. Parakrama Dissanayake. He was addressing the seventh Southern Asia ...

Sunday Observer

Euro zone shoppers offer little respite to ill economy
Arab News
By REUTERS BRUSSELS: French and German shoppers helped retail sales in the euro zonegrow by more than expected in March but trade was still down on a year ago and will likely do little for the bloc's economy as it slips into recession.

S&P: Euro crisis impact on Phl banks moderate
ABS CBN News
S&P managing director and lead analytical manager Ritesh Maheshwari said in a press conference that the impact of the debt crisis in the euro zone area on the Philippine banking system would be moderate compared to other countries in the Asia Pacific ...

After criticism since the financial crisis, Goldman Sachs is trying to repair ...
Economic Times
In the aftermath of the financial crisis, Goldman hunkered down, as the company became a symbol of Wall Street excess . While other banking chiefs vocally defended their companies, Blankfein largely remained quiet. The company even pulled back on ...

Shock US jobs update hits shares as Europe sinks again
The Independent
Stock markets on both sides of the Atlantic saw heavy sell-offs yesterday in the wake of new figures that pointed to a faltering US recovery and the eurozone sinking still deeper into recession. The US Labor Department reported that 115000 new non-farm ...

ECB Urges Fiscal Discipline in Eurozone
Sudan Vision
European Central Bank (ECB) President Mario Draghi has urged eurozonegovernments to agree a growth strategy to go hand in hand with fiscal discipline. Draghi spoke at a ECB meeting in Barcelona on Thursday, where thousands of people protested against ...

Sudan Vision

Euro risks highlighted as elections in 4 countries show political swing
Business Mirror
FOUR elections this weekend have the potential to reshape the European political map and show how the response to the financial crisis remains hostage to the whims of voters on both sides of the region's economic divide. Recession-weary Greeks will ...

Business Mirror

Daily currency report
Times of Malta
The European Central Bank announced no changes to monetary policy despite a marked deterioration of euro zone economic indicators in recent weeks. Surprisingly, President Mario Draghi offered no clear signs of further easing, suggesting that previously ...

Treasury to sell more AIG common stock
Orlando Sentinel
WASHINGTON (Reuters) - The Treasury Department said on Friday it plans a third sale of the common stock of American International Group that it acquired as part of the government bailout of the insurer in 2008, at the height of the financial crisis.

Ben Chu: What went wrong in the eurozone and why didn't bailouts fix it?
The Independent
This is because the stronger nations of the eurozone – led by the continent's economic powerhouse, Germany – have been doggedly resisting calls for them to commit more resources to the continent's common bailout fund. It does not help that the European ...

Bankers vitriol has masked Sir Mervyn King's uncomfortable message
Telegraph.co.uk
During the financial crisis, "it was difficult to know which banks were safe and which weren't", King boomed. And it still is. In the aftermath of the Northern Rock collapse, "banks found it almost impossible to finance themselves because no-one knew ...

Telegraph.co.uk

France Losing Its Head... Europe Soon To Follow?
Town Hall
Greece caused the eurozone to catch the flu, but its economy is relatively tiny, smaller than 14 US states and 11 EU states. The national debt of Greece is around €347 billion, which is 159% of its GDP but still smaller in absolute value than its ...

Europe must balance austerity with growth: EU's Rehn
Chicago Tribune
During the financial crisis, the message from Brussels has been that struggling euro zonecountries must cut their budget deficits and carry out structural reforms to increase competitiveness. However, with unemployment at record highs and some ...

Audit notes: Still pro-euro, foreclosures, privatized parking meters
Columbia Journalism Review (blog)
Wow: Saving the single currency is about to push the 17 states of the eurozone into attempting an ambitious new level of political integration. The UK government itself argues that theeurozone's future new depends on it following what UK Chancellor ...

Seoul stocks to follow US, eurozone developments
Yonhap News
SEOUL, May 5 (Yonhap) -- South Korean stocks are expected to be influenced by US economic developments and election results in European countries next week, local analysts said Saturday. The country's key stock index, the KOSPI, closed at 1989.15 on ...

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Global Economic Intersection (blog)
by Elliott Morss When it comes to Eurozone solutions, it is interesting how different ideas take hold. The current idea is that if there is a big enough firewall, all will be well. This is the position of IMF head Lagarde and the strong Eurozone ...

ADB: Developing Asia Must Manage Risks
Wall Street Journal
By CRIS LARANO MANILA—Developing Asia has weathered the global financial crisis but must brace itself for the risks posed by Europe's sovereign debt problems to safeguard growth in the region that, despite recent gains, still remains home to most of ...

A good house in a deteriorating neighbourhood
New Straits Times
Its neighbours include countries -- most notably on the eurozone's periphery -- that are struggling. They have high overall unemployment (and alarmingly high youth joblessness), and are unable to grow on their own power. In some cases, they also face ...

New Straits Times

Spain's king declared unwelcome by northern town
The Seattle Times
A northeastern town has declared the king of Spain an unwelcome person, dealing another blow to the 74-year-old monarch who has faced scalding criticism for going on an elephant hunting trip during a severe financial crisis. By HAROLD HECKLE Associated ...

Weekly Fundamentals - Oil Slumped on Supply Concerns and US Recovery
International Business Times
Concerns over the recovery momentum of the US and reemergence in sovereign debt problems in the Eurozone have weighed on commodity prices. Although the US ISM manufacturing data remained firm, rising +1.4 points to 54.8 in April, compared with ...

Euro remains down
Business Recorder (blog)
Trade was choppy, with the euro temporarily bouncing from a two-week low, after Draghi said theeurozone economy was likely to recover this year, although the outlook remained vulnerable to downside risks. He spoke after the ECB kept rates unchanged at ...

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