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

Tuesday, July 17, 2012

IMF predicts slower economic growth for world


Video: IMF predicts slower economic growth for world - Telegraph: "The International Monetary Fund (IMF) has slightly lowered its outlook for global growth over the next two years, warning that Europe's financial crisis and slower expansion in China and India have weakened the world economy."

Debt crisis: Moody's downgrades 13 Italian banks - Telegraph: "Moody's cut its rating for 13 Italian banks this evening, citing the weakened borrower standing of the Italian government after its credit grade was downgraded last week."

Euro Zone Saw Exports Increase 6% in May
Wall Street Journal
The euro zone's trade surplus in goods with the rest of the world rose in May, boosted by a 6% increase in exports that, in turn, was supported by a weaker euro.

Wall Street Journal

Eurozone bank debts edge bondholders towards losses
Reuters
BRUSSELS (Reuters) - The weight of debt on Europe's banks means it is only a matter of time before euro zone governments impose losses on senior bank bondholders, analysts believe, although policymakers.

IMF: European financial crisis, US budget crisis worsens global economic outlook
Washington Post
WASHINGTON — The global economy will grow more slowly over the next two years, according to the International Monetary Fund's latest forecast.

Energy cools euro zone inflation, imports stagnant
Reuters
Inflation confirmed at 2.4 percent in June y/y* May imports unchanged y/y, exports weaken from AprilBRUSSELS, July 16 (Reuters) - A sharp fall in energy priceshelped cool consumer prices in the euro.

The Economics of Eurozone Trade Differentials and Fiscal Transfers
Huffington Post
The trade differentials in the eurozone are not in the least an insurmountable problem, at least not in theory.

Retails Sales In Decline Not Seen Since Height Of Financial Crisis
Huffington Post
WASHINGTON — Americans cut their spending at retail businesses in June for a third straight month, as a weak job market has made consumers more cautious. Retail sales fell 0.5 percent in June from May, the Commerce Department said Monday.

IMF cuts global growth forecast; warns on euro zone
Reuters
By Lesley WroughtonWASHINGTON, July 16 (Reuters) - The International MonetaryFund on Monday cut its global growth forecast and warned thatthe outlook could dim further if policymakers in Europe do notact.

Eurozone Inflation Remains Above 2%
Business Insider
Good day. I finally remembered to stay home and write on Monday mornings! YAHOO! I'll show thos...

Euro-Zone May Trade Data Highlight Domestic Weakness
NASDAQ
NASDAQ News: Euro-Zone May Trade Data Highlight Domestic Weakness.

Bartiromo: Egan-Jones CEO talks eurozone debt
USA TODAY
Maria Bartiromo gets CEO of rating agency's take on the implications of the eurozoneproblems.

USA TODAY

IMF: European financial crisis, slower growth in China worsens global economic ...
Newser
An international lending organization has slightly lowered its outlook for global growth over the next two years, warning that Europe's financial crisis and slower expansion in China and India have weakened... - 7/16/2012 9:06:53 AM | Newser.

German Constitutional Court to Rule on Eurozone Measures in September
Reason Online (blog)
Germany's Federal Constitutional Court (or the Bundesverfassungsgericht, if you are so inclined) will not rule on the constitutionality of the European Stability Mechanism and the fiscal pact until September. The announcement caused European stocks to ...

Reason Online (blog)

Euro Zone Provides Support to Faltering Spanish Banks
MarketWatch (press release)
NEW YORK, NY, Jul 16, 2012 (MARKETWIRE via COMTEX) -- This has proven to be a tough year for Spanish banks. Banco Santander S.A. and Banco Bilbao Vizcaya Argentaria S.A have both fallen over 20 percent year-to-date, and were downgraded two ...

Earnings weigh on jittery euro zone shares
Reuters
EuroSTOXX 50 down 0.3 pct, FTSEurofirst up 0.1 pct * Earnings season off to a gloomy start, more to come * Investors look to Bernanke for stimulus By Toni Vorobyova LONDON, July 16 (Reuters)

ECB open to bondholder losses in failed banks-aides
Reuters
ECB would accept bondholder losses in non-viablebanks-sources* ECB's Draghi signalled shift in Spanish bank bailoutdiscussion* Euro zone finance ministers rejected idea - sourcesBy Paul Carrel and.

Nordic stocks to add gains as havens from euro zone
Reuters
Norway, Sweden, Denmark eye further gains* Technicals, options, fund flows all support* Mirrors moves in currency, government bond marketsBy Sudip Kar-GuptaLONDON, July 16 (Reuters) - Major Nordic.

SEB bolsters capital against European contagion
Reuters
Core tier one capital above 15 pct* Euro zone woes will weigh on bank -CEO* Q2 opg profit 3.95 bln SEK vs 3.33 bln in poll* Net interest income up 8 pct on the quarter* Shares up 8 percent (Adds.

The eurozone endgame will begin in Greece
The Guardian
Costas Lapavitsas: Greece won't be able to make its austerity policies stick and, as the global depression worsens, will have to leave the eurozone.

The Guardian

Eurozone risk to global growth
euronews
economy - The International Monetary Fund has cut its global growth forecast and warned that the outlook could get worse unless Europe's policymakers act with more force and speed on the…

euronews

US Companies Likely To Hire Fewer Workers As Eurozone Crisis Looms
Huffington Post
WASHINGTON, July 16 (Reuters) - American companies are scaling back plans to hire workers and a rising share of firms feel the European debt crisis is taking a bite out of their sales, a survey showed on Monday. Only 23 percent of the firms polled in ...

Court delay, Spanish doubts hinder Merkel euro response
Chicago Tribune
BERLIN (Reuters) - Chancellor Angela Merkel appears to be reaching the limits of German patience on the euro zone crisis, with the Constitutional Court and members of her own coalition seeking deeper scrutiny of whether emergency measures comply fully ...

Eurozone inflation mirrors weak economies
Deutsche Welle
Prices in the eurozone have remained at a 16-month low, as inflation in June held steady for the second consecutive month. EU statisticians cited lower fuel costs on the back of a weaker economy as reason.

Deutsche Welle

Top court to give ruling on crisis tools on Sept 12
Reuters
Top court to give ruling on crisis tools on Sept 12* Bundestag to vote on Spanish bank bailout on Thursday* Constitutional court had signalled verdict would take timeBy Stephen Brown and Annika B.

NABE Survey: Euro Crisis Increasingly Dragging on US Businesses
NASDAQ
NASDAQ News: NABE Survey: Euro Crisis Increasingly Dragging on US Businesses.

Eurozone Trade Surplus Surges On Higher Shipments, Weak Imports
RTT News
Eurozone trade surplus surged notably in May on rising exports and weak imports to exceed expectations, a report from Eurostat showed Monday..

RTT News

Eurozone Inflation Remains Above 2%
Daily Reckoning - American Edition
Chuck Butler discusses the moves of various world currencies vs the US dollar, alongside economic data, specifically Eurozone inflation and US retail sales.

Euro-zone June annual CPI unchanged at 2.4%
MarketWatch
FRANKFURT (MarketWatch) -- Consumer prices across the 17-nation euro zone rose 2.4% in June compared to the same month last year, unchanged from the rate posted in May, European Union statistics agency Eurostat reported Monday. The figure ...

Europe's Bank Shifts View on Bond Losses
Wall Street Journal (blog)
The European Central Bank, in a sharp turnaround, advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks—though finance ministers have for now rejected the approach, according to people ...

Wall Street Journal (blog)

Blogoir: Eurozone? Meet Reality!
Over at the FT (may be paywalled) is an interesting article by Wolfgang Münchau explaining why the 'pro-Europe' tendency is struggling to articulate a coherent position (basically because if they do, it won't get supported in Germany).
blogoir

Eurozone May trade balance 6.9 bln euros | ForexLive
By Pete Jackson
From -1.2 bln euros a year earlier, and above a Reuters consensus of 6.0 bln May unadjusted exports +6% y/y, Imports flat y/y. May seasonally adjusted.
ForexLive

A productive look at the eurozone - danielbenami.com
A productive look at the eurozone. In: Uncategorized. 16 Jul 2012. This is my latest Perspective column for Fund Strategy magazine. It is so rare for an economist to give serious attention to the productive side of the economy it is welcome ...
danielbenami.com

Analysis – Euro zone bank debts edge bondholders towards losses ...
By Newswires
The weight of debt on Europe's banks means it is only a matter of time before euro zone governments impose losses on senior bank bondholders, analysts beli...
The Wall Street Examiner

Euro crisis watch: ECB no comment on Spanish haircut report
By Lynsey
Euro crisis watch: ECB no comment on Spanish haircut report. July 16 - ECB declines to comment on a report that it wanted to impose losses on holders of bonds issued by some of Spain's most indebted banks ...
The Coming Crisis

Euro-zone consumer prices steady in June , Market News - ICN.com
The euro-zone CPI was unchanged at -0.1 percent in June, trailing analysts` median estimate of 0.0 percent.
icn.com

IMF cuts global growth forecast; warns on euro zone @ Forex Factory
By From reuters.com
IMF cuts global growth forecast; warns on euro zone - The International Monetary Fund on Monday cut its global growth forecast and warned that the outlook could dim further if policymakers in Europe do not act with enough force and speed to ...
Forex Factory

World's Faith in Capitalism Erodes as Financial Crisis Continues ...
World's Faith in Capitalism Erodes as Financial Crisis Continues: Survey. - Common Dreams staff. The financial crisis that has bred unemployment, austerity , ...
www.commondreams.org/headline/2012/07/13

EIB head: euro zone crisis will not end within two years - Yahoo! News
From Yahoo! News: BERLIN (Reuters) - The head of the European Investment Bank (EIB) said on Sunday he did not expect the euro zone to emerge from its ...
news.yahoo.com/eib-head-euro-zone-crisis-not-end-within-09...

Euro Zone: Time to Throw in Towel on Euro Crisis: Economist - CNBC
Having spent two and a half years following the euro zone debt crisis, one economist has decided to throw in the towel because he says EU leaders have failed ...
www.cnbc.com/.../Time_to_Throw_in_Towel_on_Euro_Crisis...

Can Banking Plan Aid Eurozone? - Council on Foreign Relations
A proposed centralized banking supervisor could help stabilize Europe's struggling banks and increase vital capital flows within the euro area, says expert ...
www.cfr.org/financial-crises/can-banking-plan-aid.../p28707

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