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

Wednesday, August 29, 2012

Catalonia asks for €5bn bailout from Spain

Catalonia asks for €5bn bailout from Spain - Telegraph: "Spain's north-eastern region of Catalonia, which represents around a fifth of the country's economic output, will tap a state liquidity facility for just over €5bn, a spokeswoman for the region's economy head has said."

Greece risks EU clash with plans for China-style "economic zones" - Telegraph: "The Greek government said it is planning to launch Chinese-style “economic zones” with special tax and regulatory breaks in a desperate bid to attract foreign investment."

Debt crisis: Mario Draghi cancels Jackson Hole appearance - Telegraph: "Debt crisis: Mario Draghi cancels Jackson Hole appearance European Central Bank president Mario Draghi will not attend the US Federal Reserve's Jackson Hole gathering of central bankers later this week due to a heavy workload, a spokesman said Tuesday."

The Euro Crisis Is Back From Vacation
New York Times
In June, it seemed as if any day might bring about the collapse of the Greek economy and with it, the entire euro zone and its decade-old currency. Then in July and August, it seemed as if everyone was on vacation. Now they're back — finance officials ...

New York Times

GLOBAL MARKETS: Financial Markets Await Cues From Fed, ECB
Wall Street Journal
... signs of fresh cues on monetary policy easing during his symposium speech Friday, while markets hope for further indications from the European Central Bank soon on how it intends to contain the euro-zone debt crisis. Meanwhile, ECB chief Mario ...

The End of the Euro Zone's Phony War
Wall Street Journal
European Central Bank President Mario Draghi's late-July pledge to do "whatever it takes" to ensure the euro survives took the crisis off the boil in August, with Spanish and Italian yields falling sharply. But one reason for the calm is that there has ...

Euro lower versus dollar; Bernanke ahead
Reuters
NEW YORK (Reuters) - The euro fell against the dollar on Monday in thin trading after a bigger-than-expected drop in German business sentiment even as it raised hopes in some that the euro zone'slargest economy will do more to revive the bloc's growth ...

Spain, Italy Borrowing Costs Shrink
Wall Street Journal
Spain and Italy--key points of tension in Europe's drawn-out debt crisis--both successfully cleareddebt auctions with sharply lower borrowing costs Tuesday, suggesting that investors are confident that the European Central Bank will embark on a fresh ...

Fitch: U.S. triple-A rating threatened by fiscal cliff
MarketWatch (blog)
In an unprecedented move, Standard & Poor's a year ago downgraded the U.S.'s rating to AA-plus from triple-A. Fitch and Moody's Investors Service still have a triple-A rating on the U.S. The fiscal cliff refers to the scheduled tax increases and ...

Small Businesses Approach the Fiscal Cliff
Forbes
We hear a lot about the fiscal cliff these days and our clients, independent business owners, are deeply concerned about its effect; however, they may not actually know what the fiscal cliff is or, for that matter, what it means. There are potentially ...

How to Safely Scale Down the Fiscal Cliff
Truth-Out
Federal Reserve Chairman Ben Bernanke during a hearing before the Senate Banking Committee in Washington, July 17, 2012. (Photo: Stephen Crowley / The New York Times) Pundits pounced earlier this year when Federal Reserve Chairman Ben ...

RICHARD KOO: If History Is Any Guide, Hitting The Fiscal Cliff Will Lead To ...
Business Insider
In his new note, Nomura's Richard Koo comments on the fiscal cliff (the automatic spending cuts and tax hikes that will kick in this year if Congress doesn't do anything), and a CBO report that anticipates a mild recession if that happens. ...I think ...

Business Insider

The CBO's Dark Predictions for the Fiscal Cliff
U.S. News & World Report
Loading... Published on Aug 27, 2012 by usnewsandworldreport. U.S. News editor Simon Owens sits down with economics reporter Danielle Kurtzleben to discuss a new CBO report with updated projections on the effect of the fiscal cliff. To read more about ...

Tokyo Also Faces Fiscal Face-Off
Wall Street Journal
Just as the US faces a "fiscal cliff," Japan may be slinking toward a budgetary precipice of its own. The opposition-controlled Upper House of Parliament is expected to pass a censure motion Wednesday against Prime Minister Yoshihiko Noda and then ...

Using IRAs to Avoid the Fiscal Cliff
Investing Daily
Taxes will increase, especially for investors, in 2013 and beyond. The only question is how high they will increase. The 3.8% tax on investment income that was enacted as part of health care reform will go into effect. The Bush tax cuts, payroll tax ...

How a carbon tax could curb the deficit
Washington Post (blog)
With the United States facing the expiration of a slew of tax cuts in 2013—the dread “fiscal cliff”—there has been plenty of interest in offbeat tax-reform proposals. And one idea that a few economists keep knocking around is a fee on carbon ...

Dick Bove: Ignore Fiscal Cliff, Buy Stocks
CNBC.com
“There's a seasonality in the entire stock market this time of year. Since 1888 there has been a seasonal thrust.” Even with the fiscal cliff, Europe's financial crisis and all the other headwinds in the market, Bove told us he's a buyer of stocks. “My ...

Lawmakers must avoid financial cliff
Pocono Record
The galling thing about this is we need not have gotten to this point had Congress come to a reasonable agreement on solving a "fiscal cliff" that's been staring every lawmaker in the face for months. But thanks to the continuing stalemate, on Jan.

'Fiscal Cliff' looms ahead for economy - SFGate
As the summer of 2012 draws to a close, let's take a look at some of its greatest hits: There was "Call Me Maybe" (incessant pop song), "The Avengers" (box ...
www.sfgate.com/.../Fiscal-Cliff-looms-ahead-for-economy-38...

U.S. Headed For 'Fiscal Cliff' | The Onion - America's Finest News ...
According to the Congressional Budget Office, if Republicans and Democrats don't resolve theirbudget stalemate by year's end, they may push the nation over a ...
www.theonion.com/articles/us-headed-for-fiscal-cliff,29292/

White House: Republicans block 'fiscal cliff' deal
The White House blamed Republicans for blocking the easiest solution to the ' fiscal cliff' that threatens another recession in 2013.
content.usatoday.com/communities/theoval/post/2012/.../1

Krauthammer on Fiscal Cliff - National Review Online
Noah Glyn writes on NRO: Don't worry, Dr. K's shorts are not, contrary to popular belief, in a ...
www.nationalreview.com/.../krauthammer-fiscal-cliff-noah-gl...

APEC meeting to focus on euro zone headwinds: US's Brainard
Reuters
Euro Zone ». WASHINGTON | Mon Aug 27, 2012 2:40pm EDT. WASHINGTON (Reuters) - The euro zone economic crisis and role that emerging economies in Asia can play in boosting the global economy will be the focus of a regional meeting of Asia-Pacific finance ...

Stock investors gear up for more volatile September
Reuters
21 are in demand, traders said, in the run-up to events that could result in fresh economic stimulus cash being pumped into markets and new plans to fight the euro zone debt crisis. Or not. "Investors remain very cautious. A lot of investors we speak ...

GLOBAL MARKETS-Asian shares ease in narrow range, euro dips
Reuters
MSCI Asia ex-Japan eases 0.4 pct, Nikkei turns negative on China concern * Waning risk appetite weighs on euro, Aussie as yen firms * Growth worry outweighs Fed, ECB stimulus expectations * European shares seen falling By Chikako Mogi TOKYO, Aug 28 ...

Dutch Liberals pull ahead of Socialists after debate: poll
Reuters
AMSTERDAM (Reuters) - With just two weeks to go before polling day, Dutch Prime Minister Mark Rutte and his Liberal Party have taken the lead in an election dominated by the euro zone crisis, a survey published on Tuesday showed. Rutte's stronger ...

Amid the Downturn, a New Worry: What if Europe Recovers?
Wall Street Journal (blog)
The crisis afflicting the euro zone's weakest economies has been consistently winning the battle for the attention in this part of the markets, as financial and economiccommentators play tug-of-war with the “will they, won't they” calls on potential ...

Wall Street Journal (blog)

US house prices surprise with annual rise - Telegraph: "US house prices have posted their first annual gain in almost two years, raising hopes that the troubled market can begin to contribute to America's economic recovery."

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