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

Wednesday, September 5, 2012

Euro contagion to worsen youth joblessness globally

Euro contagion to worsen youth joblessness globally -ILO
Reuters
GENEVA, Sept 4 (Reuters) - Unemployment among young people is likely to rise globally as the euro crisis hits emerging economies and more discouraged jobless youth drop out of the labour force altogether, the International Labour Organization said on ...

Stocks hurt by economic reports, global uncertainty
USA TODAY
NEW YORK – Stocks fell Tuesday after two disappointing economic reports and uncertainty over what central bankers in the U.S., China and Europe might do to help the ailing economy. A trader works on the floor of the New York Stock Exchange in New York ...

USA TODAY

Australia Holds Key Rate, Economy Withstands Slowdown
Businessweek
Australia maintained the highest benchmark interest rate among major developed economiesas domestic demand weathers a global slowdown that's driving down the price of iron ore, the nation's biggest commodity export. Reserve Bank of Australia ...

Moody's cuts EU outlook to negative: the full text - Telegraph: "Moody's has lowered the European Union's long-term issuer rating outlook from stable to negative, saying the move reflected credit risks of the bloc's key budget contributors. Here is its decision in full."

US manufacturing sluggish in August as exports fall - Telegraph: "The pace of growth in US manufacturing remained sluggish in August as exports declined for a third straight month and firms were slow to add new workers."

Brinkmanship as Spain warns over bail-out terms - Telegraph: "Spain has issued a veiled warning that it will not accept a full bail-out from Europe if the terms are too harsh, a move that would paralyse the European Central Bank and call the euro’s survival into question."

Democrats' platform puts economy, social issues at forefront
CNN (blog)
(CNN) – Democrats released a party platform late Monday focused on improving the economicsituation for middle class Americans, a central theme of President Barack Obama's presidential campaign and an issue the party hopes will win votes come ...

Swiss economy shrinks under euro crisis pressure
Reuters
ZURICH (Reuters) - The Swiss economy unexpectedly shrank in the second quarter as the euro zone crisis caught up with a country that had seemed relatively immune to its neighbors' woes, providing further justification for the central bank's cap on the ...

Manufacturing another headache for US economy
Chicago Tribune
NEW YORK (Reuters) - Manufacturing shrank at its sharpest clip in more than three years last month, while separate data showed exports and hiring in the sector slumped in another shot to the country's struggling economy. August was the third month in a ...

China's Economy 'Neither Here Nor There'
Forbes
Key Global Events In September Mostly Viewed As Negatives · Kenneth Rapoza Contributor. China will be releasing some key economic data this week and the hard landing crowd is going to be hoisting their I Am a Genius flags and roaring their self praise.
Bernanke Bets New Economy Is Same as Old One
Businessweek
He made that diagnosis last week in a rebuttal to those who blame an 8.3 percent unemployment rate on structural shifts in the economy wrought by the financial crisis and who contend joblessness is permanently elevated. “I see little evidence of ...
Midwest economy: State-by-state glance for August
Ventura County Star
"Our surveys over the past several months show a state economy that is likely to continue to expand, but at a pace that will create few jobs, leaving the unemployment rate little changed from its current level," Goss said. "I expect Arkansas to end the ...

Obama gives himself 'incomplete' grade on economy
USA TODAY
President Obama gives himself a grade of "incomplete" on the economy, citing the difficult circumstances he inherited upon taking office in 2009. "Obviously we are still going through one of the toughest times that we've had in my lifetime," Obama told ...

USA TODAY

How Money Managers Navigate the Euro-Zone Crisis
Smartmoney.com
How Money Managers Navigate the Euro-Zone Crisis. Due to the uncertainty in Europe, some financial advisers who might previously have invested in European mutual funds say they are now relying on old-fashioned, company-by-company stock picking.

Call for Political Union Now is 'Dramatic Mistake'
Spiegel Online
SPIEGEL: You mean the crisis in southern European countries? Schulz: Yes. We need economic growth ... Schulz: Because we have a common economic and currency zone, and de facto this means that individual nations no longer have sovereignty over currency ...

Spiegel Online

EURO GOVT-Spain, Italy yields fall as ECB speculation grows
Reuters
LONDON, Sept 4 (Reuters) - Spanish and Italian bond yields fell while demand for safe-haven German Bunds cooled on Tuesday as investors said they were expecting the European Central Bank to give details of a new plan to tackle the euro zone debt crisis ...

Debt crisis: live
Telegraph.co.uk
Some politicians have spoken only of a possible 'Grexit' or appeared sceptical over a solution to the debt crisis. He told the newspaper, Frankfurter Rundschau: Quote We must watch out that we Germans don't permanently damage our standing in Europe and ...

Telegraph.co.uk

US is confronting a federal debt crisis
The Detroit News
A year ago, Standard & Poor's fired a shot across America's bow, downgrading its coveted AAA rating to a AA+. S&P's rationale for the rating cut was specifically that Congress's Budget Control Act "fell short of the amount … necessary to stabilize the ...

European debt crisis spreads to the private sector
Marketplace.org
The European Debt Crisis is spreading into the private sector. Companies in some of the weaker eurozone economies are facing much higher borrowing costs. The European Central Bank says small companies in Spain and Italy are getting squeezed.

Marketplace.org

Europe Facing Mental Health "Catastrophe" as Crisis Worsens
CNBC.com
Europe is approaching a crisis as the region's debt crisis and austerity measures increase the rates of depression, suicide and psychological problems – just as governments cut healthcare spending by up to 50 percent, according to campaigners, policy ...

CNBC.com

Merkel Swings Into 2013 Election Mode Evoking Crisis, China
Businessweek
Speaking in Recklinghausen after sweeping into the convention hall to throbbing music and a standing ovation, the Chancellor warned that it won't be enough for Europe to simply exit the sovereign debt crisis given challenges posed by the rise of China, ...

Profits Matter Most for U.S. Stocks as Economy Fixation Dims
San Francisco Chronicle
4 (Bloomberg) -- Profits are moving U.S. equity prices more than any time since the bull market began 3 1/2 years ago, rewarding investors for picking stocks based on company data instead of following the herd rocked by Europe's debt crisis and the ...

European leaders resume efforts to resolve eurozone debt crisis
RTE.ie
European leaders resume efforts to resolve eurozone debt crisis. Updated: 11:29, Tuesday, 4 September 2012. Tweet. European Union leaders are gathering across Europe this week to discuss the eurozone sovereign debt crisis. Article; Comments. 1 of 1 ...

Phil Angelides urges tougher criminal probe into financial crisis
Los Angeles Times
WASHINGTON — Phil Angelides, who chaired the government commission that investigated the financial crisis, said the Justice Department should pursue more criminal cases against Wall Street executives to restore the faith of average Americans in U.S. ...

Does history suggest China growth is about to rebound? Full Article
Reuters
BEIJING (Reuters) - The last time China's vast manufacturing sector had conditions like those in August it was March 2009 and the economy was about to rebound from the global financial crisis. This time around analysts are not so certain a clear ...

Economic crisis deepens - Dreams turned into nightmare
Oman Daily Observer
So when the financial crisis hit and the dinar began its slide, the nominal value of monthly credit instalments started to skyrocket, while the wages of those who remain employed stagnated or declined. While the average monthly wage remained at some ...

British construction falls at fastest pace since height of financial crisis
Evening Standard
British construction activity fell unexpectedly last month as new orders slumped at the fastest pace since the height of the 2008-2009 financial crisis, a survey of purchasing managers showed today. The decline will increase doubts about the recovery ...

Evening Standard

ECB takes center stage after pause in crisis
CNNMoney
NEW YORK (CNNMoney) -- Europe's long-running financial crisis took some time off, but vacation time is over. After a summer lull, investors are bracing for several key events in the euro area this month, starting with a crucial meeting of the European ...

Israeli billionaire's company faces financial crisis
The Times of Israel
JERUSALEM (AP) — One of Israel's wealthiest businessmen may quickly be going from riches to rags, and experts warn he could drag Israel's economy down with him. Nochi Dankner, a favorite of Israel's business community who is often credited with ...

The Times of Israel

US auto lenders go back to subprime borrowers
Reuters
Subprime, or less qualified, borrowers received 25.41 percent of all loans on new vehicles in the three months through the end of June, up from 22.29 percent in the same period a year ago and more than the 24.96 percent at the start of the financial ...

European leaders prepare to meet on economic crisis
San Jose Mercury News
They were all given a hint about what may be in store when European Central Bank President Mario Draghi told officials Monday that he would be comfortable buying three-year government bonds to bring down borrowing costs for nations in financial distress.

Are We Already Falling Off the Fiscal Cliff?
Businessweek
The fiscal cliff was a prominent topic at the monetary policy conference in Jackson Hole, Wyo. Federal Reserve Chairman Ben Bernanke said it was one of the “two main sources of risk” to the economy, the other being the European financial crisis ...

The real fiscal cliff
Washington Times
As we head toward the end of the year, the media's fixation with the congressionally imposed “fiscal cliff” will reach a fever pitch and no doubt become a major factor in the presidential campaign. The danger is supposed to arise from the simultaneous ...

Washington Times

CBO Demands a Leap of Faith on the Fiscal Cliff
Bloomberg
It would have little effect at all in the CBO's analysis. In my view, the bigger problem with the fiscal cliff is the utter chaos it reflects. What serious country decides its tax laws year by year, in one big crisis during the first few weeks of the ...

Bloomberg

Fight The 'Fiscal Cliff' With A Basket Of REIT Stocks
Seeking Alpha
Not to the Presidential Election, although that is fodder for another article, but the countdown to the so called "Fiscal Cliff" is closing in on the point of no return. Don't be lulled into any false sense of security that the stars will align and ...

Fiscal Cliff: Illusion or reality?
Saipan Tribune
Here we should celebrate the unique self-accolade of plunging over Fiscal Cliff, unleashing the worst fiscal calamity in the CNMI's developmental history! The headwinds of debt have long since blown away the green shoots of growth. Growth is gone.

Saipan Tribune

Wall Street fretting about obstacles to stocks rising higher
Los Angeles Times
They include uninspiring corporate earnings, uncertainty surrounding the November election and the looming fiscal-cliff showdown in Washington over the expiration of certain tax benefits and the automatic cuts in government spending. Even the biggest ...

Los Angeles Times

Euro Crisis Challenges Sweden and Switzerland
Wall Street Journal (blog)
For months, the euro-zone crisis has swirled around them but the economies of Sweden and Switzerland have remained strong. As a result, the Swedish krona has just kept on climbing; with its trade-weighted index reaching a 16-year high and the Swiss ...

Spain's Capital Flight Now Worse Than Asian Financial Crisis
CNBC.com
Spain is now front and center in the latest round of the euro zone debt crisis but the Spanish government has so far resisted asking for a bailout from the European Union and other international creditors, except for the aid already agreed to for its ...

Oil drives up euro zone factory prices in July
Reuters
BRUSSELS (Reuters) - Euro zone factory prices rose more than expected in July despite the currency area's economic slump, with the rising cost of energy complicating the European Central Bank's task of keeping inflation down while trying to revive the ...

Money Managers Seeking Stocks to Navigate the Euro-Zone Crisis
Wall Street Journal
They cite some common criteria for stocks they will buy: no liquidity concerns, no exposure to sovereign debt, and above all, significant revenue from outside theeuro zone. Ernie Cecilia, chief investment officer of ... Kevin Kautzmann, a financial...

Wall Street Journal

Spain's Rajoy to seek German backing for a bailout
Chicago Tribune
Internationally he is caught between diverging pressures from Germany and France, and at home he faces protests over spending cuts sought by the euro zone's big powers. France wants Rajoy to request an international bailout to prop up Spanish finances ...

Sterling slips from 2-week high versus dollar after UK data
Reuters
... Central Bank would take measures to stem the region's debt crisis checked losses. The euro zone is the UK's biggest trading partner and any easing of the crisis is seen as positive for sterling, especially against the dollar. The ECB meets on ...

Euro Zone Can Cope with Country Exit: Minister
CNBC.com
The Secretary-General of the Organization for Economic Cooperation and Development (OECD), Angel Gurria has also urged the ECB to do more for the euroand ensure the currency bloc's survival, arguing that unlimited bond buying should start “the sooner ...

CNBC.com

Dutch Socialists Push Back at Austerity
Wall Street Journal
BOXMEER, the Netherlands—Emile Roemer is the smiling face of an electoral force that is upending Dutch politics and threatening to challenge Europe's German-led austerity strategy for solving the euro-zone crisis. Mr. Roemer, a ... Mr. Roemer wants ...

Wall Street Journal

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