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

Saturday, October 27, 2012

Sharp rise in government spending in US

US growth quickens as fight for the White House enters final stretch - Telegraph: "The stronger-than-expected expansion was driven by a pick-up in consumer spending, a sharp rise in government spending and a rare contribution from the housing sector, figures from the Commerce Department showed."

US growth quickens as fight for the White House enters final stretch - Yahoo! Finance UK: "The stronger-than-expected expansion was driven by a pick-up in consumer spending, a sharp rise in government spending and a rare contribution from the housing sector, figures from the Commerce Department showed . The third-quarter's pace is up from the 1.3pc pace in the second and slightly better than the 1.8pc that economists had forecast."

Treasurys Rally on Anxiety over Global Growth Outlook
Wall Street Journal
The Fed has highlighted two risks facing the U.S. growth--the euro zone's debt crisis and the prospects of tax increases and government spending cuts in the U.S. in early 2013, known as a "fiscal cliff." "The bigger picture is still one of a divided ...

Greek debt to badly miss target: euro zone official
Reuters
"New prior actions will be needed, on top of the existing 89," the official said, referring to a list of already agreed reforms that need to be in place before any new tranches of euro zone and IMF emergency loans to Greece can be paid. Apart from the ...

IMF's Lagarde urges action on unfinished financial reforms
Chicago Tribune
... Toronto, IMF Managing Director Christine Lagarde urged world leaders to "do whatever it takes" to rebuild the world's financial system, which is still recovering from the 2007-2009 financial crisisand has been further weakened by the euro zone ...

ECB words may hasten Portugal bond market return
Reuters
But crisis still far from over in Portugal, euro zone. By Marius Zaharia. LONDON, Oct 26 (Reuters) - The prospect of the European Central Bank buying bonds of highly indebted euro zone countries is accelerating Portugal's return to debt markets and ...

Euro-Zone Data Hint at Resilience
Wall Street Journal
Signs of confidence among consumers in Germany, the euro zone's biggest economy, contrast sharply with a worsening mood in France and Italy, and a rise in joblessness in Spain that means one in four people in the crisis-ridden country is now out of ...

Euro flat after three days of losses; yen fares best
Reuters
A request by Spain, the euro zone's fourth largest economy, for help would be considered a positive for the euro because it would allow the European Central Bank to start buying its bonds. That would lower borrowing costs of the highly indebted country.

Spain's banks cut sovereign debt holdings for first time since May
Reuters
At the same time, foreign investors increased their holdings of Spanish sovereign debt for the first time since October after ECB chief Mario Draghi pledged early last month to buy bonds of strugglingeuro zone members. ... finances put the country at ...

Euro Area Crisis Firewalls Should Be Used, G-20 Host Mexico Says
Bloomberg
Euro-area governments can reduce market uncertainty by tapping into financial firewalls established to ease the region's debt crisis, a Mexican finance official said ahead of a meeting of Group of 20 policy makers. Mexico's Deputy Finance Minister ...

France should welcome euro zone subordination
GlobalPost
On Thursday, ratings agency Standard & Poor's cut the credit ratings of several French banks including its biggest, BNP Paribas, over worries about their exposure to the euro zone crisis. “The only strategy for France is to become immersed like a tea ...

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