Fun Times, Student Loans Rates Double Overnight Thanks to the Clusterfuck Called the Senate

“Sen. Bernard Sanders, I-Vt., told CNBC on Monday he’s “very disappointed” interest rates on federally subsidized Stafford student loans doubled overnight, soaring from 3.4 percent to 6.8 percent after Congress failed to reach a deal that would have prevented such an increase.

“I think that it is totally absurd for the middle class of this country and for our entireeconomy,” Sanders said of the student loan rate increase. “The idea of allowing rates to float up to 7 or 8 percent is preposterous.”

(Read More: Yet Another Drawback to Student loans)

Sanders said that to compete in the global marketplace, American youth must obtain a college education. Given the rising cost of higher education, though, Sanders said it’s become more difficult for students to afford college. Therefore, he said availability of a low interest rate loan is essential for the education of the low and middle classes….”

Full article

Comments »

“Alcoholic beverage company Constellation Brands Inc reported lower-than-expected quarterly earnings on Tuesday, citing higher costs for grapes and other items.

Shares of the world’s biggest branded wine maker, whose labels include Robert Mondavi and Ravenswood, fell 2.2 percent to $52 in premarket trading even though it raised its forecast for the full fiscal year….”

Full report

Comments »

“WASHINGTON (AP) — U.S. home prices jumped 12.2 percent in May from a year ago, the most in seven years. The increase suggests the housing recovery is strengthening.

Real estate data provider CoreLogic said Tuesday that home prices rose from a year ago in 48 states. They fell only in Delaware and Alabama. And all but three of the 100 largest cities reported price gains.

Prices rose 26 percent in Nevada to lead all states. It was followed by California (20.2 percent), Arizona (16.9 percent), Hawaii (16.1 percent) and Oregon (15.5 percent).

CoreLogic also says prices rose 2.6 percent in May from April, the fifteenth straight month-over-month increase.

Steady hiring and low mortgage rates have encouraged more Americans to buy homes. Greater demand, a limited number of homes for sale and fewer foreclosures have pushed prices higher. Prices are still 20 percent below the peak reached in April 2006, according to CoreLogic.

Sales of previously occupied homes topped the 5 million mark in May for the first time in 3 ½ years. And the proportion of those sales that were “distressed” was at the lowest level in more than four years for the second straight month. Distressed home sales include foreclosures and short sales. A short sale is when a home sells for less than what is owed on the mortgage.

Home sales are expected to increase in the coming months. That’s because the number of people who signed contracts to buy homes rose in June to the highest level since December 2006. There’s generally a one- to two-month lag between a signed contract and a completed sale….”

Full article

Comments »

“NEW YORK (AP) — American Realty Capital Properties Inc. is buying American Realty Capital Trust IV Inc. in a cash-and-stock deal valued at about $3.1 billion.

Shares of ARCP nearly doubled in premarket trading on Tuesday.

ARCP, a real estate investment trust, said that the deal — along with other recent transactions — will make it the second-biggest net lease REIT. After the transaction closes, ARCP will own 2,579 single tenant properties in 48 states and Puerto Rico.

Last month ARCT IV announced that it would pay $1.45 billion to GE Capital for properties leased mostly to restaurant chains like KFC, Burger King and Wendy’s. The deal includes 986 net lease properties in 47 states…”

Full article

Comments »

“West Texas Intermediate traded near the highest level in almost two weeks on speculation that U.S. crude stockpiles shrank for the first time in a month, signaling increased demand in the world’s largest oil consumer.

Futures were up as much as 0.4 percent after rising yesterday amid signs of U.S. economic growth and concern that unrest in Egypt may spread and disrupt Middle Eastern oil supplies.Crude inventories probably fell by 2.63 million barrels last week, a Bloomberg News survey showed before a government report tomorrow. The American Petroleum Institute is to release separate supply data today. U.S. factory orders may have risen 2 percent in May, a separate Bloomberg survey showed.

“The U.S. durable goods and factory orders data is the main focus for the day and will be interesting to see after decent PMI manufacturing data yesterday that showed there is good growth in the country, especially in the manufacturing sector,” Myrto Sokou, an analyst at Sucden Financial Ltd. in London, said by phone today.

WTI for August delivery was at $98.22 a barrel, up 23 cents, in electronic trading on the New York Mercantile Exchange at 11:13 a.m. London time. The volume of all futures traded was 160 percent above the 100-day average. The contract climbed $1.43 to $97.99 yesterday, the highest close since June 19.

Brent for August settlement rose 12 cents to $103.12 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade was at a premium of $4.96 to WTI. The spread was $5.01 yesterday, the narrowest closing gap since Jan. 4, 2011, after dropping below $5 in intraday trading….”

Full article

Comments »

“Shares of technology companies are rallying as investors see capital spending for their products strengthening along with the economy, consistent with the Federal Reserve’s latest growth forecasts.

Tech stocks capped their best 10 weeks of relative performance since 2009 last week, and the Guggenheim Standard & Poor’s 500 Equal-Weight Technology exchange-traded fund has outpaced the Guggenheim S&P 500 Equal-Weight ETF (RSP) by 4.8 percentage points since April 19. The gains show a “hand off” is starting, as investors move into industries that could outperform benchmarks later in the economic expansion, said Brian Jacobsen, who helps oversee $221.2 billion as chief portfolio strategist at Wells Fargo Advantage Funds in Menomonee Falls, Wisconsin.

“If the Fed is confident enough to begin taking the training wheels off the economy, then that should benefit tech stocks,” he said. Wells Fargo maintains an overweight recommendation on the sector partly because capital spending on these products would improve with increased assurance about the durability of the expansion, he said.

The Federal Reserve Bank of San Francisco’s Tech Pulse Index, which tracks the health of the U.S. information-technology industry, is showing an improvement in investment, consumption, employment, industrial production and shipments. The index rose to 98.96 in May, the highest since 2008.

Unprecedented Stimulus…”

Full article

Comments »

“The dollar climbed to the highest in almost a month against the yen as signs of improvement in the U.S. economy buoyed speculation the Federal Reserve will start scaling back asset purchases this year.

The greenback approached the strongest level in almost a month versus the euro before a report economists said will show factory orders gained by the most in three months. Data this week is forecast to indicate a drop in the unemployment rate as companies in the world’s biggest economy continued to add jobs. Australia’s dollar weakened as the Reserve Bankflagged declines in the currency after keeping borrowing costs unchanged at a meeting today.

“The dollar is likely to stay underpinned if data continues to improve,” said Roberto Mialich, a senior currency strategist at UniCredit SpA (UCG) in Milan. “We see scope for the Fed to be able to start tapering the policy accommodation this year before Fed Chairman Bernanke departs early next year.”

The dollar was little changed at 99.67 yen as of 9:07 a.m. in London after reaching 99.91 yen, the most since June 5. The U.S. currency was at $1.3058 per euro. It touched $1.2985 on June 26, the strongest level since June 3. Europe’s shared currency was little changed at 130.17 yen after climbing to 130.64, the highest since June 11. The Australian dollar dropped 0.5 percent to 91.92 U.S. cents.

The U.S. Commerce Department will say orders placed with factories climbed 2 percent in May following a 1 percent gain in the previous month, according to the median estimate of economists surveyed by Bloomberg News. If confirmed, that would be the biggest advance since February.

Job Gains….”

Full article

Comments »

“European stocks retreated, following yesterday’s rally for the Stoxx Europe 600 Index, as investors awaited a report on American factory orders. U.S. index futures and Asian shares climbed.

Fresenius Medical Care AG plunged the most in more than 4 1/2 years as the U.S. Medicare program proposed cutting spending on dialysis. Telefonica Deutschland Holding AG fell 3.8 percent as Commerzbank AG lowered its recommendation for the mobile-phone operator. Dialog Semiconductor Plc rose 4 percent after the German maker of chips used in Apple Inc.’s iPhone agreed to buy IWatt Inc. for as much as $345 million.

The Stoxx 600 slipped 0.6 percent to 286.55 at 12:15 p.m. in London. The equity benchmark advanced yesterday as euro-area factory output contracted in June less than estimated andJapanese manufacturers turned optimistic for the first time since the third quarter of 2011. Standard & Poor’s 500 Index futures added 0.3 percent today, while the MSCI Asia Pacific Index gained 0.9 percent.

“Markets need a major catalyst to revive the uptrend,” said Benedict Goette, chief executive officer of Compass Capital AG in Zurich, which helps oversee about 700 million Swiss francs ($738 million). “We expect that the correction will continue.”

The Stoxx 600 advanced 1.7 percent last week as China sought to ease a cash crunch. The gauge still lost 5.3 percent in June after Federal Reserve Chairman Ben S. Bernanke said the central bank could reduce stimulus measures if the U.S. economy improves in line with its forecasts.

Factory Orders

In the U.S., a Commerce Department report at 10 a.m. in Washington will show that orders placed with U.S. factories rose 2 percent in May, according to the median forecast of 61 economists in a Bloomberg survey. They rose 1 percent in April….”

Full article

Comments »

“Emerging-market stocks fell for the first time in six days as South Korean automakers tumbled and Chinese companies retreated in Hong Kong.

Hyundai Motor Co. (005380) and Kia Motors Corp. (000270) slid at least 3.4 percent on speculation their combined U.S. market share will weaken. Zoomlion Heavy Industry Science & Technology Co. and China National Building Material Co. (3323) paced declines among Chinese equities in Hong Kong as trading resumed after a holiday and Bank of America Corp. cut its forecast for China’s economic growth. Egyptian bond yields fell after the nation’s army gave President Mohamed Mursi 48 hours to respond to protesters’ demands and end a political impasse.

The MSCI Emerging Markets Index lost 0.5 percent to 936.97 as of 4:16 p.m. in Hong Kong, snapping the longest winning streak since March. Bank of America today reduced its forecast for China’s economic growth in the second quarter to 7.6 percent from the previous estimate of 7.7 percent, a day after data showed two gauges of manufacturing fell in June.

“China’s economy will show more signs of slowdown as the government signals its intention to keep controls on credit and the property sector,” Vattana Vongseenin, who oversees the equivalent of $25 million of assets as chief executive officer of Phillip Asset Management Co., said in Bangkok. “The Chinese slowdown will weigh on investors’ sentiment.”

Hyundai Slides…”

Full article 

Comments »

“Australia’s central bank left its key interest rate at a record low, saying a slide in the currency may continue. The local dollar declined.

Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.75 percent, theReserve Bank of Australia said in a statement today in Brisbane, as predicted by 25 of 28 economists surveyed by Bloomberg News. The Aussie “remains at a high level” and may “depreciate further over time, which would help to foster a rebalancing of growth,” Stevens said.

A 12 percent decline in the Australian dollar last quarter has helped buoy manufacturing sentiment, easing pressure on the governor to cut rates again. Policy makers lowered borrowing costs by 2 percentage points since late 2011, seeking to shift growth toward employment-intensive industries such as construction as mining investment wanes.

“The RBA is in no hurry to move interest rates and will wait for the data to push them into action,” said Joshua Williamson, a senior economist at Citigroup Inc. in Sydney. “They’re not worried about inflation, despite the fall in the exchange rate, so if needed that will allow them to cut rates.”

The currency dropped, trading at 91.69 U.S. cents at 3:15 p.m. in Sydney, from 92.21 cents before the RBA’s statement. The nation’s three-year bond yield fell to 2.77 percent from 2.79 percent before the RBA’s decision.

Recent Data…”

Full article

Comments »

“…The Topix increased 1.8 percent to 1,171.84 at the close in Tokyo, with volume 22 percent below the 30-day average. The gauge climbed 9.6 percent over the past four trading days, the most since April 8. The Nikkei 225 Stock Average added 1.8 percent to 14,098.74.

“Earnings at Japanese companies are likely to beat estimates because their yen forecasts are pretty conservative,” said Kuninobu Takeuchi, Tokyo-based executive portfolio manager at DIAM Co., which oversees more than $124 billion globally. “The yen comes under selling pressure when risk sentiment improves globally.”

Today’s advance pares the Topix’s losses from an almost five-year high on May 22 to 8.2 percent. The gauge is up 36 percent this year amid optimism Japan may beat deflation and achieve sustainable growth.

Bullish Bets

Investors using borrowed money to trade Japanese stocks are the most bullish since 2000, signaling expectations the rally will continue. The number of Japanese shares bought through margin accounts that profit when stocks rise outnumbered those that make money during declines by about 7 to 1, the highest for 13 years, data compiled by Bloomberg show….”

Full article

Comments »

“The Bank of Japan will discuss upgrading its assessment of the nation’s economy by using the word “recover” for the first time in more than two years, people familiar with the central bank’s discussions said.

The bank, which says the economy has been “picking up” in its current assessment, will consider stronger language at a two-day meeting ending July 11, according to the people, who asked not to be named because the talks were private. In 2010, the next step up was “starting to recover moderately.”

Raising the assessment for a seventh straight month could aid efforts by Prime Minister Shinzo Abe and central bank Governor Haruhiko Kuroda to boost confidence in a sustained Japanese recovery. Maintaining economic momentum would help Abe in an upper-house election due this month as he tries to consolidate support for the package of monetary and fiscal stimulus and business deregulation termed Abenomics….”

Full article

Comments »

World Markets

Currencies

Commodities

USD Libor

Euribor

Yields for Japan, Italy, Spain, France,  and Germany …

Comments »

[youtube://http://www.youtube.com/watch?v=7PxEuYUUMJI 450 300]

Comments »

Turn up the volume:

[youtube://http://www.youtube.com/watch_popup?v=MrqqD_Tsy4Q 450 300]

Comments »

Full article

Comments »

“Financial markets should brace for more volatility as they digest news the Federal Reserve will scale back bond buying later this year, a senior central banker said on Friday, but this is an understandable adjustment and will not derail growth.

“This type of volatility is a normal part of the process of incorporating new information into financial asset prices and should not interfere with the moderate-growth scenario that I have presented,” said Richmond Fed President Jeffrey Lacker.

He told a judicial conference to expect U.S. growth to fluctuate around 2 percent for the “foreseeable future,” blaming structural impediments to a faster pace of economic activity.

Lacker, one of the central bank’s most hawkish officials who is not a voter this year, also said it had been “wise” for Fed Chairman Ben Bernanke to clarify the Fed’s views on future bond buying last week, but stressed policy would still be loose.

“Over the course of the next 12 months, the committee will be reducing only the pace at which it is adding accommodation,” he said, referring to the Fed’s policysetting committee.

“In other words, the Federal Reserve is not only leaving the punch bowl in place, we’re continuing to spike the punch, though at a decreasing rate over the next year,” he said.

It is a longstanding joke among central bankers to warn their job is that of official party-pooper, who must take away the punch bowl — a fruity drink reinforced with hard liqueur — just as the party is getting started….”

Full article

Comments »

“One of the most frustrating things in life is a slow computer.

Every few years, we buy an expensive new PC and love how fast it starts up, runs programs, and loads websites. Inevitably though, it starts to slow down until eventually we are pulling our hair out waiting for it to do routine tasks.

Why is this?  It turns out the answer is actually quite simple and you don’t even need to be “technical” to understand the causes and solutions.

The good news: It’s not the computer hardware that’s the problem. In most cases, the hardware you have is perfectly capable of being restored to its original glory and kept in fast running condition with minimal effort.

Rather, the problem lies with changes that occur to the PC’s software. The two most common causes of slowdown (along with easy solutions) are:

1. The most common problem: registry errors
Every time you (or your kids) load a program, game, or file, your PC’s software registry is updated with new instructions needed to operate that item. However, when the item is removed, these instructions usually remain on your PC. Every time you run your computer it tries to execute these instructions but, because the related program can’t be found, it causes a registry error. Your PC is doing a lot more work than it should be, and the result is a significantly slower computer.

One of the best ways to manage this is with a neat little tool from Support.com, a Silicon Valley based company. It’s called ARO 2013 and it scans, identifies, and fixes registry errors —resulting in a computer that’s a lot more like it was when you first bought it. On top of the amazing results it offers, it’s so easy to install and use that it was recently awarded a coveted 4.5 star rating (out of 5) by CNET’s editorial staff, and has been downloaded more than 30 million times.

You can now get a free working version of the software, which will quickly scan your entire PC and identify all of the registry errors that may be bogging it down. The free version also scans for junk and checks your PC’s baseline security status. It will eliminate the first 50 errors for free, and if you have more errors that you want to clean up or want to set the program to run on a regular basis (which is recommended), you can easily upgrade to the full version for just $29.95.  After that, registry errors will no longer be a problem.

To get the free version, simply click here.

2. Spyware and viruses…”

Full article

Comments »

Comments »

AAPL, BBY, BIIB, BBRY, FFIV, MMM, NOK, VLO, VE, YRCW,

Full look

Comments »