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Comments »Monthly Archives: June 2012
Austrian Minister Says Italy Too May Need Bailout
“VIENNA/ROME (Reuters) – Raising the stakes in Europe’s debt crisis, Austria’s finance minister said Italy may need a financial rescue because of its high borrowing costs, drawing a furious rebuke on Tuesday from the Italian prime minister.
Maria Fekter’s assessment of the euro zone’s third largest economy amplified investors’ fears that Europe is far from ending 2-1/2 years of turmoil.”
Comments »FED: U.S. Wealth Fell 38.8% from 2007 -2010
“The financial crisis wiped out 18 years of gains for the median U.S. household net worth, with a 38.8 percent plunge from 2007 to 2010 that was led by the collapse in home prices, a Federal Reserve study showed.
Median net worth declined to $77,300 in 2010, the lowest since 1992, from $126,400 in 2007, the Fed said in its Survey of Consumer Finances. Mean net worth fell 14.7 percent to a nine- year low of $498,800 from $584,600, the central bank said yesterday in Washington. Almost every demographic group experienced losses, which may hurt retirement prospects for middle-income families, Fed economists said in the report.”
Comments »Jamie Dimon Sports Egg on Face for Failing to Spot Risk Earlier Than He Did (timeline of events)
U.S. Media Sales Climb for a Second Year
A bit of good news as media sales are an anecdotal sign of improvement in the economy.
Comments »Manpower Expects Employers To Add Jobs in the U.S. for Q3
$MAN says they expect jobs to be added in Q3; a survey showed expectations of an 11% rise in job listings.
Comments »Import and Export Price Data
Fitch Warns Italy is Unlikely to Need Emergency Funds From the EU
Spanish and Italian yields melted up as Fitch gave some negative comments on Spain being able to follow deficit targets and that Italy may need to tap emergency funds soon, but thought it was unlikely.
Comments »U.K. Manufacturing Falls More Than Expected
Despite the drop in manufacturing the U.K. managed to rally.
“Factory output dropped 0.7 percent from March, led by pharmaceuticals, aircraft maintenance and food and drink production, the Office for National Statistics said today in London. The median forecast of 30 economists in a Bloomberg News survey was for a decline of 0.1 percent. Overall industrial output was unchanged on the month, weaker than the 0.1 percent increase forecast by economists.”
Comments »The Yen Takes a Nose Dive as the IMF Calls the Currency Overvalued
The Yen fell against 16 major currencies after the IMF called the currency overvalued.
Comments »Fitch Does Not Expect Sapin to Meet Any Fiscal Deficit Targets This Year or Next
Yields for Spanish bonds rose as comments out of Fitch put more light on Spain’s ability to meet deficit targets.
Comments »The Aussie and Kiwi Dollars Bounce in a Relief Rally
Losses to the two currencies may have been overdone; as a result traders covered shorts and went long for a bounce.
Comments »Oil Falls on OPEC Comments
OPEC stated they may need to increase production in order to accommodate the embargo on Iran; remember that last week they said the opposite. At any rate, oil is down this morning.
Comments »Evans Says Slow Jobs Rebound Favors ‘Any’ Form Of Fed Stimulus
“Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth, underscoring his preference for more stimulus.
“I’ve been in favor of pretty much any accommodative policy I’ve heard about,” Evans said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu airing today. “Extending the Twist would be useful,” he said, referring to a plan expiring this month that lengthens the average duration of bonds in the Fed’s portfolio. “More asset purchases would be useful. More mortgage-backed securities purchases would be good.”
Comments »U.S. Futures Said to Be Higher on Speculation of Stimulus to Come
The U.S. Adds South Korea and India to the List of Countries Exempt From Importing Iranian Oil
“The U.S. added seven economies to the list of nations qualifying for an exemption from financial sanctions on Iranian oil imports, penalties intended to pressure Iran’s leaders to abandon any nuclear weapons ambitions.
India, South Korea, Turkey, South Africa, Malaysia, Sri Lanka and Taiwan will not be penalized by the U.S. for continuing to import oil from Iran over the next six months because they have proven they “have all significantly reduced” the volume of the oil they buy from Iran, Secretary of State Hillary Clinton said in a statement yesterday.”
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