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7 June 2012 at 13 : 04 PM
US consumer credit +$6.5 bln in Apr, well below expectations of $10.5 bln, vs $12.4 bln in Mar.
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7 June 2012 at 11 : 02 AM
Wall Street Trims Early Gains After Bernanke Dashes Easing Hopes
07-Jun (MoneyNews) — Stocks rose on Wall Street Thursday after China cut its benchmark lending rate in another bid to boost its slowing economy, but an early rally faded after Federal Reserve Chairman Ben Bernanke gave no signal of immediate action to prop up the U.S. economy. The Dow Jones Industrial Average was up 80 [...]
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7 June 2012 at 10 : 01 AM
Fitch downgrades Spain’s sovereign credit rating by three notches to BBB.
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7 June 2012 at 10 : 35 AM
Morning Snapshot
07-Jun (USAGOLD) — Gold has tumbled back below $1600 after a Chinese rate cut was offset by a steady stance by the BoE and no strong indication from Ben Bernanke that further Fed accommodations are imminent. Additionally, comments by German Chancellor Merkel about ‘more Europe’ seemed to improve risk appetite, lifting stocks and diminishing the [...]
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7 June 2012 at 09 : 30 AM
Operation Twist: New York Fed sells $8.370 billion in Treasury coupons.
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7 June 2012 at 08 : 37 AM
Bernanke: Fed Ready to Act if Europe Hits U.S.
07-Jun (The Wall Street Journal) — The U.S. economic recovery faces significant risks, including from the European sovereign debt crisis and uncertain U.S. fiscal policy, Federal Reserve Chairman Ben Bernanke said in testimony prepared for a congressional hearing on Thursday. Still, the Fed chairman stopped short of signaling Fed action to combat these risks, other [...]
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7 June 2012 at 08 : 22 AM
Bondholders look for word of more Fed help
06-Jun (Financial Times) — The pattern is now all too familiar and has been a regular feature since the financial crisis. Fears of systemic stress and weak US economic data spark dramatic declines in Treasury yields, followed by the Federal Reserve launching a new round of bond purchases, confirming the pre-emptive positioning of bond investors. [...]
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7 June 2012 at 07 : 49 AM
Greek unemployment hits 21.9 pct in March
07-Jun (CNBC) — Greece’s unemployment shot up to 21.9 percent in March, rising sharply from the 15.7 percent rate in the same month last year and up from 21.4 percent in February, the country’s statistics agency said Thursday. Greece has been struggling through a financial crisis for the past two years, and has been relying [...]
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7 June 2012 at 06 : 20 AM
SNB spends billions defending the franc
07-Jun (Financial Times) — Switzerland’s central bank spent tens of billions of francs defending the country’s currency from haven flows as the eurozone crisis escalated in May. The Swiss National Bank said that its stockpile of foreign exchange reserves rose to SFr304bn in May – a record high – up from SFr238bn the previous month. [...]
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7 June 2012 at 06 : 35 AM
US initial jobless claims -12k to 377k for the week ended 02-Jun, below expectations of 380k, vs upward revised 389k in previous week.
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7 June 2012 at 06 : 28 AM
Gold better at 1623.90 (+1.47). Silver 29.52 (+0.07). Dollar slips. Euro higher. Stocks called higher. Treasurys steady to lower.
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7 June 2012 at 06 : 56 AM
PBoC cut benchmark lending rate 25bp to 6.31%, and deposit rate 25bp to 3.25%.
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7 June 2012 at 06 : 26 AM
BoE leaves repo rate unchanged at 0.5% and refrained from raising the asset purchase target beyond current £325 bln. No statement.
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6 June 2012 at 11 : 49 AM
Morning Snapshot
06-Jun (USAGOLD) — Gold extended higher in overseas trading, notching fresh 4-week highs amid rising eurozone worries and a counter-intuitive rise in the euro, which has weighed on the dollar. The yellow metal’s convincing push back above the 50-day moving average returns a measure of credence to the underlying uptrend. The more important 100-day moving [...]
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6 June 2012 at 10 : 48 AM
Greece Warns of Going Broke as Tax Proceeds Dry Up
05-Jun (New York Times) — As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money. Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with [...]
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6 June 2012 at 09 : 18 AM
Operation Twist: New York Fed purchases $1.703 billion in Treasury coupons.
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6 June 2012 at 08 : 39 AM
Gold Bugs Defy Bear-Market Threat With Soros Buying
06-Jun (Bloomberg) — Gold is stuck in the longest slump in a decade as investors shun bullion for the dollar and bonds, just seven months after Bank of America Corp. said Europe’s debt crisis would send prices to a record $2,000 an ounce. The bank was joined by Goldman Sachs Group Inc., Morgan Stanley and [...]
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6 June 2012 at 07 : 30 AM
Introductory statement to the ECB press conference
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 6 June 2012 06-Jun (EC) — Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. While inflation rates are likely to stay above 2% for the remainder of 2012, over the [...]
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6 June 2012 at 06 : 50 AM
Stimulus hopes spur risk rally
06-Jun (Financial Times) — Risk assets are rallying as investors position themselves for action from the world’s central bankers. In the first in a series of closely-watched monetary policy moves European Central Bank kept benchmark interest rates on hold at 1 per cent. But markets have brushed off the slight disappointment from Frankfurt, choosing to [...]
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6 June 2012 at 06 : 34 AM
US Q1 productivity revised down to -0.9%, below expectations of -0.7%, from -0.5% initial print.
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6 June 2012 at 06 : 10 AM
Germany industrial production -2.2% m/m in Apr, well below expectations of -1.0%, vs negative revised 2.2% in Mar; -0.7% y/y.
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6 June 2012 at 06 : 18 AM
Eurozone Q1 GDP (sa) confirmed at 0.0% q/q; annual pace revised lower to -0.1% y/y.
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6 June 2012 at 06 : 56 AM
ECB holds refi rate steady at 1.0%, dashing hopes of an ease. Focus now on Draghi presser at 12:30GMT for policy indication.
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6 June 2012 at 06 : 18 AM
Gold higher at 1636.60 (+18.40). Silver 29.373 (+0.867). Dollar easier. Euro better. Stocks called higher. Treasurys mixed.
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5 June 2012 at 12 : 48 PM
Europe’s Mess: Time for the US to Clean It Up
By Steve Liesman 05-Jun (CNBC) — When it comes to Europe, incremental and mealy mouthed haven’t worked. It’s time for big and bold. Waiting for Europe to get its act together to solve its financial problems has become an even more insufferable drama than “Waiting for Godot.” They keep talking but a financial solution never [...]
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5 June 2012 at 10 : 15 AM
G7 hold emergency eurozone talks
05-Jun (The Finacial Times) — Finance ministers and central bank governors from the Group of Seven leading industrial nations held a conference call on Tuesday to discuss the financial crisis in the eurozone, and its implications for the global economy. The US Treasury, which hosted the call as the current president of the G7, said [...]
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5 June 2012 at 10 : 09 AM
CBO: Federal debt to double in 15 years
05-Jun (WashingtonTimes) — The federal government is staring at a disastrous fiscal picture with debt approaching 200 percent of GDP within two decades if Congress doesn’t change course on spending and taxes, according to the latest analysis by the Congressional Budget Office released Tuesday. CBO said it’s the worst picture since a brief period during [...]
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5 June 2012 at 10 : 38 AM
The Daily Market Report
Gold Continues to Serve as a Safe-Haven, Regardless of Price 05-Jun (USAGOLD) — I was contacted by a MarketWatch reporter last week who asked me: Whatever happened to gold as a safe-haven? This was on Thursday, the day before gold posted its biggest one-day gain in nearly three-years. I suspect those gains have somewhat tempered [...]
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5 June 2012 at 09 : 58 AM
Euro Troubles: The End of Germany’s Illusions
05-Jun (Der Spiegel) — Germany’s booming economy and plummeting unemployment has long insulated the country from the euro crisis on Europe’s periphery. Those times, however, are coming to an end. The German economy is now showing it is vulnerable after all, and Chancellor Merkel will now be forced to make sacrifices. There they are again: [...]
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5 June 2012 at 09 : 06 AM
JPMorgan Faces $4.2 Billion Trading Loss, ISI Forecasts
05-Jun (Bloomberg) — JPMorgan Chase & Co. (JPM), the largest U.S. bank, may report a $4.2 billion second-quarter trading loss in its chief investment office, according to an estimate by International Strategy & Investment Group Inc. The pretax loss would help cut second-quarter earnings to 65 cents a share, a 30 percent decline from an [...]
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