Succinct summation of weeks events: Positives: 1) Initial Jobless Claims fall to 358k, 12k less than expected and the 4 week average drops to 366k, the least since May 08 2) Job Openings in monthly BLS data rise to match the highest since Sept 08 3) MBA said avg 30 yr mortgage… read full...
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Daily Archives: February 10, 2012
Monetary Policy Week in Review – 11 February 2012
The past week in monetary policy saw just one bank lift rates; Jordan +50bps to 5.00%, and two banks cut rates; Belarus -200bps to 43.00%, and Indonesia -25bps to 5.75%. Meanwhile the banks that held rates unchanged were: Australia 4.25%, UK 0.50%, EU 1.00%, South Korea 3.25%, Serbia 9.50%, Iceland… read full news Published:...
Greek PM: Greek Government Can’t Allow Default
A Greek default isn’t an option for the government, the Greek caretaker prime minister told his cabinet Friday following a series of resignations. Lucas Papademos was speaking ahead of a crucial cabinet meeting here. “The bankruptcy of Greece is not an option we can permit,” Papademos said, ad… read full news Published: Sat, 11...
Greece caught between protests, austerity demands
Greece’s future in the euro grew increasingly precarious Friday as violence erupted on the streets of Athens during a general strike and five politicians resigned from the government after European leaders demanded deeper spending cuts. Hours after Greece claimed it had reached… read full news Published: Sat, 11 Feb 2012 05:49
Like Dr Who, banks will be back with a new look
The troubles at RBS and the downsizing of the once dominant Macquarie are symptomatic of a trend in investment banking globally. But the real bloodletting will begin after most banks draw a line under their accounts for the March quarter, which will show the real state of affairs. But there is l… read full...
Pianalto: Creating Value in Distressed Neighborhoods
The last time I spoke at this annual luncheon in February of 2008, before the depths of the global financial crisis, northeast Ohio was already experiencing very high foreclosure rates. Unfortunately since that time, foreclosures have become a national crisis. We all know too well that foreclosures… read full news Published: Sat, 11 Feb...
Wall Street drops as Greek talks stall, data weighs
U.S. stocks dropped on Friday, putting the S&P 500 on pace for its first weekly decline in the past six, after another snag in negotiations for a financial bailout package for Greece. Declines were broad-based, with all 10 S&P sectors negative and the S&P 500 energy, financials and materials sec… read full news Published:...
USD/CHF Ranging Between 0.9088 and 0.9264
The bearish bias we saw in the previous update did not materialize into a breakout to the downside. Instead the market edged lower but bounced off the 0.9088 level. A The 1H chart shows that this came after a bullish divergence with the RSI reading and the rally pushed this indicator of momentum… read...
Three LAOS MPs quit cabinet, two will vote for measures
Three Popular Orthodox Rally (LAOS) MPs have resigned from the Cabinet but two have said they will go against their party leaders wishes and vote in favor of Greeces new loan agreement. Transport Minister Makis Voridis, Deputy Merchant Marine Minister Adonis Georgiadis and Deputy Agriculture Mi… read full news Published: Sat, 11 Feb 2012...
Bernanke: Housing Markets in Transition
The economic recovery began more than two years ago, but it doesn’t feel like much of a recovery for many Americans–certainly for those of you who depend on the housing sector for your living, as well as for the millions of others who have seen their home values plummet or lost their homes through…...