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BankingTitle:
Equities hammered by euro zone and banking worries
LONDON (Reuters)- European stocks tumbled 4 percent on Monday, with banks plumbing a more than two year low, as fears for the future of the euro zone bubbled up against a background of weak economic growth and threats to the banking sector.
The euro fell across the board, with peripheral euro zone debt concerns and political uncertainty in Germany prompting rises in both the dollar and safe-haven Swiss franc.
Worries about public deficits in Greece and Italy and a regional election rout for Germany's ruling party cast fresh doubt on the euro zone's ability to tackle its debt crisis.
Wall Street was closed for a holiday but it was unlikely that U.S. investors would have been in any more of a positive mood given data ahead of the long weekend that showed U.S. employment growth halted in ...
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Euro, Aussie dollar struggle on euro zone debt fears
(Reuters) - The euro fell to fresh three-week lows against the dollar in Asia on Monday, while commodity currencies also came under pressure as worries about euro zone debt problems and weak U.S. payrolls data hit appetite for riskier assets.
Data last Friday showed U.S. employment growth ground to a halt in August, while the European debt crisis continued to fester with Greece and its international lenders now at odds over whether it has met conditions for a new aid tranche.
"Concern about high debt in Europe has resurfaced, and those poor payrolls results certainly got people worried about the U.S. economy and the global economy as well, that's seen pressure on the euro and Aussie. I think that'll continue for the first half of the week," said Joseph Capurso, strategist at Commonwealth ...
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Swiss franc rises broadly to test SNB's stance
(Reuters) - The Swiss franc rose sharply on Friday, extending the week's gains, as concerns about the euro zone's debt crisis and a gloomy economic outlook prompted macro funds to seek the franc's safe-haven status and test the Swiss National Bank's resolve.
Traders were wary of the SNB coming back into the Swiss forward market to reinject liquidity and stem strength in the currency, a tactic which in recent weeks pushed Swiss deposit rates into negative territory and forced the currency to retreat from record highs near parity with the euro.
"People are getting used to the fact that negative deposit rates are not much of a deterrent to the market if the Swiss franc appreciates sharply," said Chris Turner, head of fx strategy at ING.
"Flows are increasingly a function of safety and not ...
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Euro falls on euro zone risks, Swiss franc up
(Reuters) - The euro slipped against the dollar and tumbled against the Swiss franc on Friday, as concerns about the euro zone's debt crisis and economic outlook after weak manufacturing data forced macro funds to sell and seek the relative safety of the franc.
European stocks were also sharply lower in early trade, breaking a four-day rally.
Some traders said the euro may trend lower in coming days, given growing worries about Greece meeting its deficit targets, concerns over Germany passing plans to reform the European bailout fund this month and the possibility of the European Central Bank softening its hawkish stance at next week's policy meeting.
Data on Thursday showed manufacturing in the euro zone contracted for the first time in almost two years, and a Spanish bond sale drew ...
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Swiss franc jumps as goverment to "live with" strength
(Reuters) - The Swiss franc posted sharp gains against the euro and the dollar on Wednesday after a top government official said Switzerland would have to live with a strong currency and the Swiss National Bank shied away from intervention.
The SNB has been conspicuously absent from the currency forwards market since last week. It did not take any new measures after making an announcement on three of the last four Wednesdays in August.
Switzerland's economy minister detailed plans to offset the currency's impact on the economy but not to directly counter its strength.
"We'll have to keep living with the strong franc for some time. It must be a combination of measures that will lead us into the future," said Economy Minister Johann Schneider-Ammann.
The scaling back of currency ...
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Hedge funds shift target after short-selling bans
(Reuters) - Hedge funds have raised their bets against financial stocks in the UK, United States and Germany as a short-selling ban in four euro zone countries prompted them to focus elsewhere for ways to profit from the banking sector's difficulties.
Figures from Data Explorers show stock out on loan -- a strong indicator of shorting interest -- for financial stocks in the UK, U.S. and Germany has risen strongly since August 12, when Spain, Italy, Belgium and France imposed shorting bans on certain financial stocks.
While prime brokers say funds' overall short bets are low after a choppy summer for European stocks, the data nevertheless backs up anecdotal evidence that some managers have been looking for other ways to bet against Europe's banking sector.
Short-selling, a common way for ...
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Swiss franc jumps, govternment will "live with" strength
(Reuters) - The Swiss franc jumped against the euro and the dollar on Wednesday in a relief rally after the Swiss National Bank (SNB) stayed away from intervention and a top government official said it would have to live with a strong currency.
The SNB has been conspicuously absent from the currency forwards market since last week. It did not announce any new measures after making an announcement on three of the last four Wednesdays in August.
Switzerland's economy minister detailed plans to offset the currency's impact on the economy but not to directly counter its strength.
"We'll have to keep living with the strong franc for some time. It must be a combination of measures that will lead us into the future," said Economy Minister Johann Schneider-Ammann.
The scaling back of currency ...
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Dollar quite soft
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
Risk markets continued to rally in Asia with the dollar softer versus G10 currencies, after a US session that was dominated by dovish FOMC minutes, which initially led the dollar gently lower, and pushed AUDUSD above 1.07 for the first time in almost four weeks. EURUSD traded 1.446-1.4414 and USDJPY 76.54-76.76. Crucially, the minutes revealed that ‘a few’ members felt that recent economic developments justified ‘a more substantial move’ at the Aug 9 meeting, but these members were willing to accept the change in forward rate guidance as “a step in the direction of additional accommodation”. Earlier, two Fed speakers seemed to reinforce market expectations that the FOMC is shifting towards the dovish end of the spectrum. Chicago Fed ...
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Dukascopy Morning Forex Overview : 31/08/2011
Fundamental market overview
EUR: European economic confidence index declines to 98.3
"The risk of recession in the euro area has clearly increased"
- Daniel Hartmann, an economist at Bantleon Bank AG
European economic confidence decreased the most since December 2010 in August, the European Commission in Brussels announced on Tuesday. Specifically, the index slid from revised 103 points in July to 98.3 points this month.
"The risk of recession in the euro area has clearly increased as demand from Asia is flagging and governments' efforts to cut fiscal deficits are curbing domestic consumption," said Daniel Hartmann, an economist at Bantleon Bank AG. "I expect the indicator to decline further in the coming months."
USD: US consumer confidence plunged in August
Weak US consumer ...
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