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Dollar Fell SlightlyTitle:
Risk Recovery Lingers
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
Risk appetite continued to recover overnight as hopes of a rescue package for the Eurozone continued to rise. It is apparent that several plans are in the pipeline, all of which involve some degree of leveraging up of the EFSF. The latest reports, according to CNBC, suggest that the EFSF will be able to capitalise a special purpose vehicle created by the European Investment Bank. How this would actually work remains in question, given the Eurozone itself does not have exclusive ownership of the EIB, though it does limit the impact of the ECB’s objections to expanding its own balance sheet. All these proposals appear to be in embryonic stages and while the sudden flurry of activity appears to have reassured markets, it could also build potential ...
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Oil up but choppy eyeing hopes for euro zone
(Reuters) - Oil prices edged up in volatile trading on Monday as optimism that European officials and banks can tackle the euro zone debt crisis lifted markets even as skepticism about any solution curbed momentum.
Oil prices rallied from steep early lows as European equities and the euro bounced on a better-than-expected German sentiment survey and speculation of more support from the European Central Bank.
Euro zone officials are working on ways to magnify the financial firepower of the euro zone's rescue fund, a senior European Central Bank policymaker said. But other euro-zone officials played down reports of emerging plans to halve Greece's debts and recapitalize European banks, evaporating some early optimism and bullish sentiment.
Crude prices briefly turned lower on a report ...
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Stocks rise, euro falls amid debt crisis
(Reuters) - Global equities rose but the euro wavered on Monday as hope that Europe was tackling Greece's debt woes was offset by euro zone officials talking down reports of radical new steps to address the crisis.
Wall Street jumped and European shares rose more than 1 percent while the euro early in the session bounced back from a eight-month low against the dollar and a 10-year trough versus the yen on speculation of new European Central Bank support.
Government debt on both sides of the Atlantic fell on reports the European Union was looking at boosting the region's 440 billion euro rescue fund and other ways to avert a Greek debt default.
But the euro pared initial gains, falling to New York lows at $1.34505 against the dollar and was last at $1.3462, down 0.3 percent.
"The market ...
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Stocks, euro turn higher on ECB easing hopes
(Reuters) - World stocks ticked higher and the euro bounced from an earlier 10-year trough against the yen on Monday as speculation that the European Central Bank might cut interest rates to help the economy countered concern over the euro zone debt crisis.
German government bonds fell broadly as safety-seeking flows waned. But concerns about the global economic slowdown have not gone away, with gold tumbling and copper suffering its biggest one-day drop since the 2008 financial crisis.
ECB Governing Council member Ewald Nowotny was quoted as saying that the possibility of interest rate cuts should not be ruled out. Germany's Ifo economist Klaus Abberger also said he expected the ECB to cut rates toward 1 percent, although the timing of it was not clear.
However, it was far from certain ...
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Euro off lows, but doubts over EU steps linger
(Reuters) - The euro recovered some losses on a slightly better-than-expected German sentiment survey on Monday, after earlier hitting an eight-month trough against the dollar and a decade low versus the yen, but its bounce was unlikely to last.
With little clarity about a rescue plan for the euro zone, investors remained bearish about the euro's prospects with markets increasingly jittery about whether policymakers can put in place credible measures to tackle the euro zone debt crisis.
The euro was last down 0.2 percent on the day at $1.3462, having fallen to as low as $1.3360 against the dollar on trading platform EBS. Against the yen, it was down 0.4 percent at 102.88 yen, having earlier slid past the 102 yen mark to a decade low of 101.946.
Real money investors, long-term investors ...
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Investors Hope for a Better Week after Last Week’s Bloody Crash in Markets
Last week was bloody for global financial markets, as it was full of pessimism over the outlook for global growth amid signs major economies around the world are decelerating, where the Fed signaled “significant downside risk to the economic outlook”, and investors will continue to look for more clues throughout this coming week, as the world’s largest economy will release two important reports, the GDP and the Income reports.
Last week U.S. stock indexes as well as global indexes slumped heavily, as the Fed signaled their concerns over the outlook for growth, which raised speculations that the U.S. economy is heading into a double dip recession, while data from around the globe also suggested that global growth is slowing, which resulted in heavy losses across the board, as stocks, ...
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Weekly Economic and Financial Commentary : 23/09/2011
Weekly Economic and Financial Commentary : 23/09/2011
U.S. Review
Shake It Up, Benny, Now
Having already committed to maintaining a low Fed funds rate, policymakers are considering other options and trying out different dance steps to spur recovery. Will a reallocation of the Fed's holdings of Treasuries and more purchases of MBS spur recovery?
Virulent selling on Wall Street seemed to have been sparked by concerns beyond slow growth in the U.S. economy. Domestic data, while somewhat underwhelming, was not too bad. A slip in housing starts was offset by a gain in permits, existing homes sales jumped, and jobless claims came down slightly.
Financial Markets Looking Beyond the U.S. Economy
In a week during which major equity indexes like the Dow Jones Industrial Average plunged ...
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G20 pledge offers respite for European shares
(Reuters) - European shares edged up from 26-month lows on Friday and the euro rose after the G20 major economies pledged to preserve financial stability, but risk sentiment remained fragile on fears of renewed recession in the developed world.
U.S. stock index futures pointed to a tentative recovery on Wall Street after finance ministers and central bankers from the Group of 20 said they would take "all steps necessary" to calm the global financial system and said central banks were ready to provide liquidity.
The G20 pledge of action provided a respite for world stocks after they tumbled to their lowest level in 13 months on Thursday, hurt by the risk of new recessions in the United States and Europe and weaker economic data from China.
Metals prices bucked the trend, falling on ...
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G20 pledge offers respite for shares, euro
(Reuters) - European shares inched up from 26-month lows on Friday and the euro rose after the G20 major economies pledged to preserve financial stability, but risk sentiment remained fragile on fears of renewed recession in the developed world.
Finance ministers and central bankers from the Group of 20 said they would take "all steps necessary" to calm the global financial system and said central banks were ready to provide liquidity, helping the euro advance against the dollar.
The G20 pledge of action provided a respite for world stocks after they tumbled to their lowest level in 13 months on Thursday, hurt by the risk of new recessions in the United States and Europe and weaker economic data from China.
Metals prices bucked the trend, falling on worries that the gloomy economic ...
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