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Obama threatens to veto Republican's shield of defense cuts
(Reuters) - President Barack Obama threatened on Wednesday to veto a Republican bill that would partially replace looming automatic budget cuts and protect military spending at the expense of food stamps and other social programs.
The White House said in a statement that the cuts proposed by Republicans would "cost jobs and hurt middle-class and vulnerable Americans - especially seniors, veterans and children."
"The bill's unbalanced provisions fail the test of fairness and shared responsibility," the White House added.
The veto threat escalates one of several new budget battles that have broken out this spring in Washington.
The automatic cuts, about $1.2 trillion over 10 years, were set in motion by last summer's debt-limit deal, after a congressional panel failed to specify further ...
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Investors fret after Greek, French votes
Greek and French election results rattled global investors on Monday by undermining confidence in the region's plans to cut spending and tackle its debt crisis, sending the euro to a three-month low.
European shares also initially traded lower, with Greek stocks down 6.4 percent .ATG, but reaction was muted with the UK market closed for a holiday. Wall Street stocks were expected to reflect the weaker tone when they being trading .N.
Investors sold bonds of other weaker euro zone member states after the two pro-bailout parties in Greece failed to win a parliamentary majority, rekindling fears over the country's future in the single currency.
"The Greek election outcome is the ultimate Greek tragedy. Not having a cohesive government means the IMF will not release further funds. Without ...
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Euro Testing Key Support Levels
Sunrise Market Commentary
- Fixed Income Weak US payrolls push core bonds higher again
- On Friday, it was weaker US payrolls that helped core bonds eke out more gains, but non-core bonds held up quite well. Spreads even narrowed in the intra-EMU bond markets. We fear that this won't be the case today, as French and Greek election results inject uncertainty into markets.
- Currencies: Euro testing key support levels
- On Friday, trading in the major euro cross rate was rather calm, but the pressure remained to the downside. The US payrolls were unable to change this pattern. This morning, EUR/USD is testing the key 1.2974 support while EUR/GBP is trading south of the 0.8068 level. A sustained break below these levels would raise a red alert for the single currency.
The ...
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Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
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Greek, French votes send euro, shares lower
(Reuters) - The euro slumped to a three-month low and shares fell on Monday as election outcomes in Greece and France threatened to derail the region's plans to tackle its debt crisis and after weak U.S. data undermined hopes for global economic growth.
In particular, the apparent failure of two pro-bailout ruling parties in Greece to win a majority in the parliament has put the future of its rescue plan in doubt, bringing back into focus questions over the future of the single currency.
In France, Socialist Francois Hollande claimed the presidential seat from Nicolas Sarkozy. The move was widely expected but investors are watching to see how he might push back against a German-led austerity drive.
"The election results at the weekend are not helpful to calming the worries already in ...
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Forex Exchange Morning Report
Market wrap
A disappointing US payrolls report hurt sentiment, pushing equities, risky currencies, commodities and interest rates lower. Only 115,000 jobs were added in April versus 160,000 expected. There were, however, positive back revisions and the unemployment rate fell from 8.2% to 8.1%, initially causing some confusion in markets before judgement was passed it was a weak outcome. Also reported was lower Eurozone manufacturing activity, adding to the negative market tone. The S&P500 closed down 1.6% and the CRB commodities index fell 1.4%. US 10yr treasury yields closed 5bp lower at 1.88%, earlier making a 3 Feb low at 1.87%. Australian 3yr bond yields fell 6bp. A few hours ago, results from European elections were announced. France has a new (socialist) president, and Greece's two ...
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Gloom builds for euro zone, United States
(Reuters) - The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.
In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent's currency union could now extend to mid-year and be deeper than previously thought.
The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year - although he did speak about risks.
In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, ...
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Weekly Economic and Financial Commentary : 04/05/2012
U.S. Review
Modest Growth on a Broadening Base
- The underlying tone of the recent economic reports remains consistent with modest economic growth. Consumer spending ended the first quarter on a solid note and spending is now on track to grow at a 2 percent pace in the second quarter.
- Reports from the regional manufacturing surveys showed some weakness but the National ISM report came in stronger than expected. The nonmanufacturing survey, however, came in below expectations.
- Nonfarm employment rose by 115,000 jobs in April and the unemployment rate fell 0.1 percent to 8.1 percent.
Modest Growth on a Broadening Base
This week's ISM report came in better than expected, rising 1.4 points to 54.8 in April, which greatly relieves fears built up from the weaker factory orders ...
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Dukascopy Afternoon Forex Overview : 04/05/2012
Fundamental Analysis
EUR
German DAX index edged lower on Friday as investors awaited for US jobs data amid dropping commodity prices. Moreover European investors stayed cautious ahead of elections in Germany, Italy, France and Greece this weekend. At the moment of writing DAX index is 0.53% or 36.65 points down at 6,657.64.
USD
Crude oil futures moved higher during Asian session on Friday amid broadly weaker US Dollar. The greenback's index that measures its performance against six main currencies declined by 0.05% to 79.24 US Dollars. Meanwhile, light, sweet crude oil futures for delivery in June traded at 102.67 Us Dollars per barrel on the New York Mercantile Exchange, advancing by 0.13%.
GBP
Royal Bank of Scotland Group said on Friday its loss for the first three months of 2012 ...
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