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Financial Reckoning DayTitle:
Global stocks rebound from year's lows, euro dips
(Reuters) - Global stocks rebounded from their lows for the year on Monday as world leaders emphasized their support for economic growth in the euro zone, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts see the pause in selling of stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
Despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
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Title:
Global stocks rise from year's lows, euro dips
(Reuters) - Global stocks rose on Monday from their lows for the year as world leaders voiced support for economic growth in the euro zone and China, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts reckon the pause in selling stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
But despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
Title:
Euro falls for third day, pressured by Europe data
(Reuters) - The euro fell for a third straight session against the dollar on Wednesday after soft European data fueled fears about a deep and broader slowdown in the region ahead of key elections in France and Greece.
The euro, however, briefly trimmed losses after a report showed the U.S. economy created fewer private-sector jobs than expected last month. It also came off its lows after speculation the European Central Bank could provide euro-zone banks with more liquidity in another long-term refinancing operation.
Wednesday's weaker euro zone data, not just in indebted smaller regional economies but in core nations too, raised speculation over possible policy signals at Thursday's ECB monetary policy meeting.
Italy's manufacturing sector shrank more than expected, with new orders ...
Title:
Euro falls for 3rd day, hurt by Europe data
(Reuters) - The euro fell for a third straight session against the dollar on Wednesday after soft European data rekindled fears about a deep and broader slowdown in the region ahead of key elections in France and Greece.
The euro, however, briefly trimmed losses after a report showed the U.S. economy created fewer private-sector jobs than expected last month. It also came off its lows after speculation the European Central Bank could infuse euro-zone banks with more liquidity in another long-term refinancing operation.
Wednesday's weaker euro zone data, not just in indebted smaller regional economies but in core nations, too, raised speculation over possible policy signals at Thursday's ECB monetary policy meeting.
Italy's manufacturing sector shrank far more than expected, with new ...
Title:
Buy a House!
A little more than a year ago, a very successful professional investor declared, “If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.”
Since that declaration, house prices have continued drifting lower in most parts of the country. The Case-Shiller index of national home prices is down about 4% year over year. Even so, we’re betting this professional investor was merely early…not wrong. US housing isn’t just cheap; it is the cheapest it has been in more than 40 years. And when one considers the possibility that inflation may rear its head soon, housing looks even cheaper still.
If you think we’re crazy, you’re not alone. The housing market is a complete bust right now. The following ...
Title:
Misguided Faith in an Economic Recovery
We watched last night the rows of cars below our balcony, snaking their way out of the pollution and congestion of South America’s second largest metropolis, out into the peace and calm of the surrounding campos and estancias.
The usual rabble and riff-raff have left for the long weekend. The city is empty. And quiet.
Still, there is reckoning to be done…
Markets continue with what Eric Fry yesterday dubbed the “everything off” trade. “Investors are dumping everything with a ticker symbol,” observed Mr. Fry. “US stocks, foreign stocks, government bonds, corporate bonds, precious metals, crude oil and almost every other commodity”…everything is “off.”
And that includes ol’ yella, gold. The Midas metal has lost about $100 per ounce over the past 30 days. It’s back to where it was six ...
Title:
How Market Sentiment Moves With the Greek Debt Crisis
A couple of hours south of Kaikoura — and the most famous crayfish picnic tables on the South Island’s east coast (Nin’s Bin) — you’ll discover the fastest growing wine region in New Zealand; 80 vineyards sprawling across more than 1,200 hectares of picturesque plantings…
Alas, Fellow Reckoner, there are far less important things to worry about than shellfish and Chardonnay. So, let’s get right to them…
Global markets rebounded yesterday after what had been the steepest selloff of the year on Tuesday. The Dow clawed back about a third of the previous session’s 200-point loss. Indexes in Europe were up too with stocks from the Thames to the Rhine gaining between a half and one percent after Tuesday’s two and three percent losses. For its part, the euro edged higher too…as did oil…and gold… ...
Title:
Unintended Consequences
2012 is proving to be the ‘Year of the Central Bank’. It is an exciting celebration of all the wonderful maneuvers central banks can employ to keep the system from falling apart. Western central banks have gone into complete overdrive since last November, convening, colluding and printing their way out of the mess that is the Eurozone. The scale and frequency of their maneuvering seems to increase with every passing week, and speaks to the desperate fragility that continues to define much of the financial system today.
The first major maneuver took place on November 30, 2011, when the world’s G6 central banks (the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank , the Swiss National Bank, and the Bank of Canada) announced “coordinated actions to enhance ...
Title:
Why Buffett and Gartman are Wrong About Gold
Warren Buffett doesn’t like gold. Neither does Dennis Gartman. That settles it for us; gold must be a table-pounding buy.
In this year’s annual letter to Berkshire Hathaway shareholders, Warren Buffett scorned gold as an asset that is “forever unproductive.”
“ will never produce anything,” he wrote. “Gold has two significant shortcomings, being neither of much use nor procreative.”
Buffett’s statement is literally correct, but it has two significant shortcomings, being neither of much use nor insightful. No one holds gold hoping it will produce something. They hold gold because no one can produce it. Precisely for this reason, mankind has considered gold the ultimate money for several thousand years…and it has performed this role with meritorious distinction.
Gold’s appeal waxes and ...
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