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IndustrialTitle:
Europe crisis spurs safety bid, stocks fall
(Reuters) - Fears of a Greek default that could spread widely through global markets dragged down stocks on Monday, knocking European equities to two-year lows, and sent the euro to a seven-month low against the dollar.
Concerns that Moody's Investors Service could downgrade the credit-worthiness of French banks, which are widely exposed to Greek bonds, and the lack of a solution to Greece's debt problem rattled investor confidence.
Assurances from France that it can withstand the crisis helped the euro to steady.
Investors dumped assets perceived as risky and bought government debt. The yield on benchmark U.S. Treasury 10-year notes briefly slid to their lowest levels in at least six decades ago and 10-year Bund yields fell to 1.71 percent.
"The fear goes well beyond Greece. The ...
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Brent, U.S. crude rise as Wall St cuts losses
(Reuters) - Brent crude oil rose in choppy trade on Monday as U.S. equity markets pared losses, outweighing concern about Europe's debt crisis.
Brent fell earlier on worries that Greece may default on its debt, but rose with U.S. crude as Wall Street bounced off its lows.
"It looks like a bit of a short-covering rally spurred on by equities not getting decimated today. Oil traders are responsive to that," said Richard Ilczyszyn, senior market strategist at MF Global in Chicago.
Brent futures rose 51 cents to $113.28 a barrel by 12:03 p.m. EDT (1403 GMT), after earlier falling as low as $110.42. U.S. crude rose $1.24 to $88.48.
Wall Street at one point was nearly flat on Monday as European bank shares recovered after early losses and technology stocks regained their footing. .N
Worries ...
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Brent drops to around $112 on debt, growth worries
(Reuters) - Brent crude oil fell on Monday on deepening concerns over Europe's sovereign debt crisis and slowing global growth.
Worries increased that Greece may default on its debts after finance ministers of the Group of Seven (G7) industrialized economies pledged a joint response to the slowdown but offered nothing specific to help their economies.
Brent futures fell as much as $2.35 per barrel to a low of $110.42 but then recovered sharply to around $112.40 by 1410 GMT. U.S. crude slid $2.24 to a low of $85.00 and then moved back up to around $88.04, up 80 cents.
Stock markets fell in Asia, Europe and the United States. .N .EU .HK.
"Worries over the future of the euro zone and over much slower growth are putting enormous pressure on commodity prices," said Christophe Barret, global ...
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Gold extends losses on dollar, jewelers shop around
(Reuters) - Gold fell further on Monday after posting its worst closing since June last week but bargain hunters could cushion the fall, while escalating worries about Europe's ability to resolve its debt crisis sent bullion priced in euro to a record high.
Fears about a Greek default rose after senior politicians in German Chancellor Angela Merkel's center-right coalition started talking openly about it following the surprise departure of German's top official at the European Central Bank last week.
Spot gold eased $4.02 to $1,853.14 an ounce by 0459 GMT (12:59 a.m. ET), well below a lifetime high around $1,920 struck last week, with speculators still cashing in on the metal to cover losses in equities.
"We still lean negative in our bias and expect a fall toward $1,750 over the next ...
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Euro zone debt fears send world stocks reeling
(Reuters) - World shares tumbled 2 percent on Monday with European equities down 3 percent for a more than 20 percent loss this year as investors worried Greece was edging closer to default.
Japan's Nikkei closed at a 2-1/2 year low and Wall Street looked set for sharp losses.
Yields on long-term core euro zone debt, home to safety plays during times of strife, fell sharply and the euro slumped against the dollar and yen.
The cost of insuring peripheral euro zone debt against default rose, to record levels for Greece and Portugal, while Italy saw its cost of borrowing over 12 months surge at a treasury bill sale.
Markets were partly reacting to the failure over the weekend of the Group of Seven industrialized nations' finance ministers to come up with more than a stated commitment to ...
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Brent drops to $111 on debt, growth worries
(Reuters) - Oil fell on Monday on deepening concerns over Europe's sovereign debt crisis and slowing global growth.
Worries that Greece may default on its debts rose after finance ministers of the Group of Seven (G7) industrialized economies pledged a coordinated response to the global slowdown but offered no specific steps to support their economies.
Brent crude oil fell as much as $2.35 per barrel to a low of $110.42 but then recovered some ground to trade around $111.40 by 1000 GMT (6 a.m. ET). U.S. crude slid $2.24 to a low of $85.00 and then moved back up to around $86.20.
Escalating risk aversion helped push the dollar up against a basket of currencies .DXY while stock markets fell in Asia and opened sharply lower in Europe.
"Worries over the future of the euro zone and over much ...
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Global stocks hit hard by Greek worries, G7 inaction
(Reuters) - World shares fell close to 1.5 percent on Monday with European equities tumbling more than 2 percent as investors worried that Greece would default amid signs of disagreement among euro zone policymakers.
Japan's Nikkei closed at a 2-1/2 year low.
Yields fell on long-term core euro zone debt, home to safety plays during times of strife, but the euro fell against the dollar.
Markets were partly reacting to the failure over the weekend of the Group of Seven industrialized nations finance ministers to come up with more than a stated commitment to help turn the world economy around.
But they were mainly focused on the euro zone debt crisis.
German policymaker Juergen Stark's resignation from the European Central Bank's board on Friday underscored internal divisions over its ...
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Oil drops more than $2 on debt, growth worries
(Reuters) - Oil fell by more than $2 on Monday on concerns over Europe's deepening debt crisis and slowing global growth.
Worries that Greece might default on its debts rose after finance ministers of the large industrialized economies pledged a coordinated response to the global slowdown but offered no specific steps to support their economies.
Brent crude oil fell as much as $2.25 per barrel to a low of $110.52 and was down more than 1.5 percent at $110.80 by 0734 GMT (3:34 a.m. ET). U.S. crude slid $2.18 to a low of $85.06.
Escalating risk aversion helped push the dollar up against a basket of currencies .DXY while stock markets fell in Asia and opened sharply lower in Europe.
"People are quite nervous about Greece and other countries in the European area, so that is why investors ...
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Weekly Economic and Financial Commentary : 12/09/2011
Weekly Economic and Financial Commentary
U.S. Review
The Economy Still Faces Core Issues
While it was a fairly light week for economic data, speeches by President Barack Obama and Fed Chairman Ben Bernanke dominated headlines. The president outlined a plan that calls for payroll tax cuts and spending initiatives. Although the proposal could boost growth somewhat, we do not believe it fully addresses the core issues of weak consumer demand and structural unemployment.
Fed Chairman Ben Bernanke's speech offered no new surprises, which puts greater weight on the two-day FOMC meeting scheduled in September.
The Economy Continues to Grow at Stall Speed
While it was a fairly light week for economic data, speeches by President Barack Obama and Fed Chairman Ben Bernanke dominated ...
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