Markets After The Approval Of The Greek

The tension is gripping markets still with the uncertainty over the stability in Europe and expectations for a Greek euro exit. The common currency is still trading sharply lower as hope dims ahead of the informal EU summit in Brussels today, where previous hopes for any action evaporated as Germany confirmed that its stance did not drastically change! Investors are still pushing the euro lower amid fear that Greece might be forced to default and exit the euro after the inclusive May 06 elections confirmed the wide rejection to the deep austerity measures. The market still sees high risks that the June 17 election might bring anti-austerity parties into the lead that will opt against austerity and refuse the bailout terms as Syriza did and that will cost Greece its membership. Investors ...

Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom. Brent crude was down 51 cents to $106.98 a barrel by 1122 GMT after earlier slipping to its lowest level for the year at $106.40. U.S. crude was up 16 cents to $92.72. "The driving factor is still what is going on in Europe with the downgrades of the Spanish banks and very negative sentiment towards risk investments," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt. "It's not surprising to see further falls in Brent today." The euro fell to fresh four-month lows as the dollar strengthened .DXY, putting commodities priced in ...

Brent crude slipped below $107 per barrel on Friday to its lowest in 2012 as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand. Worries about the euro zone, already roiled by Greek political chaos, mounted as Spain slipped into a recession, pushing the euro to a four-month low while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer. Brent crude was down 64 cents to $106.85 by 2:47 a.m. EDT after slipping to its lowest level for the year at $106.40. Front-month Brent is on track to post its largest three-week fall since May 2011. U.S. crude was down 58 cents to $91.98, heading for its largest three-week fall since August 2011. " ...

Brent crude held steady above $107 per barrel on Friday, but prices were headed for a third straight weekly drop as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand. Worries about the euro zone, already roiled by a Greek political chaos, mounted as Spain slipped into a recession, while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer. Brent crude edged up 7 cents to $107.56 a barrel by 11:34 p.m. EDT after slipping to as low as $106.62. Front-month Brent is on track to post its largest three-week fall since May 2011 after settling at the lowest level in 2012 on Thursday. U.S. crude inched up 3 cents to $92.59, but is still ...

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 ...

Major European PMI Manufacturing data disappoints; Weak German jobs data blamed on Easter holiday Economic Data (EU) ECB: €606M borrowed in overnight loan facility v €619M prior; €789.3B parked in deposit facility v €794.0B prior (Monday) (IN) India Apr Markit Manufacturing PMI: 54.9 v 54.7 prior (DE) Germany Mar ILO Employment (Seasonally Adj): 41.459 v 41.406M prior; Unemployment Rate: 5.6% v 5.6% prior (SE) Sweden Apr Swedbank PMI Survey: 50.2 v 50.5e (PL) Poland Apr Manufacturing PMI: 49.2 v 49.5e (HU) Hungary Mar Producer Prices M/M: +0.2% v -1.3% prior; Y/Y: 6.4% v 6.7%e (NO) Norway Apr PMI: 53.7 v 57.0e (TR) Turkey Apr Manufacturing PMI: 52.3 v 49.6 prior (ES) Spain Apr Manufacturing PMI: 43.5 v 43.6e (three-year low) (TH) Thailand Central Bank leaves Benchmark Interest Rate ...

Global finance chiefs pressed Europe in weekend talks to quickly put in place the economic reforms needed to finally extinguish its debt crisis now that newly increased financial buffers have bought some precious time. A day after advanced and emerging countries agreed to double the firepower of the International Monetary Fund to help contain the crisis, the IMF's governing panel said on Saturday that the 17-nation euro area must cut government debt burdens further, push bold economic reforms and stabilize financial systems. Debt problems will resurface and growth will stumble unless these steps are taken, the head of the IMF's governing panel, Singapore's finance minister, Tharman Shanmugaratnam, warned. An uneasy calm returned to world financial markets after the Greek crisis subsided ...

(Reuters) - Global finance chiefs pressed Europe in weekend talks to quickly put in place the economic reforms needed to finally extinguish its debt crisis now that newly increased financial buffers have bought some precious time. A day after advanced and emerging countries agreed to double the firepower of the International Monetary Fund to help contain the crisis, the IMF's governing panel said on Saturday that the 17-nation euro area must cut government debt burdens further, push bold economic reforms and stabilize financial systems. Debt problems will resurface and growth will stumble unless these steps are taken, the head of the IMF's governing panel, Singapore's finance minister, Tharman Shanmugaratnam, warned. An uneasy calm returned to world financial markets after the Greek ...

In the euro area, the main focus will be on PMI manufacturing and services for March (advanced reading) to see the progress of the economy's key sectors in the first quarter. Estimates refer to a widening contraction to 49.8 from 49.3 in February, according to PMI composite. Despite the approval of a second bailout package for Greece, still there are concerns that Greece might not be able to cut its debt to target or other euro area peripheral nations may follow the Greek scenario. The Greek parliament voted for a second bailout of 130 billon euro with 213 lawmakers for and 79 against in the 300-member chamber. Yesterday, Ben Bernanke, Fed's Chairman, said although pressure from debt crisis had eased causing improvement in financial markets worldwide, the old continent has to ...