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Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks skidded and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which threatened to deepen the region's debt crisis and hurt an already fragile global recovery.
Nervous investors piled into low-risk U.S. and German government debt, sending their yields lower. The dollar also was favored as a safe haven by investors.
Each euro zone country will have to prepare a contingency plan for the possibility of Greece's leaving the bloc, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5 billion euros in new two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' ...
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Global stocks, euro sag on Greece exit worries
(Reuters) - World stocks stumbled and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5-billion euro worth of new, two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, ...
Title:
Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks and the euro fell on Wednesday as investors shunned riskier assets on worries about Greece's possible departure from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economy.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on a new two-year debt issue amid the absence of new measures from a European leaders' summit in Brussels to tackle the region's debt crisis.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, equity ...
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OECD fears euro woe to snap brittle world recovery
(Reuters) - The United States and Japan are leading a fragile developed world recovery that could be blown off course if Europe fails to contain the damage from its problem debtor states, the OECD said on Tuesday.
It urged euro zone leaders to embrace all options for tackling the crisis, potentially including common bonds to go with the common currency.
In its twice-yearly economic outlook, the Paris-based Organisation for Economic Co-operation and Development forecast that global growth would ease to 3.4 percent this year from 3.6 percent in 2011, before accelerating to 4.2 percent in 2013, in line with its last estimates from late November.
"The global economic outlook is still cloudy," OECD Secretary General Angel Gurria told reporters.
"At first sight the prospects for the global ...
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Risk Aversion Boosts the USD, JPY
USD trading broadly higher (except against the JPY) as the Greek political impasse is raises concerns and increases risk aversion. The IMF remained firm saying that Greece must deliver necessary economic reforms and that it is not acceptable for the country to seek laxer loan terms. German officials are speaking out as well calling the latest developments ‘very worrying' and saying that Greeks must decide whether or not they want to stay in the euro. It is another light day for economic data in the US with weekly mortgage applications rising by +1.7% and March wholesale inventories due out at 1000ET. UST yields continues their descent across the curve with the 10-year yield falling below the 1.80% level as a result of both increased risk aversion and increased speculation of QE3. The ...
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Hawk to dove, trio of Fed officials says no to QE3
(Reuters) - The expectation that moderate U.S. economic growth will continue to create jobs is feeding optimism among Federal Reserve policymakers that they won't need to resort to a controversial third round of bond buying to stimulate the recovery.
A trio of Fed officials -- San Francisco Fed President John Williams, Atlanta Fed President Dennis Lockhart and Philadelphia Fed President Charles Plosser -- spoke with unaccustomed unity in Santa Barbara on Thursday, summarily rejecting further easing unless the economy takes a turn for the worse.
The unity was all the more striking because the three represented the full policy spectrum at the Fed, from the dovish Williams, considered to be among the most employment-focused of Fed policymakers, to Plosser, one of the Fed's most hawkish ...
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Oil little changed in thin, tug-of-war trade
(Reuters) - Oil prices were little changed on Friday in very light, tug-of-war trading, as concerns about economic growth were countered by hopes for additional easing by the Federal Reserve to boost a sputtering recovery.
Brent edged lower and crude rallied late to settle, reducing Brent's premium to its U.S. counterpart, while both contracts posted second consecutive weekly gains.
Prices felt pressure early, after ratings agency S&P downgraded Spain's credit rating. But oil pared losses ahead of U.S. GDP figures that showed growth cooled in the first quarter.
But some investors believe slowing U.S. growth may prompt the Federal Reserve to launch a third round of government bond buying, or quantitative easing, known on Wall Street as QE3.
"Bad news for the economy is being interpreted ...
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Oil falls on U.S. data, but weak dollar supports
(Reuters) - Oil slipped on Friday in tug-of-war trading after an initial estimate of U.S. first-quarter economic growth data lagged expectations, but losses were limited by hopes for additional easing by the Federal Reserve to boost sputtering U.S. growth.
Both Brent and U.S. crude headed for a small weekly gain and traded in relatively narrow ranges as the dollar's weakness and a rise in U.S. consumer sentiment also provided support.
Oil fell after ratings agency S&P downgraded Spain's credit rating, but pared losses ahead of the U.S. GDP figures.
"Bad news for the economy is being interpreted as good news for commodities because it may put QE3 back on the table," said Dominick Chirichella, senior partner at Energy Management Institute in New York. "Whether or not that trade has any ...
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Oil rises on U.S. housing data, Fed optimism
(Reuters) - Crude oil futures rose on Thursday as a solid pickup in U.S. home sales added to economic optimism following the U.S. Federal Reserve's vow a day earlier that it would take further stimulus action if needed to keep the recovery going.
In volatile trade, oil gave up early gains after a weak report on jobless claims, then rebounded to session highs on the housing data.
Oil advanced with a broad rise in key commodities, such as copper, reflected in a 0.40 percent gain in the Thomson Reuters-Jefferies CRB index .CRB.
Overall, oil's gains were limited as data showed economic sentiment in the euro zone fell more than expected in April.
As was the case on Wednesday, the oil markets received support from stronger equities and, to some extent, a weakened dollar, which improved ...
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