Today: EUROZONE Crisis News, Nov 25, 2011

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Nov 25, 2011

EUROZONE Crisis News, Nov 25, 2011

Italy Sells 8 Billion Euros of Bills as Borrowing Costs Touch 14-Year High
Bloomberg
Two years into the region's debt crisis, European leaders are struggling to stop its spread and prevent contagion from affecting core countries such as France and Germany. The yield difference between French and German 10-year bonds reached the highest ...
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EU may drop private sector from Stability Mechanism – reports
Newstalk 106-108 fm
It is reported that Eurozone states are considering a move to drop private sector involvement in the European Stability Mechanism. If adopted it would mean banks and not just taxpayers would shoulder some of the costs of bailing countries out. ...
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EU Morning Report - Germany's "nein" to euro bond
Easy-Forex
The euro depreciated against most of its major counterparts as Merkel refused to soften her stance towards a joint eurozone bond. There were expectations that Germany would tone down its resistance after it experienced an unsuccessful bund sale on ...
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Business events and economic reports scheduled for the coming week
Washington Post
... the third quarter, 9 am NEW YORK — The Conference Board releases the Consumer Confidence Index for November, 10 am Tiffany & Co. reports quarterly financial results. BRUSSELS — Eurozone finance ministers meet to discuss the current economic ...
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The Overnight Report: Merkel Unmoved
Ninemsn
The UK actually forms part of "Europe" by being one of the twenty-seven members of the EU, but it is separated by the fact it did not sign up to the eurozone. Indeed, only seventeen members did. In retrospect it should have been one in all in or ...
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Eurozone looks to International Monetary Fund as contagion spreads
The Guardian
Their talks, ahead of Tuesday's meeting of the 17-member Eurogroup in Brussels, came amid reports that Spain's new centre-right government might soon apply for aid from both the IMF and the European Union's main bailout fund, the European financial ...
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The Guardian
Debt crisis: live
Telegraph.co.uk
16.00 Just to flesh out the 14.37 post, here's some more detail on these reports that eurozone nations are considering removing the requirement for the private sector, ie. banks, to share in losses if a country needs a financial rescue from the ...
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Telegraph.co.uk
Morning papers: Be ready if eurozone collapses, banks told
FT Adviser
There is a risk that one eurozone states could leave the single currency bloc, Bank of England policymaker David Miles said in an interview broadcast on ITV late on Wednesday, reports The Telegraph. The sovereign debt crisis showed alarming signs of ...
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FT Adviser
FTSE ends nine-day losing streak
The Press Association
It is too big to bail out and has the potential to sink the eurozone. To add to the gloom, Hungary's debt was downgraded to junk status after a similar move for Portugal on Thursday. The rally was partly caused by reports that private companies will ...
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Greece, Italy, Portugal should leave 'greater Germany' while they can still ...
The Hill (blog)
AFP reports: The European Union demanded Wednesday sweeping powers to override national budgets and proposed issuing joint eurozone bonds to help resolve and prevent a repeat of the debt crisis. "Without stronger governance, it will be difficult if not ...
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Daily Strategic Report
FXstreet.com
by Gavin Grier-Rees - FX Market Report | View company's profile The market is still feeling the shock of the failed German debt auction on Wednesday. The implications for the eurozone are seismic after all, putting a complete fragmentation right at the ...
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Friday newspaper round-up: Euro crisis and Marks and Spencer
ShareCast
LONDON (SHARECAST) - The Telegraph leads with what one of its correspondents describes as the “eurogeddon”, the ongoing catastrophe of the eurozone's debt crisis. The paper reports on yesterday's meeting in Strasbourg between Germany, Italy and France, ...
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Investors cling to political developments in the eurozone for drive in ...
FX-MM
Reports that Dexia bank needed more emergency funding also did not help yesterday's mood. Today, there is very little on the data or event risk calendar and investors will continue to cling to political developments in the euro zone for drive in ...
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Can Gold Help to Resolve the Eurozone Debt Crisis??
Gold Investing News
... extensive gold reserves held by central banks in helping to resolve the Eurozone's economic problems have been pervasive as fear of exposure to the sovereign debt crisis has grown. Reports of the German central bank liquidating some of its gold ...
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Gold Investing News
Indian stock market and companies daily report (November 25, 2011, Friday)
Stock Markets Review
German reluctance to backstop the debt of Eurozone has raised concerns that borrowing costs for the member countries will continue to rise. US bourses remain closed on account of ThanksGiving holiday. The domestic bourses have slightly gained after ...
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HSBC Holdings plc slashes price target Thomas Cook Group plc
Director of Finance online
The Telegraph leads with what one of its correspondents describes as the "eurogeddon", the ongoing catastrophe of the eurozone's debt crisis. The paperreports on yesterday's meeting in Strasbourg between Germany, Italy and France, which markets had ...
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The Week in Review
theTrumpet.com
Hungary asks for IMF loan: Hungary asked the EU and the International Monetary Fund for a “precautionary” rescue, the two organizations reported November 21. Hungary already entered into a €20 billion imf bailout program in 2008. ...
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Rand drops against dollar amid EU debt concern
Knowledge to Action
... for its worst week in two months today (November 25th) as concern about theeurozone's sovereign debt crisis mounted. The South African currency dropped 1.4 per cent and was at 8.5849 to the dollar this afternoon in Johannesberg,reports Bloomberg. ...
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November NFP numbers expected to show improvement in the US labor market
FXstreet.com
... market report with the economy adding up to 110000 jobs in November, compared with 80000 in October, while the unemployment rate remains unchanged at 9.0%." "While the Eurozone economy is heading for recession, the US economy is holding its ground. ...
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Commodity Currencies Underperformed in 2011. What Happened?
DailyFX
Broadly speaking, this brings us to two discrete themes: the slowdown in global economic growth and the lingering Euro Zone sovereign debt crisis. Turning first to global economic growth, it is clear that the markets have been faced with a ...
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Suddenly Commerzbank Is At The Center Of The Storm, As It Tries To Dump ...
Business Insider
If this report is true, investors could begin to hope that this--as well as deteriorating economic conditions and borrowing costs--could lead to a slow change in German public opinion about what kind of action is necessary to stem the eurozone crisis. ...
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Business Insider
British expats braced for collapse of Euro
Telegraph.co.uk
British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. By James Kirkup, Deputy Political Editor As the Italian government struggled to ...
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Telegraph.co.uk
Moody's Downgrade of Hungary's Credit Rating Slammed By Finance Ministry
ThirdAge
The agency's decision was prompted by concern over the Hungarian government's ability to meet its debt reduction targets, as well as the country's vulnerability to external shocks, AP reports. Many of theeurozone's economies – Hungary's main export ...
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ThirdAge
Grasping the financial nettle
C21Media
... by political and economic crises, with the Arab Spring andEurozone problems making headline news - but only one of those stories has caught the imagination of filmmakers heading to documentary festival IDFA this week, as Clive Whittingham reports....
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C21Media
Sensex ends 163 pts down on EU fears; L&T, BHEL up 3.4%
Moneycontrol.com
The market was down for 10 out of the last 12 trading sessions, weighed down by endless eurozone fears, sharp depreciation in the Indian rupee that resulted outflow of foreign money. The Sensex shed nearly 1900 points in 12 days while for the week ...
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Moneycontrol.com
Rupee could plunge to Rs58 per US dollar: HSBC
Moneylife Personal Finance site and magazine
Mumbai: The Indian rupee's slide is likely to continue and the currency could fall to Rs58 per US dollar in the near-term if the economic situation in the Eurozonedeteriorates further, reports PTI quoting an HSBC Bank official. ...
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Juicy Prospective Yields Ahead?
Morningstar
He is right to believe that German Chancellor Angela Merkel and French president Nicolas Sarkozy will do everything they can to hold the eurozone together.Reports that they are planning to reduce the 17 nations to a hard core may find favour with ...
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FTSE remains lower in midday trade with miners weighing
Stock Market Wire
US stock futures moved lower on continuing concerns over the Eurozone, on the day Americans traditionally kick off the Christmas shopping frenzy. Dow Jones Industrial Average futures were down 75 points at 11159, S&P500 futures lost 8 points at 1150 ...
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FTSE breaks nine-day losing streak as banks rally strongly
Stock Market Wire
US stocks were higher in late morning trade as investors shrugged off Eurozoneproblems in the hope that a bright start to Black Friday shopping would improve general sentiment. Approaching the close in London, the Dow Jones Industrial Average was up ...
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European Markets Extend Losses As Debt Concerns Continue To Haunt
RTT News
(RTTNews) - The European markets are extending losses on Friday, as eurozonedebt worries continue to weigh on markets globally. Investors see no immediate end to the crisis, as more discouraging reports pour in. The Asian markets fell and the US index ...
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TSX turns negative on Europe fears
Proactive Investors USA & Canada
Toronto's main market turned lower Friday, taking the lead from US stocks, with energy and metals stocks down as eurozone fears deepened on news of a Belgian debt downgrade. As at 2:30 pm EDT, the S&P/TSX Composite was down 56.0 points, ...
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Proactive Investors USA & Canada
Eurozone in Focus Ahead of Macro Reports - Zacks.com
Eurozone in Focus Ahead of Macro Reports-Italy appears to be taking the necessary steps to muddle through its debt problems.
www.zacks.com/.../Eurozone+in+Focus+Ahead+of+Macro+Re...
Nick Spicer reports from Berlin on the Eurozone - YouTube
German Chancellor Angela Merkel says that Europe could be living through its toughest hour ...
www.youtube.com/watch?v=aC-01CfQR8c
UK banks sharply cut lending to periphery eurozone - report ...
Britain's banks have shrunk their lending exposure to peripheral euro zonecounterparts by a quarter in just three months, the Financial Times reported on ...
uk.ibtimes.com/.../uk-banks-sharply-cut-lending-to-periphery-...
Germany has not ruled out Greek exit from eurozone: Report - The ...
Chancellor Angela Merkel is prepared for the possibility that Greece's new government refuses to carry out the tough austerity programme required of it in return ...
economictimes.indiatimes.com/news/.../10710493.cms
Eurozone in Focus Ahead of Macro Reports - Yahoo! Finance
From Yahoo! Finance: Italy appears to be taking the necessary steps to muddle through its debt problems.
finance.yahoo.com/.../Eurozone-Focus-Ahead-Macro-zacks-6...
EU Morning Report - Germany's "nein" to euro bond
The euro depreciated against most of its major counterparts as Merkel refused to soften her stance towards a joint eurozone bond. ...
www.easy-forex.com/.../eu-morning-report-germanys-qneinq-...
Market Report - Nov. 16, 2011 - CNNMoney
U.S. stocks dropped sharply in late-day trading Wednesday as investors eyed a Fitch report that said that EU contagion could spread to US banks.
money.cnn.com/2011/11/16/markets/markets.../index.htm
German coalition might approve "eurobonds" with conditions: reports
But with the escalating eurozone debt crisis deteriorating, ... group in parliament denied reports that the coalition is loosening their position, ...
news.xinhuanet.com/english2010/world/.../c_122332644.htm
EU may drop private sector from Stability Mechanism – reports
It is reported that Eurozone states are considering a move to drop private sector involvement in the European Stability Mechanism. ...
www.newstalk.ie/.../eu-may-drop-private-sector-from-stability...
Euro Zone Bailout Fund Denies Report It Bought Its Own Bonds
BRUSSELS (Reuters) - The euro zone's bailout fund said on Sunday that it did not buy its own bonds last week, denying a British newspaper report that it spent ...
www.huffingtonpost.com/.../euro-zone-bailout-fund-_n_1091...
Euro Declines Ahead Of Eurozone GDP And Trade Reports
Eurozone GDP and trade balance reports are due out at 5.00 am ET. The economy is forecast to grow 0.2 percent sequentially in the third quarter, the same rate ...
www.rttnews.com/Content/CurrencyMarket.aspx?Id...SM...
EU Morning Report - Euro falls on eurozone debt contagion fears ...
The euro continues to plummet today on fears the eurozone debt crisis will spread to the triple A-rated France after the government's bond yields came under ...
www.easy-forex.com/.../eu-morning-report-euro-falls-on-euro...
EU report paints dire picture of fixing Greek - USA Today
Half of nation's $81 billion in uncollected taxes is caught up in lengthy legal disputes that prevent Greece from getting the funds.
www.usatoday.com/money/world/story/2011-11-17/.../1
Euro Falls On Eurozone Debt Contagion Fears | Daily Fundamental ...
The euro continues to plummet today on fears the eurozone debt crisis will spread... Focus turns to the Labor Market data and November Inflation report where a ...
www.lovingforex.com/.../daily-fundamental-reports.html?...
beyondbrics - Markets
Asean finance ministers and central bank deputies meet in Tokyo. Economic data :Eurozone reports advance November manufacturing, services and composite ...
m.ft.com/beyond.../the-week-ahead-november-21-25?catid...


Bloomberg
European debt crisis spreads, raising danger of currency collapse
Washington Post
Indeed, a senior ECB official on Friday argued that the solution to the crisis lies inEuropean nations linking their tax and spending policies more closely to each other. “To ensure fiscal discipline, all planned deficits of more than 3 percent of GDP ...
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Asian Stocks Drop as Dollar, Bond Risk Climb on Europe Debt CrisisConcern
Bloomberg
European stocks slid earlier as Italy had to pay almost 7 percent to sell six-month bills at an auction today, nearly twice the rate it paid a month ago and the highest since 1997, adding to evidence Europe's debt crisis was spreading to the core ...
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Bloomberg
Euro zone integration may pave way for ECB bond action-officials
Reuters
"We are not far from a point when the disruption in the markets is so big that monetary policy transmission does not work at all," said one euro zone official involved in shaping the euro zone's policy response to the crisis. ...
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Belgium's Credit Rating Cut by S&P on Bank Rescues, Politics
BusinessWeek
Those proposals included 6.6 billion euros ($8.7 billion) of additional taxes even as the European Commission told Belgium to focus on spending cuts to narrow its budget deficit, Alexander De Croo, the leader of the Flemish Liberal party, ...
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Provincial Bonds Ride Euro Exodus to Decade High: Canada Credit
Vancouver Sun
Spreads on Merrill's provincial index widened to 73 basis points yesterday, the widest since June 2009, and more than double the 32 basis-point average since 1992, as underlying federal government benchmarks rallied. “Spreads have been pretty wide ...
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German Stocks Climb, Paring Second Week of Declines for the DAX
BusinessWeek
11 as Italian, Spanish and French bond yields soared, adding to concern the debtcrisis is spreading to the euro area's larger economies. The broader HDAX Index gained 1.1 percent today. Shares fell yesterday after German Chancellor Angela Merkel said ...
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Italian, Spanish Yield Curves Start Looking Greek: Euro Credit
San Francisco Chronicle
Spanish and Italian yields remain near the 7 percent level as Europe's failure to solve the two-year- old crisis threatens the euro's core. Italy's 10-year bonds yield 7.32 percent, 48 basis points less than the country's two-year bonds. ...
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Euro fears push US stocks to 'worst-ever' holiday week
AFP
On Wednesday, a poor German debt auction fueled fears that Europe's fiscal crisis was spreading to the very core of the continent. US markets were closed on Thursday to mark the Thanksgiving holiday, but after reopening on Friday, the week-long fall...
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AFP
German Stocks Rebound, Paring Biggest Weekly Drop in Two Months
BusinessWeek
11 as Italian, Spanish and French bond yields soared, adding to concern the debtcrisis is spreading to the euro area's larger economies. The broader HDAX Index gained 0.5 percent today. Shares fell yesterday after German Chancellor Angela Merkel said ...
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Fitch cuts Portugal rating on high debts, worse outlook
Malaysia Star
The spread to German Bunds also rose more than 100 basis points to 1168. The downgrade of Portugal came after the dramatic deterioration of the euro zone crisisin recent weeks as it spread to bigger countries like Italy and Spain. ...
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