From Reuters Spain is expected to ask Europe for help at the weekend with recapitalizing its stricken banks, EU and German sources said on Friday, becoming the fourth country to seek assistance since the euro zone’s debt crisis began.
Here is what I am reading: Yellen Gives a Green Light (Tim Duy’s Fed Watch) Spain calls for new tax pact to save euro (The Guardian) Time for another look at portfolio protection (MarketWatch) Merkel Lowers Expectations for Quick Euro Fix (Spiegel Online) Some Questions to Ask Mr. Dimon (NYT DealBook) The Eurozone’s Architects Have…
For the first time since November 2008, the People’s Bank of China has cut the key lending rate by 25 basis points. “The changes indicate mounting concern in Beijing over slowdown of growth,” said Credit Agricole CIB economist Dariusz Kowalczyk in a report. Like other emerging economies, the Chinese economy is also feeling a drag and…
Paul Krugman thinks that by doing nothing, ECB is destroying the euro and is trying to put itself out of business. Oh, and survey data suggest that the euro area economy is really plunging now, plus Spain is on the brink. What about inflation? It’s falling fast — which is a bad thing under the circumstances. I…
Here is what I am reading: ‘Simplistic Keynesians’ still right about the economy (The Economic Policy Institute) Panic has become all too rational (FT- Martin Wolf) Rich Nontaxpayers (NYT – Bruce Bartlett) Is America Healing Fast Enough? (Project Syndicate) May U.S. Jobs Numbers; Proof Real Trouble Just Beginning (Profit Potential) Possible Deal Takes Shape on…
AIG CEO Robert Benmosche thinks that it is a good time to use the current financial crisis, which was fanned to a large degree by his company, to increase the retirement age. How could those structural iron and steel workers stop erecting metal and precast concrete components for buildings, bridges, dams, and highway guard rails at a young…
Here is what i am reading: Is America tipping toward a British system of government? (Reuters) Europe’s Fade Becomes Drag on Sales for U.S. Companies (The New York Times) Singapore Family Sedan Matches Cost of a U.S. Home (Bloomberg) Michael Lewis on luck and entitlement (The .Plan: A Quasi-Blog) Misguided “Fiscal Cliff” Fears Pose Challenges…
The Finance chiefs of the Group of Seven leading industrialized powers will hold emergency talks on the euro zone debt crisis on Tuesday. It could be a good thing or just another whimper. The news and statement do not provide too great a comfort. It may just be more of the same medicine. They effectively ruled out…
Last month the Reserve Bank of Australia (RBA) cut rates by 50 basis points. If it cuts rates again in its June meeting on Tuesday, Australian banks may still not pass on the full difference to borrowers like last time. The market, on the other hand is rooting for a big cut. Financial markets, however, are already raising their bets that…
Reserve Bank of Australia (RBA) Board is set to meet on Tuesday June 5th and the decision will be announced at 2:30 PM local time (12:30 AM EST). This month, the impact of RBA’s cash rate decision and statement will be felt not only by the Australian equity market but also by its currency. RBA’s current cash…
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