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by Phoenix Capital Research If you happened to simply glance over the headlines in the financial media over the last few months, you’d think the European Crisis was over. In November, no less than France’s Prime Minister, Spain’s Prime Minister, and even Germany’s Finance Minister suggested that the worst is over for the Euro Crisis or that the Crisis as a whole was over completely. Unfortunately for them, the markets don’t seem to [...] Markets Are Tumbling In Europe FTSE 100 6,397 -19 – 0.30% 7,763 -109 – 1.38% CAC 40 3,737 -38 -1.00% FTSE MIB 15,829-1921.20% IBEX 35 8,058 -102 -1.24% Stoxx 600 293-2 - 0.66%
Euro Zone Crisis Is Back — On Multiple Fronts Europe’s finance ministers meeting in Dublin on Friday are facing a renewed crisis on multiple fronts,with a backlash against austerity acting as a gloomy backdrop for negotiations over bailout extensions for Portugal and Ireland, while tackling Cyprus’s botched bailout and growing [...] zerohedge‏@zerohedge Commerzbank’s Kinsella Says BOE Monetary Policy Is Near Limit 4 min zerohedge‏@zerohedge EURUSD oops 1.230 http://finviz.com/futures_charts.ashx?t=6E&p=m5 zerohedge‏@zerohedge Most shorted RUT stocks continue to be squeezed. Note BTH performance since this piece: http://www.zerohedge.com/news/2013-02-21/short-squeeze-hunting-presenting-most-hated-stocks-q1 Euro Crisis Is Coming Back…Again Of course there is no way of knowing how bad or deep the European recession will get, but already the European Central Bank has trimmed its forecasts and made an effort to reassure itself and the world, that ECB monetary policy “will remain accommodative [...] washingtonpost.com Global stock markets were muted Monday as the boost faded from the Federal Reserve’s announcement last week of new measures to energize the U.S. economy. Signs that European governments will take longer than expected to agree the details and set up their banking supervisor also weighed on sentiment By the time the markets closed in Europe, Germany’s DAX was down 0.1 percent to 7,403 while France’s CAC 40 dropped 0.8 [...] From Zero Hedge: When jawboning is stuck on max, and mere talking and exhortations to just “believe” lead to no incremental benefit for PIIGS bonds and the level of the DAX, what is a central planner to do? Why, start, er, fingerboning, and write an extended missive on the future of one doomed utopian vision or another. Sure enough, the former Goldmanite [Mario Draghi] has just released the following op-ed in German [...] FTSE 100 5,530-4-0.08% 6,398-21-0.33% CAC 40 3,095-7-0.22% FTSE MIB 12,510-196-1.54% IBEX 35 6,022-156-2.52% Stoxx 600 2510-0.17%
U.S. 10yr /quotes/zigman/3483607 1.44 +0.01 +0.35% http://www.marketwatch.com/?link=MW_Nav_FP
The Euro Area Downturn Is Getting Worse! The Flash Eurozone purchasing managers index fell to 46.4 in July, which represents the sixth straight month below 50. And a reading below 50 signals contraction. Economists were looking for a reading of [...] Oil /quotes/zigman/2203150 91.45 -1.21 -1.31% http://www.marketwatch.com/?link=MW_Nav_FP# European Markets Are Going To Shambles! Oof. Europe is getting bad. Italy down 2.5%. Meanwhile, peripheral yields are shooting up and yields in the core are collapsing. Read more: http://www.businessinsider.com/european-markets-are-going-to-shambles-2012-7#ixzz219xV1XP6 German lawmaker’s tough talk on Greece sinks euro Spanish government bond [...] The Spanish IBEX 35 and the Italian FTSE MIB got crushed today, after Greek elections failed to reassure markets that anything has changed for the troubled Spain and Italy. Comments from German Chancellor Angela Merkel worsened the blow. She told reporters near the end of European trading that she will not budge on the terms of the Greece aid package. In core Europe, the DAX held on to gains to end just slightly higher, but [...] Markets initially bounced on Monday morning after Greece’s election eased fears that the single currency would break up, but the rally proved short-lived amid persistent uncertainty over the global economy and other eurozone countries. A narrow win for Greece’s pro-bailout party, New Democracy, initially spurred markets higher on hopes that the embattled country has bought more time to remain in the euro. Equities across Europe ticked higher and the euro strengthened, [...] Maria Fekter amplified investors’ fears Europe is far from ending crisis FTSE-100 is 0.34% up; France’s CAC 40 up 0.32%; DAX up 0.39% Spain may have been temporarily saved from a complete economic meltdown with a €100billion bailout – but attention is now turning to Italy who could soon need similar help. Austria’s finance [...] Everything is going down the drain. Major Indexes(Roll over for charts) European shares are in free fall right now, with all major indices down about 2 percent or more. A look at the carnage so far: CAC 40: -2.1% Meanwhile, the euro is also getting killed, briefly dipping to $1.261 before recovering to about $1.266, its lowest value since 2010. Meanwhile, U.S. Treasuries are confirming this risk-off attitude, with yields rivaling lows seen late last year. This comes ahead of an [...] Europe’s financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece’s economy, with a run on its banks bringing an inevitable end to its membership of the euro. As leaders in Athens accepted the need for a new general election to end a national stalemate, the International Monetary Fund said Europe’s leaders should prepare for the possibility of a Greek departure from the single [...] With the Greeks unable to hug it out and new elections (as per Venizelos and Kammenos) all but guaranteed, the probability that Greece will exit just went to 11 on the dial. Markets hiccupped and plunged, giving up all the German GDP gains and then some. EURUSD traded back below 1.2800 – trading 1.2780 as we post, S&P 500 e-mini futures dumped 13 points now below yesterday’s lows, Europe’s DAX took [...] via Bloomberg’s Linda yueh After a long holiday, Europe is back.
And it’s not pretty. The two big weak spots: Spain and Italy are playing catchup with the declines around the rest of the world, reacting to the jobs report and everything else, and it’s not pretty. Italy is off 2%. Spanish stocks are off 1.5%. Both are seeing yields spike. The Italian 10-year bond now yields 5.52% Meanwhile, Germany’s DAX is down 1.4% and France is down 1.6%. Meanwhile, US futures [...] Europe can’t seem to cut a break today.
Just take a look at all the latest headlines:
German industrial production data proved a major disappointment, falling 1.3 percent month-over-month, versus an expected 0.5 percent. Germany is a major exporter to the rest of Europe, and this is the latest sign that contractions in the periphery are starting to affect the European core. Yields on Spanish bonds are at their highest levels since December, before [...] We are saved again by more paper injection/gold and silver rebound to score higher levels Good evening Ladies and Gentlemen: Quite a day day. Europe announced a plan for saving the continent and Greece. Gold was set to be “clocked” as yesterday the gold/silver shares were down from earlier highs coupled with the lackluster performance of silver. These are usually the signals for the banking raid. Sure enough at 3 am, the bankers [...] So much for the stabilization after Thursday’s selloff. European markets have lost early gains, with the FTSE 100, the CAC 40 and the DAX off over 1%. Last night’s unexpected G-20 statement pledging to take strong coordinated actions to support Europe apparently was not convincing. Dow futures point to a negative open, losing early gains of nearly 100 points. Here’s a chart: (Excerpt) Read more at businessinsider.com … Buckle up your seat belts! Market-Ticker.org Seriously. There is persistent chatter about a Greek default over the weekend, which Greece denied, but the denier refused to be named. If it’s not true, then put your damned name on the statement or be considered what you are – liars. Greece failed to place their short-term bill rollover. That’s a declaration by the market that even for short-term paper the market has utterly lost [...] IT’S OVER “Put a fork in it folks. As I write this the DAX is down well over 5% and there are multiple banks that are lock-limit down and have been suspended over in Europe. Greek 1 and 2 year bonds are trading over 50% on yield. That’s not a yield, it’s an implied recovery on a default which the market now says is inevitable. The fraud has [...] From Peter Tchir of TF Market Advisors Is The “Risk-on” / “Risk-off” Trade Starting To Fall Apart? For awhile now, the market has loved to talk about risk-on or risk-off. Occasionally a few outliers exist, but by and large that pattern of everything risky up or down together has been holding. It felt like that is potentially starting to fall apart this week. The first thing that [...] by ZH Such efficiency out of the Greeks for once- not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae: the Greeks did it all on their own. More: “Although it was done discreetly, news that Athens had opened the fund filtered out and was one of the factors that rattled markets across Europe. At one [...] by ZH Another ugly week passes, and it is still only August 20th. What a particularly brutal August this is turning out to be so far, even when compared to many challenging ones in recent and distant years. Although there are many substantive reasons why things are very different, many cannot resist the temptation to make comparisons with 2008. So, I thought I would discuss the [...] by ZH John Noyce is back with his bag of charty goodness in his latest “Charts that matter.” While the whole presentation is provided for our readers’ perusal, the three charts of note are those of the EURUSD (where we observe a potentially bearish Triple Divergence), the DAX, which is an important leading indicator of risk, the USDJPY where following last week’s fireworks, things appear to [...] In attempting to validate today’s futures ramp, brought to your courtesy of government motors and The Sack, Goldman presents the main tangential factors, good enough for a media headline and adjoining irrelevant plotline. Amusing nonetheless. 1. Ireland is trading 40 tighter this morning. headlines suggest some resolution is nearing (EU-IMF loan). Alongside this in the sovereign space, Spanish 10′s and 30′s cleared well enough. Since June 4 Markets since June 4 http://www.philstockworld.com/2010/05/20/thursday-thump-depression-sets-in/ I commented that the riots in Thailand may be the first of many around the world and that “Europe is in full panic mode and is hitting the 2.5% rule at 5am, about 11 am for them – very, very bearish if they can’t hold 2.5% in a day and not very good if they finish near that line anyway. CAC must hold 3,500, DAX 6,000 and FTSE 5,175″ [...] |
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