Republicans continue attacking Obama, Top Secret leaks
June 11 2012 3:19 AM EDT
Among the government secrets leaked to the media in recent months were reports on US cyber warfare against Iran, procedures for targeting militants for drone attacks and the existence of a double agent who penetrated a militant group in Yemen. Republicans have also criticized the administration for disclosing details of the Navy SEAL team that killed al Qaeda leader Osama bin Laden in a raid on his Pakistan hideout last year.
Banque de France cuts Q-2 growth forecast
June 09 2012 3:58 PM EDT
According to Banque de France's monthly economic report, industrial activity declined in May, in particular in the automotive and metalworking sectors. In the short term, the bank forecast points to a slight improvement of industrial businesses, however. Last month, services witnessed an overall decline, especially in the temporary work, transport and hotel-catering sectors. Nevertheless, the bank expects the sector to recover over the coming weeks.
Global Outlook: Reign of the Drachma-Queens
June 08 2012 5:27 PM EDT
It is easy to see why the euro is falling.
Global Outlook: Broken China?
June 08 2012 5:24 PM EDT
As we have long expected, China is beginning to decelerate.
The Rain in Spain
June 08 2012 3:38 PM EDT
Not wanting to leave markets complacent going into the weekend, troubling headlines continue to hit the wires from the common-currency bloc overseas.
Canadian Data ? Housing, Employment, Trade
June 08 2012 10:54 AM EDT
Employment change for May came in 7.7K vs. 10.0K forecast, and April reading of 58.2K. Employment has been mixed few months, but in general total employment trend has been positive: Meantime, unemployment rate was 7.3% as expected and the same as April's reading. This reading has been sliding.
Bernanke Holds Off on Quantitave Easing
June 07 2012 10:40 AM EDT
- Bernanke echoed Yellen's concern for growth, unemployment, view on subdued inflation, as well as the need for maintain a highly accommodative stance of monetary policy - However, he did not affirm Quantitative Easing as many have come to expect after recent economic data. But of course, this method of monetary stimulus should remain in the cards until the pace of recovery picks up...
The People?s Bank of China Cuts Interest Rates
June 07 2012 9:28 AM EDT
- The PBoC cut lowered borrowing costs for the first time since 2008. - The bank cut the benchmark 1-year deposit rate by 25 bps from 3.5% to 3.25% - The 1-year lending rate will fall from 6.56% to 6.31%. - Meanwhile, deposit rates will be allowed to be 110% of the benchmark rate, while lending rate can fall to 80% of the benchmark rate. - This action comes after 3 rate hikes in 2011, and shows that the Chinese government is concerned with the slowdown.
ECB Holds Rates, Euro See-Saws
June 06 2012 4:47 PM EDT
Resisting crisis pressure, the European Central Bank did as expected and held rates steady at 1.0% overnight.
Australia?s Economy Grew 1.3% in 2012 Q1; Australian Dollar Firms
June 06 2012 3:44 AM EDT
The GDP for the first quarter of 2012 in Australia came in 1.3%, beating forecast of 0.5%, and Q4 2011 reading of 0.4%, according to the latest report from the Austalian Bureau of Statistics (ABS). The year-over-year reading came in at 4.3%, while Q4 year-to-year was 3.6%.
China Economy May be Improving
June 05 2012 4:06 PM EDT
New lending by mainland banks picked up slightly last month, mainly boosted by a rebound in infrastructure investments. New loans are estimated to have risen to 700 billion yuan (HK$852.82 billion), up 2.7 percent from April's record low of 681.8 billion yuan, according to the China Securities Journal.
Arab Spring Stalls in Syria
June 05 2012 2:47 PM EDT
Arab leaders called on the international community to speak with one voice and to act with a new seriousness to find a Syrian solution. Speaking at the World Economic Forum on the Middle East, North Africa and Eurasia, taking place on 4-6 June in Istanbul, Turkey, Ahmet Davutoglu, Minister of Foreign Affairs of Turkey, said the Syrian regime is caught in a vicious circle, which is the illusion of autocratic regimes. It is time for the international community to speak with one...
Forex Notes ? Poor European Retail Sales and German Factory Orders
June 05 2012 8:22 AM EDT
European retail sales for the month of April fell faster than expected, coming out -1.0% when economists had forecast a -0.1% reading. This comes after a 0.3% reading in March.
Aussie Dollar fell to new low in May
June 04 2012 12:32 PM EDT
The weekend provided no respite for world markets, with the Australian dollar roaring ahead at 1.10 US cents this time last year now sank to its knees on the back of further weakened forecasts coming out of the United States and downplaying on manufacturing out of China.
US Factory Orders Declined in April for Second Month in a Row
June 04 2012 12:27 PM EDT
Manufacturing data has been stalling, and the latest factory orders report adds to the confirmation that the US economic recover has hit a snag.
Obama blames EU for slow jobs growth, asks Europe to do more, Merkel says no.
June 04 2012 3:25 AM EDT
With Europe's debt crisis cited last week for canceled IPO's, weaker-than-expected Chinese manufacturing figures and a rise in the US jobless rate, Ms. Merkel rejected joint debt issuance in the 17-nation EuroArea as a solution, saying under no circumstances would she agree to Germany-backed Euro Bonds.
This Week on the Economic Front in the USA
June 04 2012 3:21 AM EDT
Factory Orders, April (10:00): 0.1% expected, -1.9% past, revised from -1.5%
Loonie pulled down against greenback by economic data
June 01 2012 11:56 AM EDT
The value of the monetary unit of Canada slipped Thursday against the U.S. dollar as a consequence of underwhelming employment data issued by the U.S.
Soft China Manufacturing data Dragged EUR/USD Lower Ahead of NFP
June 01 2012 8:58 AM EDT
Although it stayed above the 50 level, which technically, but barely shows expansion, this is the sharpest fall in 28 months according to zerohedge.com. Bloomberg's chart above also shows the sharp slide.
Russian Ruble touches 37-month low vs. USD
May 31 2012 2:40 PM EDT
The Russian Ruble fell to a 37-month low Thursday, 1 USD traded for over 33 Rubles on the Moscow Interbank Currency Exchange. The last time the Ruble was traded at that level occurred in April 2009. According to the MICEX website, at the start of the tomorrow trade session at 10 a.m. Moscow time (0600 GMT), the ruble fell below that psych mark briefly and slightly recovered later.