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Greece on the ropes!

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Today’s Data & journal links

Data sheets describing major market metrics, news and a journaling area for trading records in the centre of the pdf.

eurusd | gbpusd | usdjpy | s&p500 | nasdaq | dow jones | goldcrude oil

News and Views in brief

Economy

Greece's government was on the brink of collapse on Thursday, casting doubt on plans to hold a referendum on staying in the euro zone, as European leaders contemplated a Greek exit to preserve their single currency.

Prime Minister George Papandreou chaired an emergency cabinet meeting in Athens, with his finance minister in revolt against a plebiscite, after the leaders of France and Germany gave Greeks an ultimatum to make up their minds.

French President Nicolas Sarkozy and German Chancellor Angela Merkel told Papandreou at a torrid meeting in Cannes that Athens would not receive a cent more in aid until it votes to meet its commitments to the euro zone. Greece was due a vital 8 billion euros installment this month. http://www.reuters.com/article/2011/11/03/us-g-idUSTRE7A20E920111103

Investors don’t see a U.S. recession in the next 12 months, based on dividend swaps that indicate consumption of services may grow 1.8 percent by November 2012.

The annualized forecast as of yesterday held in the 11- month range of 1.8 percent to 2.2 percent, according to the four authors of a National Bureau of Economic Research report. They derived the estimates using “standard forecasting techniques” to calculate equity yields from dividend-swaps contracts, said Jules van Binsbergen, a faculty research fellow at the NBER and one of the authors. http://www.bloomberg.com/news/2011-11-03/dividend-swaps-signal-no-recession-for-u-s-as-european-debt-crisis-boils.html

European leaders could make progress in their drive for a financial transaction tax at a Group of 20 summit this week after French President Nicolas Sarkozy indicated Washington may prove less of a barrier than in the past.

An EU source told Reuters the United States now seemed "less problematic than the UK" in resisting a push led by Sarkozy to create a tax that is at least pan-European to fund development projects in poor nations.

A source in an international development organization told Reuters the United States still opposed the idea in principle but would not block others from going ahead with new taxes.http://www.reuters.com/article/2011/11/03/g20-tax-idUSL4E7M31ZQ20111103

Indexes

European stocks advanced, erasing earlier losses, after Greek Prime Minister George Papandreou’s ruling party split over his call for a referendum on the latest bailout package, sparking speculation the vote may not happen.

Swiss Re Ltd. and Man Group Plc (EMG) gained more than 5 percent after reporting better-than-expected earnings. ArcelorMittal (MT) slumped 1.9 percent after posting third-quarter profit that missed analyst estimates.

The Stoxx 600 climbed 1.1 percent to 239.91 at 10:29 a.m. in London, after earlier falling as much as 1.5 percent. Futures on the Standard & Poor’s 500 Index added 0.5 percent, while the MSCI Asia Pacific Index slid 0.9 percent.http://www.bloomberg.com/news/2011-11-03/european-u-s-stock-index-futures-decline-on-greece-asian-shares-drop.html

Stock index futures pointed to a slightly higher opening for equities on Wall Street on Thursday, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 up 0.1 to 0.2 percent.

The Labor Department is due to release at 8:30 a.m. EDT first-time claims for jobless benefits for the week ended October 29. Economists forecast a total of 400,000 new filings compared with 402,000 in the prior week.

NYSE Euronext, which is still in the throes of seeking regulatory support for its planned $9 billion merger with Deutsche Boerse, cited strong trading and technology sales as being behind a 54 percent rise in its third-quarter profit to $186 million.http://www.reuters.com/article/2011/11/03/us-markets-stocks-idUSTRE7A01NM20111103

Currencies

The euro strengthened against the dollar and yen before Group of 20 leaders discuss the region’s debt crisis at a summit and Mario Draghi addresses his first policy meeting as European Central Bank President.

The shared currency advanced versus most of its major counterparts as European stocks gained, spurring demand for the region’s assets. The currency held gains after an official from Greece’s ruling party said Prime Minister George Papandreou may withdraw his proposal for a referendum on the nation’s planned bailout. The ECB will keep its key rate at 1.5 percent at today’s meeting, according to a Bloomberg News survey.http://www.bloomberg.com/news/2011-11-03/euro-strengthens-against-dollar-yen-ahead-of-g-20-ecb-meetings-today.html

The yuan closed up slightly on Thursday, but at the bottom of its daily trading band, after the central bank set the mid-point at a record high, underlining its intention of letting the currency appreciate at a quicker pace during the Group of 20 meeting in France.

That mirrored the trading pattern on Monday -- the People's Bank of Chinafixed the mid-point at a record high level and the yuan closed at the lower end of its daily trading band, but still up from the previous close.http://www.reuters.com/article/2011/11/03/markets-china-yuan-close-idUSL4E7M31EE20111103

Commodities

Oil rose for a second day in New York, reversing losses as European leaders pressured Greece into proceeding with a rescue package that may stem the region’s debt crisis.

West Texas Intermediate futures on the New York Mercantile Exchange rebounded after dropping as much as 1.8 percent. Led by Germany and France, Europe’s economic and political anchors, the euro’s guardians yesterday cut off financial aid for Greece until an early December vote determines whether it deserves a fresh batch of loans.

“Market sentiment about the success of the rescue package seems to change within hours,” said Carsten Fritsch, a Frankfurt-based analyst at Commerzbank AG, who forecasts Brent crude oil will average $100 a barrel this quarter. “We expect Europe to slip into recession, but it will be just a brief and shallow one.” http://www.bloomberg.com/news/2011-11-03/oil-slides-after-europe-witholds-greek-aid-u-s-crude-stockpiles-increase.html

China reaped its seventh record corn crop in eight years in the harvest now ending. That still won’t be enough to meet demand, driving a fivefold gain in imports as prices head for the highest-ever annual average.

Production reached 189.2 million metric tons in the harvest that began in September, 6.7 percent more than a year earlier, according to a survey of growers in the seven main producing regions carried out by Geneva-based SGS SA for Bloomberg. Imports in the marketing year that began last month may jump to 5 million tons from 1 million tons, according to the median estimate of 10 analysts and traders surveyed by Bloomberg.http://www.bloomberg.com/news/2011-11-03/china-record-corn-crop-still-failing-to-meet-demand-for-feed-commodities.html

OPEC oil producer Qatar is optimistic that the euro zone crisis currently dominating oil market sentiment will be resolved soon, Qatari energy minister Mohammed al-Sada said on Thursday, adding that oil market fundamentals are balanced.

"How the euro zone solves the challenge is dominating the movement in (oil) prices on a daily basis," Mohammed al-Sada told Reuters at an event in Doha. "(But oil market) fundamentals look very good. Supply demand and stock levels are all very healthy. No one is complaining about that." http://www.reuters.com/article/2011/11/03/qatar-oil-euro-idUSL5E7M32N820111103

 

 


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Thu, 11/03/2011 - 14:02 | Link to Comment mjk0259
mjk0259's picture

Just nuke them already when the wind is blowing towards Iran. The radiation will be a better barrier from the Turks then Greece is.

Thu, 11/03/2011 - 13:40 | Link to Comment sgt_doom
sgt_doom's picture

This most egregious offer from the IMF/Euro banksters to Greece almost exactly corresponds to the Treaty of Versailles with Germany after World War I, which led to World War II and Hitler.

(This brilliant comparison was overheard, I cannot take the credit for it, unfortunately!)

The sleazoid pundits keep referring to Greece, and the Greek people, as having "misled" or "lied" in order to gain entrance to the EU.

But wait!  Wasn't it Goldman Sachs who helped the Greek politicians, formerly Goldman Sachs people themselves, to hide their debt in order to gain entrance?

And doesn't that sound exactly like what JPMorgan Chase did with Enron a few years back?  Hiding billions of debt (JPMC's loans to Enron) as commodity trades?

All looks might similar to me!

Thu, 11/03/2011 - 11:05 | Link to Comment joshualarsen
joshualarsen's picture

my best friend's mom makes $77 an hour on the computer. She has been out of job for 9 months but last month her check was $7487 just working on the computer for a few hours. Read about it here LazyCash6.com

Fri, 11/04/2011 - 09:32 | Link to Comment fajensen
fajensen's picture

Could she not do the world a big favour and sell her ass at the bankster parties where the money and the demand for that kind of thing exists - instead of here?

A huge dose of those new Bulgarian "Resistant-to-everything"-VD would thin the heard in the appropriate biblical manner!!!!

Thu, 11/03/2011 - 13:02 | Link to Comment badewann
badewann's picture

josh - what else is new??

we had this stupid text allready months ago (but don´t remember who posted it).

you?

 

 

Thu, 11/03/2011 - 12:51 | Link to Comment 11b40
11b40's picture

Yeah, I saw her working out on her dildo in front of the web cam on Porntube.

Ban this POS right away, please.

Thu, 11/03/2011 - 11:08 | Link to Comment ParaZite
ParaZite's picture

Oh god damn it, did you fucking spammers come from money.cnn.com?

GTFO. 

I don't give a flying fuck about how much your mom makes using her toys on chaturbate.com. 

Thu, 11/03/2011 - 10:53 | Link to Comment Conax
Conax's picture

Greece- "AAHHH! My hair's on Fire! Heelllpp!"

EU -       "Anyone want to buy them a fire extinguisher? Anybody? Bueller?"

Germany- "For cripes sakes, here, take ours, you need this."

Greece- " Noooo! How dare you? We are a great nation, piss off!"

Greece- "AAAAGH!  The fire has spread to my pubes! Helpp!"

Mr. Obvious- Wildly disparate people and nations, with different cultural sensibilities will not blend well under a single banking system and currency. Some work hard and strive for excellence, others are happy to drift. A recipe for frustration.

Me-     Hang it up, disassemble the union, and try to do it peacefully. It was a bad idea in the first place.

 

Thu, 11/03/2011 - 10:32 | Link to Comment MFL8240
MFL8240's picture

"Investors don’t see a U.S. recession in the next 12 months, based on dividend swaps that indicate consumption of services may grow 1.8 percent by November 2012."

 

 

What investors and what consumption.  This is becoming silly to even read this bullshit anymore, everyday depite the facts, these lying bastrds are out to defy logic and enough is enough.

Thu, 11/03/2011 - 10:13 | Link to Comment Thefansdepot.com
Thefansdepot.com's picture

Greece needs an urgent change, it needs a new leader, and help of the  ue

 

www.thefansdepot.com

buy facebok fans

Thu, 11/03/2011 - 10:05 | Link to Comment Cole Younger
Cole Younger's picture

"Greece was due a vital 8 billion euros installment" 

Well if they don't get it, do they default? The referendum is useless if they default before it.

Thu, 11/03/2011 - 09:47 | Link to Comment Quicksilver Will
Thu, 11/03/2011 - 09:02 | Link to Comment disabledvet
Thu, 11/03/2011 - 08:36 | Link to Comment myne
myne's picture

Euro = immovable object (shit).

Reality = unstoppable force (fan).

 

Hear that Mr Eurozone? That is the sound of inevitability... That is the sound of your death... Goodbye Mr Eurozone.

Thu, 11/03/2011 - 13:19 | Link to Comment l.kimbot
l.kimbot's picture

my...name...is...euro......collapses...train decimates

Thu, 11/03/2011 - 08:35 | Link to Comment El Oregonian
El Oregonian's picture

The Euro-Zone seems to be in need a better pitchman, I believe Vince of ShamWOW fame is available...

Thu, 11/03/2011 - 08:13 | Link to Comment xcehn
xcehn's picture

The banksters have read their puppet politicians the riot act. Now it is time for the people of Greece to read all the puppet politicians the riot act and send the banksters to the guillotines.

Thu, 11/03/2011 - 08:08 | Link to Comment John Law Lives
John Law Lives's picture

What efficient markets we now have. Float a rumor, goose the EUR/USD, and let the vacuum tubs spur a rally. Price discovery at its finest...

Thu, 11/03/2011 - 10:52 | Link to Comment donsluck
donsluck's picture

Your chance to SELL your EU stocks!

Do NOT follow this link or you will be banned from the site!