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Originally posted by freetree64
WHOA!!!What just happened to the Dow?????
One minute futures up, then whamo!!!edit on 8-12-2011 by freetree64 because: (no reason given)
In the week ending December 3, the advance figure for seasonally adjusted initial claims was 381,000, a decrease of 23,000 from the previous week's revised figure of 404,000. The 4-week moving average was 393,250, a decrease of 3,000 from the previous week's revised average of 396,250.
The advance number of actual initial claims under state programs, unadjusted, totaled 523,642 in the week ending December 3, an increase of 151,002 from the previous week.
Originally posted by Vitchilo
Drahi killing the IMF rumor?
A day when everything that could go wrong for the euro and eurozone has just gotten worse. Hours away from the completion of the summit, whose failure will unleash a nuclear bomb of serial downgrades by S&P (let along expose frauds such as Sarkozy and Olli Rehn who claim, yet again, that the world will end a solution is found), The Telegraph writes that the summit is already in tatters after a rebellion and threats by Finland, Holland and Ireland are poised to scuttle the summit. Louise Armistead reports that 'Finland’s grand committee said decisions made by the ESM – the eurozone’s permanent bail-out fund set for launch in 2012 – had to remain unanimous, and not changed to the “qualified majority” that French president Nicolas Sarkozy and German chancellor Angela Merkel have agreed. The Finns are backed by the Netherlands, which fears proposals to withdraw veto powers from the ESM is an erosion of democracy and would make it vulnerable to funding bail-outs without recourse. Meanwhile, the Irish want to block plans for the “convergence and harmonisation” of the eurozone’s “corporate tax base”.
Not the headlines Gollum van Rompuy needed at 3:30 am CET, when he was scheduled to have a press conference:
- EU LEADERS AGREE THEY WILL REEXAMINE CEILING OF ESM BAILOUT FUND IN MARCH 2012 - EU DIPLOMAT via RTRS
- TREATY CHANGE LIKELY TO BE DONE AMONG EURO ZONE PLUS OTHER COUNTRIES, BUT NOT AT 27 - EU DIPLOMATS via RTRS
- EU LEADERS AGREED PERMANENT ESM BAILOUT FUND WILL NOT HAVE A BANKING LICENCE -- EU DIPLOMAT
- And the guilty party: An agreement at 27 fell through after British Prime Minister David Cameron demanded concessions that Germany and France were not willing to give, one of the officials said.
Translation: tomorrow's summit is as of now an epic failure. As for the Eurozone lasting through January 1 of 2012, let alone March... good luck.
Ratings agency Moody's downgraded the debt of BNP Paribas, Societe Generale, and Credit Agricole on Friday, saying their creditworthiness was being hurt by the fragile operating environment for European banks.
Moody's cut its ratings on the long-term debt of BNP and Credit Agricole by one notch to Aa3, concluding reviews that began in June and were continued in September. Societe Generale's long-term debt was cut by one notch to A1.
The downgrades were driven by the increasing difficulties the banks were having in raising funding and the worsening economic outlook, Moody's said.