Originally posted by Surfrat
The Foundation for Economic and Industrial Research projection (IOBE) in its quarterly review says Greek economy will shrink 5% this year and unemployment will reach 20%.
The EU Commission and IMF forecasts contraction of 4.7-4.8%
Posted Apr 5, 2012
Last week, the leaders of Brazil, Russia, India, China, and South Africa met in New Delhi for their fourth annual "BRICS" summit. The meeting brought together five countries that together represent 43 percent of the world's population and 18 percent of the world's GDP. (More importantly, the group is currently attracting 53 percent of global financial capital.) When the gathering concluded on March 29, the coalition subtly issued its latest challenge to the increasingly desperate bankers and politicians of the West. They announced more definitive plans to establish a BRICS-focused development bank, to be solely funded by the BRICS countries themselves. Such an institution could allow this emerging bloc to pursue independent policies on the world stage, thereby challenging the global financial dominance of the World Bank and the International Monetary Fund (IMF), which for nearly 70 years have served as powerful monetary levers for Western interests.
European stocks fell in early trading as investors were given their first chance after the Easter break to react to Friday's disappointing US jobs data.
France's Cac 40 index fell 1.5%, while the UK's FTSE 100 and Germany's Dax lost about 1%.
Italian shares fell by almost 3% on media reports the government was about to cut its growth forecast.
Investors also had an eye on mixed Chinese data showing a rise in exports but a sharp fall in imports.
Figures released on Friday by the US Labor Department showed the smallest growth in employment in five months.
The US economy added 120,000 jobs during March, less than the 200,000 widely predicted by analysts.
The figures raised fears about the strength of the recovery in the US economy...
...Meanwhile, the interest rate on Spanish bonds traded in the secondary market continued to rise.
The yield on 10-year bonds hit 5.84%, up from 5.74% on Monday, indicating that investors are getting increasingly concerned about Spain's ability to repay its debts...
Yeah, someone is getting their money's worth and it isn't the common worker. It just amazes me that the MSM keeps acting like we are on the road to recovery. I keep hearing the QE3 rumors (July maybe sooner), the DOW took another dive today, on and on..It is astounding how headlines like this still haven't woken up the other half:
Originally posted by TiM3LoRd
Man they sure are dragging this financial collapse out and getting their moneys worth for it.
Sony doubles forecast of annual loss to $6.4bn
Spain Is on the Bleeding Edge of a New European Crisis
Originally posted by Surfrat
One of the biggest themes in the market this year has been the health of the Chinese economy. Every recent bit of Chinese economic data has sent U.S. stocks and risk currencies on a volatile path both up and down. But a key test will come over the weekend with the release of the HSBC Flash PMI, a measure of private sector manufacturing activity within China. It will be announced late Sunday, making it the first trading event of the week, and it will surely set the tone and tenor for trading on Monday
If China PMI is +50 Buy Aud/$; If -50 Sell Aud/$
China's manufacturing activity contracted further in April, although the sector improved from levels seen in March, a preliminary reading from HSBC showed Monday. HSBC's so-called "flash" Purchasing Managers' Index rose to 49.1 in April, compared with a final reading of 48.3 in March. A reading below 50 shows contraction, while one above 50 indicates an expansion. The improvement in factory conditions in April "suggests that the earlier easing measures [from Beijing] have started to work and hence should ease concerns of a sharp growth slowdown," said Hongbin Qu, chief economist for China at HSBC. He added, however, that additional policy-easing measures were required to support the economy and said HSBC expects monetary and fiscal easing to speed up in the quarter ending June 30. The flash PMI is based on responses from 85% to 90% of those surveyed in a given month.