STOCK MARKET WATCH, Friday, December 9, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, December 9, 2011

AT THE CLOSING BELL ON December 8, 2011

Dow 11,997.70 -198.67 (-1.66%)
Nasdaq 2,596.38 -52.83 (-2.03%)
S&P 500 1,234.35 -26.66 (-2.16%)
10-Yr Bond... 2.02 +0.05 (+2.28%)
30-Year Bond 3.04 +0.04 (+1.33%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

Dec 09 08:30 Trade Balance Oct -$44.0B -$44.0B -$43.1B
Dec 09 09:55 Mich Sentiment Dec 63.0 65.1 64.1

Read more: http://www.briefing.com/investor/calendars/economic/2011/12/05-09/#ixzz1g2StLjk3

[Roland99]

20. U.S. Oct. trade gap narrows 1.6% to $43.5 bln (lowest for 2011)

[Roland99]

36. Consumer sentiment at six-month high (67.7 vs Dec. 2010 level of 74.5)

[Hotler]

48. It's not in my neighborhood. eom.

[hamerfan]

58. We must live near each other! n/t

[Hotler]

59. Let me buy you a beer. eom.

[Pale Blue Dot]

2. Oil lingers below $98 after disappointing ECB plan

BANGKOK – Oil prices fell below $98 per barrel Friday in Asia as uncertainty surrounded the outcome of a critical meeting of Europe's leaders aimed at solving the continent's debt crisis.

Benchmark crude for January delivery was down 49 cents to $97.85 a barrel in late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.15 to end Thursday at $98.34.

In London, Brent crude was down 67 cents at $107.28 on the ICE futures exchange.

Investors are closely watching Europe's struggles to contain a banking crisis that threatens to spark global financial havoc. Without radical action, the region could tip into recession — reducing energy demand within Europe and among major manufacturing countries like China that export goods to the eurozone.

http://old.news.yahoo.com/s/ap/oil_prices

[Pale Blue Dot]

3. U.S. Stock-Index Futures Gain After EU Summit

U.S. stock-index rose, indicating the Standard & Poor’s 500 Index (SPX) will pare this week’s drop, after European leaders agreed to boost a rescue fund and tighten budget rules to stem the region’s debt crisis.

Cooper Companies Inc., the maker of contact lenses, advanced 3 percent in Germany after its annual profit forecast topped analysts’ projections. Texas Instruments (TXN) Inc. sank 6.4 percent in early New York trading as a sales forecast from the largest maker of analog chips fell short of estimates.

Futures on the S&P 500 expiring in March gained 0.8 percent to 1,240.4 at 11:41 a.m. in London before reports on consumer confidence and trade. Dow Jones Industrial Average Index futures added 95 points, or 0.8 percent, to 12,039.

The S&P 500 has declined 0.8 percent this week after the gauge slid 2.1 percent yesterday as the European Central Bank damped speculation it would boost purchases of government bonds.

“I don’t think there’s much of a disappointment in the summit that we’ve seen overnight,” Otto Waser, chief investment officer at Research & Asset Management AG in Zurich, told Bloomberg Television. “I think we’re right on track. We’re 20 percent where we should be towards fiscal union to rescue the euro.”

http://www.bloomberg.com/news/2011-12-09/u-s-stock-index-futures-gain-after-eu-summit-cooper-companies-advances.html

[DemReadingDU]

17. NPR: 23 European Countries Sign On To Fiscal Pact

12/9/11 23 European Countries Sign On To Fiscal Pact
Linda Wertheimer and Jim Zarroli

After meeting Friday in Brussels until the early morning hours, most European leaders agreed to a plan to move ahead with more budget discipline. Are world financial markets likely to see the talks as a failure or as progress?

audio at link
http://www.npr.org/2011/12/09/143429349/23-european-countries-sign-on-to-fiscal-pact


quotes from the audio...
"Europe is in a lot of trouble"
"The bailout funds are not big enough to handle the debt crisis"

[xchrom]

4. morning...

:donut:

[Tansy_Gold]

10. indeed. . . . .

:donut:

[Ghost Dog]

14. Friday lunchtime looming here...

much business will be left for during/after the weekend, behind closed doors, I guess.

[DemReadingDU]

16. Seems like 2008 again

Lots of rumors, then a late Sunday deal attempting to save the markets before Monday opening.

[AnneD]

35. Morning Marketeers....

:donut: and lurkers. You accurately summed it up GD....It is beginning to look like un-elected technocrats suppose themselves royalty and are planing to run countries based on the corporate business model and not with the peoples will or best interest in mind.

As we have discovered, too big to fail has not been good for middle class average folks. So someone needs to explain to me how this current scheme for the EU debt crisis bailout will be an improvement.

I think our politicians in the US secretly wish they had that kind of authority. They have to deal with the Declaration of Independence and the pesky Bill of Rights. Over the last 10-15 years they have been chipping away at it. The last 8 years have been the worst. I fear that Posse comitatus is not too far behind as we are in a police state now.

The only problem with the US politicians scheme is that folks here are armed. And our founding fathers specified that provision for a reason. Like it or not, it is our history and heritage. People forget that until 400+ years ago this was a wild and dangerous wilderness. My mom told me that her grandfather attended a hanging in the early 1900's. Our population is not so tamed as of yet as we are fairly new.

As time goes on, I fear that we will see violence on our soil again. There is a large population outside the beltway that are growing impatience with way thing are running. There has been no justice. As the quip goes...No Justice, no Peace. Know Justice, know Peace. Folks are getting tired of waiting for justice and the OWS is only a symptom. Try as they might, TBTB and their lapdog media will not gloss over the fact that this country is being screwed over by the banks. It is starting to seep in.

Happy hunting and watch out for the bears.

[dixiegrrrrl]

52. We are getting the technocrat behavior over here, too.

MOre and more The Fed is out in front making fiscal policy.

The Super Committee was set up to avoid input from votes and most of Congress.

In the states, a lot of Repug governors have been quietly privatizing public services and utilities, roads, etc.

And of course there is ALEC, the legislation it has written are now being put into laws in many states.

[AnneD]

53. My point being...

if they don't represent our interest (vote), let us just cut the position and save money. We need teachers and other public employees a hell of a lot more than we need governors, and congressmen. Just get rid of that excess fat and Run the US by supercomittee. At least if the don't come up with consensus, tax cut are equal and we will finally cut the defense budget.:thumbsup:

[xchrom]

5. europe: French bank ratings downgraded again by Moody's

http://www.bbc.co.uk/news/business-16105237

Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money.

The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1.

The move follows a previous rating cut by Moody's for Credit Agricole and Societe Generale in September.

"Liquidity and funding conditions have deteriorated significantly" for each of the banks, Moody's said, adding that the problem was likely to worsen.

[Ghost Dog]

8. UK isolated as Europe moves ahead on fiscal union

BRUSSELS (Reuters) - Europe divided on Friday in a historic rift over building a closer fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to forge ahead with a separate treaty, leaving Britain isolated...

... After 10 hours of talks, all 17 members of the euro zone and six countries that aspire to join resolved to negotiate a new agreement alongside the EU treaty with a tougher deficit and debt regime to insulate the euro zone against the debt crisis...

... "It's going to be the basis for a good fiscal compact and more discipline in economic policy in the euro area members," Draghi said. "We came to conclusions that will have to be fleshed out more in the coming days." ...

... Sarkozy and Merkel said the intention was to forge an intergovernmental treaty among the euro zone countries and any others that wanted to join. They indicated that could be up to 25 countries in all, with only Britain and perhaps Hungary left outside the tent for now.

/... http://news.yahoo.com/eu-leaders-agree-fiscal-pact-treaty-change-035239179.html

EU suffers worst split in history as David Cameron blocks treaty change

Britain was left isolated this morning with just three other countries, Sweden, Hungary and the Czech Republic, as an exultant Nicolas Sarkozy hailed a “historic” breakaway “euro plus” bloc that would pursue fiscal and economic union via a new treaty outside the EU.

The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EU’s members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency. But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a “protocol” giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis...

... President Sarkozy said that British demands had been “unacceptable”.

“We would have preferred a deal at the level of the 27,” he said. “That wasn't possible taking into account the position of our British friends. In order to accept treaty revision among the 27 EU states, David Cameron asked us - something we all judged unacceptable - for a protocol to be inserted into the treaty granting the United Kingdom a certain number of exonerations on financial services regulations.

"We could not accept this, since we consider, quite on the contrary, that a part of the world's woes stem from the deregulation of the financial sector.”

/... http://www.telegraph.co.uk/news/worldnews/europe/eu/8945155/EU-suffers-worst-split-in-history-as-David-Cameron-blocks-treaty-change.html


See also: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5084982

[Ghost Dog]

11. British Bankers want more EU votes.

The British Bankers Association says it is "pleased" about EU summit announcement which puts euro zone on more stable footing. The organisation also says: "The UK has most of the EU's financial business, but we have a minority of the votes."
by Reuters_RossChainey 11:47 AM

...

The Daily Mail's political editor, James Chapman (@jameschappers), tweets: Former Europe minister Denis MacShane: "There is now little point in Britain staying in the EU... It is an historic turning point". Gosh.
by Reuters_RossChainey edited by Reuters_RossChainey 11:39 AM

/... http://live.reuters.com/UK/Event/Buzz_from_the_European_Summit

... 'Ordinary' human voters (citizens) get zero votes, meanwhile...

[xchrom]

18. +1

[Ghost Dog]

43. Torygraph's Evans-pritchard is beside himself. EU "reduced to a shell" without UK!

(classic Fog in Channel: Continent Isolated case. I see little debate so far on the issue of financial system regulation in the anglo-saxon msm, just the typical pro-City spin). - and see DU here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5085043

The leaders of France and Germany have more or less bulldozed Britain out of the European Union for the sake of a treaty that offers absolutely no solution to the crisis at hand, or indeed any future crisis. It is EU institutional chair shuffling at its worst, with venom for good measure.

It is risky to reach instant conclusions on a fast-moving story but it looks as if the EU may soon be reduced to a shell, with a new union forming among the core.

Much has been said about whether David Cameron handled this well or badly. I leave that debate to my colleagues. What strikes me as a former EU correspondent is how threatening this is to the EU Project itself...

... Did France and Germany really have to cause this rift by throwing in an assault on the City that has precious little do with the EMU crisis? Yes, I suppose they did...

/... http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100013758/europes-blithering-idiots-and-their-flim-flam-treaty/


Deregulation in the City has precious little to do with the crisis, huh. Everybody knows.

[xchrom]

9. Mortgage lending wilted in autumn {uk}

http://www.bbc.co.uk/news/business-16109139

Mortgage lending was squeezed further in October - with 10% fewer home loans given to first-time buyers than in the previous month, lenders have said.

There were 44,500 mortgages advanced for house purchases in the month, a fall of 8% compared with September, the Council of Mortgage Lenders (CML) said.

Loans to first-time buyers fell by 10% and they had to find a deposit of 20% of a home's value, on average.

Mortgage lending has been subdued throughout the year.

[xchrom]

12. Brussels deal fails to end uncertainty over spreading crisis

http://www.guardian.co.uk/business/economics-blog/2011/dec/09/brussels-deal-fails-end-uncertainty

The tentative response from the financial markets speaks volumes. Nobody is really sure whether the deal thrashed out overnight in Brussels is really the big breakthrough hoped for in advance of the summit. It doesn't look like it, at least not yet. But the talking goes on.

Three things we do know.

The first is that the European Union, probably through their central banks, will provide money for the International Monetary Fund so that the IMF can lend it back to the vulnerable parts of the eurozone. This won't be official, because money for the IMF is supposed to go into a general pot and be available to any country, but in reality up to €200bn (£170bn) will head across the Atlantic and back again.

The hope is that this will boost the fire power of Europe's bailout fund, giving it the capability to fend off attacks on Italy and Spain, where bond yields were – worryingly – rising this morning. It has become quite clear in recent months that the European Financial Stability Facility is insufficiently funded to deal with the spreading sovereign debt crisis and support from the IMF will help. Even so, it may not be enough.

[xchrom]

13. UK trade gap shrinks by biggest amount in more than 10 years

http://www.guardian.co.uk/business/2011/dec/09/uk-trade-gap-shrinks-biggest

The biggest fall in Britain's trade deficit in more than a decade and an easing of inflationary pressure provided the chancellor, George Osborne, with a double dose of welcome economic news.

Figures released by the Office for National Statistics (ONS) showed sharply rising exports, and a decline in imports cut the trade gap from a record £10.2bn in September to £7.6bn in October, the biggest narrowing in a single month since modern records began in 1998. City analysts had been expecting a drop to £9.4bn.

Providing some hope for ministers that the much-sought-after rebalancing of the economy is under way, exports rose by more than £2bn in October to £26.5bn while the UK's import bill fell from £34.6bn to £34.1bn.

Britain's traditional strength in services resulted in a trade surplus of more than £6bn in October in activities such as banking and insurance. As a result, the deficit in goods and services combined contracted from £4.3bn to £1.6bn.

[Ghost Dog]

15. Bundesbank cuts 2012 GDP growth f'cast to just 0.6 pct

BERLIN, Dec 9 (Reuters) - Germany's resilience to the
debt crisis engulfing its neighbours looked to be disintegrating
after data showed exports posted their biggest fall in half a
year in October, and the Bundesbank forecast a lean winter and
feeble growth next year.

With many euro zone members in danger of sliding into
recession by the end of the year, a monthly economy ministry
report said Germany's own momentum would slow in the fourth
quarter and that weakness in manufacturing and construction had
spread to the service industry.

The Bundesbank slashed its 2012 growth forecast to 0.6
percent, a third of the 1.8 perecent growth it had predicted six
months ago and below a government forecast of 1 percent.

"The crisis in public finances in a number of euro-area
countries, the ensuing uncertainty and general economic slowdown
are increasingly placing a strain on economic activity in
Germany," the German central bank said.

/... http://www.reuters.com/article/2011/12/09/germany-trade-idUSL5E7N92IB20111209?rpc=401&feedType=RSS&feedName=bondsNews&rpc=401

[dixiegrrrrl]

34. Yet ignoring ratings of the USA banks that are so tied to the European banks.

[Demeter]

38. Because the Fed and the Treasury Backstop Our Local Banksters

they can lose money with impunity....even steal it, apparently, plus people's houses, too.

[xchrom]

6. asia: China's inflation rate falls to 4.2% in November

http://www.bbc.co.uk/news/business-16104332

China's rate of inflation has fallen in November to its slowest pace in 14-months.

Consumer prices rose at 4.2% compared with the same month last year, the National Bureau of Statistics said on Friday.

Inflation was at 5.5% in October, after hitting a three-year high in July of 6.5%

Analysts said this creates more room for authorities to ease monetary policy and encourage economic growth.

[xchrom]

7. Toyota Motor halves profit forecast due to Thai floods

http://www.bbc.co.uk/news/business-16105566

Toyota, Japan's largest carmaker, has halved its profit forecast for this year due to disruptions caused by Thailand's floods.

It now expects a net profit of 180bn yen ($2.3bn; £1.5bn) for the year ending 31 March 2012.

The firm issued its previous forecast of a 390bn yen profit in August.

It withdrew the forecast last month after supply disruptions of some crucial parts halted production at factories in 10 countries.

[xchrom]

19. Will Popular Reformer Cuomo’s Plan Tax the 1 Percent?

http://www.truthdig.com/report/item/will_popular_reformer_cuomos_plan_tax_the_1_percent_20111208/

Held aloft by the highest approval ratings of any governor in America, Andrew Cuomo scarcely seemed to worry about angering his state’s progressives, who were disappointed by his refusal to extend a state surtax on New York’s millionaires. But in what may come to be regarded as a watershed moment in his tenure, Cuomo now plans a sweeping tax reform that is expected to demand more, not less, from the state’s wealthiest, while reducing the burden on the middle class—in the name of “fundamental fairness.”

Over the weekend, rumors of a shift in Cuomo’s anti-tax position began to circulate, confirmed on Monday morning when his office dispatched a short essay by the governor to newspaper editors around the state arguing that New York’s current tax code is “unfair” to the middle class and inhibits economic growth.

Rather than the expiring surcharges, which Cuomo castigates for raising the taxes of families making $200,000 a year—“hardly millionaires,” as he put it—his proposed new system would add higher brackets at the top end and lower brackets in the middle. Although he didn’t offer details yet, his aims are clear enough:

“First, we need to reform the code in a way that creates jobs and grows our economy. To do that, we need to put more money in New Yorkers’ pockets and inject it back in to the economy. There are also tax credits that can incentivize private-sector job growth.

[xchrom]

21. States where the most unemployed could lose benefits

http://bottomline.msnbc.msn.com/_news/2011/12/06/9246779-states-where-the-most-unemployed-could-lose-benefits

By Charles B. Stockdale, 24/7 Wall St.

Nearly 2 million Americans currently receiving unemployment benefits stand to lose coverage this January if Congress does not extend the emergency federal unemployment insurance program. 24/7 Wall St. has reviewed a study by the National Employment Law Project to identify the ten states where the most people could lose benefits.

The supercommittee was responsible for extending the unemployment benefits. The group was supposed to reach a federal debt-reduction agreement that would have included an extension of the federal unemployment insurance for people who have run out of state-level benefits. Since the supercommittee failed to reach an agreement, the federal programs will expire on December 31 unless Congressional lawmakers renew it.

24/7 Wall St.: Richest (and poorest) states in America

A similar uncertainty existed last year, before federal benefits were eventually extended. However, a sharply divided Congress may find it even more difficult to extend benefits this year. Rebecca Dixon, policy analyst at NELP, told 24/7 Wall St. that “If Congress fails to renew unemployment insurance benefits, 6 million hardworking Americans struggling to get back on their feet will lose their emergency lifeline. These modest payments are vital to keeping these workers and their families afloat while they search for work in the worst job market since the Great Depression.”

Despite recent declines in the national rate, unemployment is still a huge problem in the U.S. The rate has remained around 9 percent for three years, well above 2008’s 5 percent rate. Worst still, 42 percent of the unemployed are currently “long-term unemployed,” meaning they have exhausted all state unemployment benefits, received before federal benefits and usually lasting for 26 weeks. This accounts for approximately 6 million people. If the federal program expires, 1.8 million people who either currently collect federal benefits or are to begin collecting them in January will be completely cut off.

[Demeter]

22. Anyone Feeling Optimistic and Cheerful?

Kindly keep it to yourself....we need a hung-over smilie. Not that I'm hung over with spirits, but the lack thereof...

Any artist, theme, flick, or book for the Weekend? Get your idea in print! Electrons? Whatever.

[Fuddnik]

29. How about "The Hangover"?

I just finished watching "Democracy Now". They're broadcasting from the climate change conference in South Africa. I missed yesterdays show, but they were talking about an interview on the show yesterday, with one of James Inhofe's staffers. He referred to our beloved Dear Leader as Barack W. Bush. "We never imagined that he would be so good on the climate change issue".

I've got a hangover.

on edit: I think I'm going to spend the whole day drinking. I have have this blog post working through my head, and it ain't pretty. It's in the mid-70s today, and I could throw the laptop in the saddlebags and head over to the bar for inspiration. But, then I'd never get home. Maybe if I walk there, and wait for the wife to get off work......

[Demeter]

32. I haven't seen it or heard about it

Any good?

[Fuddnik]

33. The first one was decent. Haven't seen the sequel.

It reminds me of some exploits in my younger days. Although, I've never kidnapped Mike Tyson's pet tiger. But, I probably would have.

[Hotler]

49. Hangover is a hoot. eom.

[Demeter]

23. Wolfgang Münchau: The only way to save the eurozone is to destroy the EU

So we have two crises now. A still-unresolved eurozone crisis and a crisis of the European Union. Of the two, the latter is potentially the more serious one. The eurozone may, or may not, break up. The EU almost certainly will. The decision by the eurozone countries to go outside the legal framework of the EU and to set up the core of a fiscal union in a multilateral treaty will eventually produce this split.

I wrote in October that a time will come when the interests of the eurozone will not only collide with those of the non-eurozone, but with the EU itself. We are now at that point.
On Thursday night, Angela Merkel and Nicolas Sarkozy clashed with David Cameron in a familiar Britain-versus-the-rest diplomatic standoff. That itself is not new. But a determination to go outside the treaty to overcome the disagreements adds a new dimension to this long-lasting dispute.

Read more >>
http://link.ft.com/r/M2ZOXX/SPOF63/EKRAI/KQJKPB/DWJ4FU/SN/t?a1=2011&a2=12&a3=9

I DON'T QUITE SEE HIS POINT...I THINK HE'S SPLITTING A HAIR THAT WILL NOT SURVIVE THE PROCESS.

[Demeter]

30. EU policymakers struggle to square circle

Germany’s determination to push Europe into potentially tortuous negotiations and ratifications of treaty changes has raised fears in Brussels

Read more >>
http://link.ft.com/r/J0VG55/DWJZX4/WH2F8/AMWFUS/PFBQDS/SN/t?a1=2011&a2=12&a3=9

[Demeter]

31. Cameron faces showdown with Sarkozy

French label City summit demands ‘unacceptable’ as EU leaders push Merkel to agree €150bn in IMF funds
Read more >>

http://link.ft.com/r/J0VG55/DWJZX4/WH2F8/AMWFUS/TUORQW/SN/t?a1=2011&a2=12&a3=9

SINCE "THE CITY" CAUSED THIS MESS, AS WELL AS AIG AND LEHMAN'S, I SAY GIVE THEM NOTHING!

[Demeter]

42. EU leaders fail to agree treaty changes

Leaders of the European Union’s 27 countries failed to agree to change the EU’s treaties in order to implement tighter fiscal rules and instead chose to create a new intergovernmental treaty which will likely have less teeth and be negotiated only among 23 of the bloc’s members.

Despite the division – which will leave Britain and Hungary out of the new pact, with the Czech Republic and Sweden still weighing participation – Mario Draghi, the European Central Bank president, signalled his approval, a key vote of confidence that could allow the ECB to move more aggressively in eurozone bond

markets.
Read more >>
http://link.ft.com/r/NA70KK/IIP42Q/Q38E1/JESXN0/XH2PYT/XL/t?a1=2011&a2=12&a3=9

[Demeter]

44. IMF must play its part in any euro solution

European leaders will meet on Thursday and Friday for yet another “historic” summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last meeting convened to deal with the financial crisis.

If public previews from France and Germany are a guide, there will be commitments to assuring fiscal discipline in Europe and establishing common crisis resolution mechanisms. There will also be much celebration of commitments made by Italy, and a strong political reaffirmation of the permanence of the monetary union. All of this is necessary and desirable, but the world economy will remain on edge.

Read more >>
http://link.ft.com/r/UXDMSS/2O4TML/T10SH/U1HQOO/YBAUZC/28/t?a1=2011&a2=12&a3=8

[Demeter]

54. Sure, Let the IMF in to Play

Too many cooks, and all that

[Demeter]

24. European banks have €115bn shortfall

Commerzbank is facing nationalisation after regulators said the German bank must raise an additional €5bn of capital to meet new requirements

Read more >>
http://link.ft.com/r/IOCBMM/WT2P1J/9MEOW/ZGO1A6/II3WZO/ID/t?a1=2011&a2=12&a3=9

[Demeter]

25. Exercise catches German banks off guard

The European Banking Authority’s latest assessments of financial strength have left some European lenders with a bigger capital shortfall

Read more >>
http://link.ft.com/r/IOCBMM/WT2P1J/9MEOW/ZGO1A6/FKRMVA/ID/t?a1=2011&a2=12&a3=9

[Demeter]

27. Lloyds chief is having to reapply for own job

Bank is set to hold a board meeting at which it will decide whether António Horta-Osório, who went on medical leave, can credibly return to work

Read more >>
http://link.ft.com/r/IOCBMM/WT2P1J/9MEOW/ZGO1A6/5VX8LG/ID/t?a1=2011&a2=12&a3=9

[Hotler]

50. Not without a note from his doctor. eom.

[Demeter]

45. German banks weakest in stress tests

Germany’s Commerzbank is facing the prospect of nationalisation, following updated stress test figures from regulators at the European Banking Authority, which nearly tripled the capital shortfall of the German banking sector.

The stress test, which pushes up the Europe-wide deficit from €106bn in October to €115bn now, shows that Commerzbank must raise €5.3bn of equity to come into line with the 9 per cent core capital ratio that EBA is demanding by June 2012.

Read more >>
http://link.ft.com/r/H60H77/U1CRTS/7ZY85/II9ZNF/EXJ7JP/XL/t?a1=2011&a2=12&a3=8

[Demeter]

41. ECB launches new support for banks

Europe’s banks have been locked out of traditional funding markets, unwilling and in some cases unable to tap investors for new liquidity

Read more >>
http://link.ft.com/r/J0VG55/DWJZX4/WH2F8/AMWFUS/B5Q261/SN/t?a1=2011&a2=12&a3=9

[Demeter]

26. Wells Fargo pays $148m to settle bond case

Bank admits wrongdoing in allegation of rigging bids for US municipal notes as SEC rejects criticism of ‘non-admission‘ practice

Read more >>
http://link.ft.com/r/IOCBMM/WT2P1J/9MEOW/ZGO1A6/HYN4AP/ID/t?a1=2011&a2=12&a3=9

[Demeter]

28. Hedge funds braced for worst year since 2008

Industry is set for its second-worst performance in two decades with only a few tactical traders managing to do well in volatile markets

Read more >>
http://link.ft.com/r/IOCBMM/WT2P1J/9MEOW/ZGO1A6/4CWG1P/ID/t?a1=2011&a2=12&a3=9

[Ghost Dog]

37. Stocks in Europe Advance as China Plans $300 Billion Investment Vehicle

European stocks climbed, trimming a weekly decline for the Stoxx Europe 600 Index, after a report said China’s central bank plans to set up $300 billion of funds to invest overseas.

... The Stoxx 600 jumped as much as 1.4 percent after Reuters reported China will create a new investment vehicle to improve returns on its foreign-exchange reserves. The vehicle will operate one fund targeting investment in the U.S. and another focused on Europe, Reuters reported, citing an unidentified person with knowledge of the matter.

/... http://www.bloomberg.com/news/2011-12-09/stock-futures-decline-in-europe-u-s-after-eu-accord-on-tackling-its-debt.html

So, is this just an 'convenient' rumor or some of the plan revealed? Put about by whom?

http://uk.reuters.com/article/2011/12/09/uk-markets-britain-stocks-idUKTRE7B70D120111209

[Roland99]

39. About 80-90% shy of where it would need to be.

Might as well call it EFSF-Asia.

[Demeter]

40. Is that why the DOW is up?

Haven't they ever heard the saying: Beware of "ANYBODY" bearing "gifts"?

[kickysnana]

47. Congress adjurned without extending unemployment and tax holiday

Now a thinking person knows that people without money to not spend money but doesn't Wall Street always react this way to such news?

[Demeter]

55. It must be a Death Wish

on the part of the GOP.

[Ghost Dog]

46. Equity markets not spooked by outcome of EU summit

4.54pm: So after all that, the equity markets haven't really been spooked by the outcome of the EU summit (pace those that believe the real story is in the bond markets - more on them in a moment).

The FTSE 100 has finished 45.44 points higher at 5529.21, with banks making up the top three risers. Lloyds Banking Group is up 6%, Barclays and Royal Bank of Scotland 5%. It seems incredible we've got so used to the fact the banks see such volatile daily moments...

Over in Europe Germany's Dax is up 2%, France's Cac is 2.4% higher, Spain 2.2%, Portugal 1.6% and Italy up 3.4%. Oh yes, and Wall Street is currently around 160 points higher.

And in the bond market, Italian yields have edged 0.148 points lower to 6.379%, while Spain is 0.034 points lower at 5.79%.

/... http://www.guardian.co.uk/business/2011/dec/09/european-leaders-brussels-summit-talks-live

[Demeter]

56. The Pirates Have Called for a Parley

Trying to figure out whether they can take another run against which target.

They won't stop until the world has crashed down around their ears...regardless of what didn't quite happen last weekend.

[Hotler]

51. k&r n/t

[Demeter]

57. Have I Got a Topic For the Weekend!

Came across an interesting anniversary--it may not go platinum, but it's whang in the gold!

Now I need some arty angle to go with it....

And remember, it's Euchre Night, so don't expect anything until 10PM or so, EST.

[dixiegrrrrl]

60. I gots to WAIT??!!????

[Ghost Dog]

61. I could not more strongly recommend watching this video interview while you wait,

dixiegrrrrl!

Engineering the Eurozone Collapse (F. William Engdahl): http://tv.globalresearch.ca/2011/12/engineering-eurozone-collapse

[kickysnana]

62. Oh darn, is it Friday already? I didn't reply to your question from last weekend yet.

I need a do over of this week.

Enjoy your evening.

[nc4bo]

63. Anyone know which DU3 forum SMW will call home?

Looks like the DU2/DU3 transfer plans are accelerating and I'd hate to miss out on the SMW threads.

[Demeter]

64. SMW Doesn't Even Have a Leader Yet

PBD is retiring.