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Showing posts from July 27, 2012

European Markets at Close July 27, 2012: Europe stocks lifted by ECB hopes, U.S. Data

    Spanish and Italian bond yields retreat sharply on Friday, as a French newspaper reports that the European Central Bank is preparing to buy government debt from the countries, while stocks further are underpinned by better-than-expected U.S. growth data. 12:19 p.m. Today   Europe stocks lifted by ECB hopes, U.S. data

The Economist | Selected New Articles: America's economy disappoints; Mitt Romney amuses

Free exchange: Low and slow Another quarter of disappointing American growth read more » Blighty: Diplomatic, offensive Mitt Romney gets an earbashing on the London leg of his tour read more » Analects: Contested legacy Koxinga, a name too complicated to paint across the bow of an aircraft-carrier read more » Babbage: A silent healer Novel ways to tap the pharmacological potential of an infamous gas read more » Democracy in America: Changes in the forecast Political scientists are in basic agreement over what determines who wins presidential races read more » Daily chart: The global games The shifting pattern of national participation in the modern Olympics read more »   Online debate: Research funding Can governments afford to fund research? Can they afford not to? read more »

ADVFN III World Daily Markets Bulletin

ADVFN I I I World Daily Markets Bulletin Daily world financial news Friday, 27 July 2012 US Market Reports Stocks Holding On To Strong Gains In Mid-Day Trading 7/27/2012 12:00 PM ET After ending the previous session sharply higher, stocks have seen some further upside during trading on Friday. The markets have benefited from a positive reaction to a report showing stronger than expected second quarter GDP growth. The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 106.10 points or 0.8 percent at 12,994.03, the Nasdaq is up 34.94 points or 1.2 percent at 2,928.19 and the S&P 500 is up 14.99 points or 1.1 percent at 1,375.01. The strength on Wall Street comes on the heels of the release of a report from the Commerce Department showing that the pace of U.S. economic growth slowed by less than anticipated in the second quarter. The report said GDP increased by 1.5 percent in t

GATA | THE GATA DISPATCH: Douglas Keenan: My thwarted attempt to tell of LIBOR shenanigans

Douglas Keenan: My thwarted attempt to tell of LIBOR shenanigans Submitted by cpowell on 08:26AM ET Friday, July 27, 2012. Section: Daily Dispatches By Douglas Keenan Financial Times, London Thursday, July 26, 2012 http://www.ft.com/intl/cms/s/0/dc5f49c2-d67b-11e1-ba60-00144feabdc0.html In 1991, I began trading for Morgan Stanley, the investment bank, in London. I was trading bonds, derivatives, and related securities. One of those securities was based on the three-month Libor rate: the interest rate at which banks can borrow money for three months from each other. Morgan Stanley does not trade on the interbank market so I could not directly borrow or loan money at Libor rates. What I could do, however, was trade a futures contract on the three-month Libor rate. As an example of how a futures contract works, consider the following. Suppose that we are concerned about three-month Libor rates increasing in the future; in particular, we are concerned abo

GATA | THE GATA DISPATCH: EU may criminalize commodities price distortion

EU may criminalize commodities price distortion Submitted by cpowell on 05:55AM ET Friday, July 27, 2012. Section: Daily Dispatches Then all they'd have to do is find someone willing to enforce the law. * * * By Barbara Lewis Reuters Thursday, July 26, 2012 http://www.reuters.com/article/2012/07/26/eu-benchmarks-idUSL6E8IQEL7201... BRUSSELS, Belgium -- Manipulating international commodity benchmarks such as Brent crude oil would be a criminal offence, punishable by jail, under a set of reforms the EU Commission has proposed in response to the rigging of a major interest reference rate. The commission, the EU's executive arm, announced on Wednesday plans to tighten supervision of financial benchmarks after a scandal involving interbank lending rate Libor, used to set prices for trillions of dollars of financial products. The benchmarks the commission wants to make more "reliable, transparent, and credible" also include commoditie

Morning Market Briefing

Commentary July 27, 2012 Stocks May Extend Yesterday’s Rally In Early Trading - U.S. Commentary After moving sharply higher in the previous session, stocks could see some further upside in early trading on Friday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 31 points. (Jul 27, 2012) Full Article   Economic News Korea Current Account Surplus A Record $5.84 Billion South Korea posted an unadjusted record current account surplus of $5.84 billion in June, the Bank of Korea said on Friday. (Jul 27, 2012) Full Article Japan Core CPI -0.2% On Year In June Core consumer prices in Japan dipped 0.2 percent on year in June, the Ministry of Internal Affairs and Communications said on Friday. That missed forecasts for a flat reading following the 0.1 percent contraction in May. (Jul 27, 2012) Full Article   China Industrial Profits Dip For Third Month Amid Economic Slowdown China's indust

ESA | Real Gross Domestic Product (GDP): grew at an annual rate of 1.5 percent in the second quarter of 2012.

Real gross domestic product (GDP) grew at an annual rate of 1.5 percent in the second quarter of 2012, according to today’s advance estimate. This follows a growth rate of 2.0 percent (revised) in the first quarter of 2012. Gross Domestic Product ((Second Quarter 2012(Advance Estimate)).pdf

DealBook | DealB%K Today's Top Headlines: A Deeper Look at Facebook's Earnings Report

Friday, July 27, 2012 TODAY'S TOP HEADLINES   TOP STORIES A Deeper Look at Facebook's Earnings Report So. Facebook has reported its first earnings report as a public company. And investors apparently didn't like what they saw. Even though the company essentially met analyst estimates for revenue and adjusted earnings per share, the social network's shares tumbled more than 10 percent in after-hours trading, falling at one point below $24 a share. That's an all-time low in Facebook's two-month existence as a publicly traded corporation. What gives? There are a couple of interesting items from the earnings announcement, but one pattern that emerges is that Facebook's once-vaunted growth is slowing down. DEALBOOK » Facebook Posts a Loss, but Revenue Beats Expectations The bit of good news about revenue was not enough to stop Facebook's shares from plummeting in late trading on Thursday. "With the unprec