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Monday, November 26, 2012

Stocks cut losses to end the day mixed

Stocks eased off their lows to close mixed Monday, but gains were limited as concerns over the "fiscal cliff" and Greece resurfaced.

READ THE ORIGINAL POST AT www.nbcnews.com

Shares, euro fall on Greece, US fiscal talks


Economic Times

Shares, euro fall on Greece, US fiscal talks
Reuters India
NEW YORK | Tue Nov 27, 2012 2:11am IST. NEW YORK (Reuters) - Stocks around the globe and the euro were mostly lower on Monday, with investors cautious over whether Greece will receive emergency aid to keep it financially afloat and no signs of ...
IMF wants 40 billion euro cut in Greek debt, more later-sourceReuters
Why Europe Debt Defaults Are About to Rattle StocksCNBC.com
Euro little changed as traders await Greece dealThe Associated Press
Bloomberg -New York Times -San Francisco Chronicle
all 1,669 news articles »

READ THE ORIGINAL POST AT in.reuters.com

Can Schapiro's Successor Get a Grip on the SEC?


New York Times

Can Schapiro's Successor Get a Grip on the SEC?
Businessweek
When Mary Schapiro steps down as chairman of the Securities and Exchange Commission in December, she will leave behind a regulatory body that is paralyzed by partisanship. The question is whether her successor can manage to carry out President ...
Lawmakers react to Schapiro stepping downThe Hill (blog)
Schapiro: Successes and SetbacksWall Street Journal (blog)
Obama Names SEC's Walter as Schapiro's ReplacementAdvisorOne
Daily Beast -IndexUniverse.com -Ticker Magazine
all 764 news articles »

READ THE ORIGINAL POST AT www.businessweek.com

Lenders seek deal to bring down Greece's debt

Eurozone finance ministers and other international lenders are gathered in Brussels to discuss the way forward for financially stricken Greece. The idea of a fresh haircut appears to be off the table - at least for now.

READ THE ORIGINAL POST AT www.dw.de

TSX falls as Greece negotiations stall, fiscal cliff continues to loom


Financial Post (blog)

TSX falls as Greece negotiations stall, fiscal cliff continues to loom
Financial Post (blog)
TORONTO — The Toronto stock market was lower Monday as traders absorbed a surprise announcement that Bank of Canada governor Mark Carney is leaving that job June 1, 2013, to take the reins at the Bank of England. The TSX had been in the red all ...
TSX Slips As Traders Focus Greece Bailout - Canadian CommentaryNASDAQ
TSX heads for lower open amid nervousness over Greece, fiscal cliff negotiationsCanadianBusiness.com

all 76 news articles »

READ THE ORIGINAL POST AT business.financialpost.com

IMF wants 40 billion euro cut in Greek debt, more later-source


Irish Times

IMF wants 40 billion euro cut in Greek debt, more later-source
Reuters
Finance ministers from the 17 countries sharing the euro, the European Central Bank and the IMF were locked in a third round of talks on Monday to decide how to make Greek debt, expected to rise to 190 percent of GDP next year, more sustainable by ...
Bond Markets Still Betting on Greek Debt DealWall Street Journal (blog)
Euro Chiefs Claim Greek Progress, Seek to Persuade ECBBusinessweek
Euro zone to seek Greek aid deal without write-offCNBC.com
San Francisco Chronicle -Chicago Tribune
all 1,945 news articles »

READ THE ORIGINAL POST AT www.reuters.com

EU Finance Ministers Meet on Greek Bailout


Voice of America

EU Finance Ministers Meet on Greek Bailout
Voice of America
Eurozone finance ministers are trying to reach a deal on immediate bailout money for Greece in an effort to help the country avoid bankruptcy. Monday's meeting in Brussels is the third time in as many weeks that the ministers from the 17-nation group have ...
GLOBAL MARKETS: European Investors Cautious Before Eurogroup Talks on ...Wall Street Journal
Bunds Are Little Changed Before EU Ministers Meet on Greek AidBloomberg
Asian shares up on hopes for Greek dealThe News International
Reuters Canada
all 1,924 news articles »

READ THE ORIGINAL POST AT www.voanews.com

Treasurys rise on Greece, fiscal-cliff worries


CNBC.com

Treasurys rise on Greece, fiscal-cliff worries
MarketWatch
SAN FRANCISCO (MarketWatch) — Treasury prices advanced on Monday, as investors sought out the safety of government debt with European finance ministers meeting again to discuss Greece's debt problems and amid lingering concern over the ...
Treasuries Rise First Time in Five Days on Greece TalksBusinessweek
BOND REPORT: Treasurys Rise On Greece, Fiscal-cliff WorriesNASDAQ

all 29 news articles »

READ THE ORIGINAL POST AT stream.marketwatch.com

ECB Said to Consider Helping Greece With Investment Holdings


ECB Said to Consider Helping Greece With Investment Holdings
Businessweek
The national central banks of the euro area hold Greek bonds in their investment portfolios and agreed in February to give any profits back to Greece. The issue has been reopened and the ECB is now looking at options including rolling over the holdings ...
Forex News: Greek Aid Talks to Continue Today, Results UncertainDailyFX
Markets Await Greek SolutionForex Pros

all 20 news articles »

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Greece does not need debt forgiveness


Irish Times

Greece does not need debt forgiveness
Financial Times
It is a common opinion among investors and policy makers that the reduction in Greek private debt earlier this year was insufficient. A few months after private investors agreed to write down the value of their bonds, Athens' debt to gross domestic ...
ECB Said to Consider Helping Greece With Investment HoldingsBloomberg
Greece, 'Fiscal Cliff' Weigh on US Stock FuturesWall Street Journal
FOREX-Euro pulls off highs vs dlr and yen, awaiting Greece dealReuters
New York Times -Washington Post -MarketWatch
all 2,059 news articles »

READ THE ORIGINAL POST AT www.ft.com

Euro Zone Submits Greek Plan to IMF

Euro-zone finance ministers were discussing Greece's bailout program, hoping to convince the IMF they are doing enough to make Athens's debt load more manageable.

READ THE ORIGINAL POST AT online.wsj.com

EURO GOVT-Challenges posed by Spanish vote underpin Bunds


Irish Times

EURO GOVT-Challenges posed by Spanish vote underpin Bunds
Reuters
Mon Nov 26, 2012 12:09pm EST. * Catalonia separatist vote nudges safe-haven Bunds higher. * Markets priced for Greek agreement to unlock aid funding. * Record low yields at final Belgian auction of 2012. By Ana Nicolaci da Costa and William James ...
Euro Drops Versus Yen as EU Ministers Meet: Canada Dollar FallsSan Francisco Chronicle
ECB Said to Consider Helping Greece With Investment HoldingsBloomberg
Greece does not need debt forgivenessFinancial Times
Washington Post -Voice of America
all 2,059 news articles »

READ THE ORIGINAL POST AT www.reuters.com

Otaviano Canuto: The East Asian Miracle 2.0

. In a recent Economic Premise - "Avoiding Middle-Income Growth Traps" - Pierre-Richard Agénor, Michael Jelenic and I suggest that the region can now provide a new round of lessons.

READ THE ORIGINAL POST AT www.huffingtonpost.com

Oil Fall as European Finance Ministers Meet on Greece


AFP

Oil Fall as European Finance Ministers Meet on Greece
Bloomberg
Oil dropped as euro-area finance ministers met to negotiate a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement. Futures fell as much as 1.1 percent as officials gathered in Brussels to discuss Greek aid ...
Oil drops on Greece jitters, stronger dollarMarketWatch
Global oil prices slip amid Greece talksAFP
Oil slips below $111 on Greece, US budget worriesBDlive
NASDAQ -Reuters -CNBC.com
all 106 news articles »

READ THE ORIGINAL POST AT www.bloomberg.com

U.S. Stock Futures Fall Amid Talks on Budget, Greek Aid


U.S. Stock Futures Fall Amid Talks on Budget, Greek Aid
Bloomberg
Play. White House Goes on Offense in Fiscal Cliff Talks. U.S. stocks fell, following the Standard & Poor's 500 Index's biggest weekly gain since June, as lawmakers prepared to debate the so-called fiscal cliff and euro-area finance ministers discuss ...
U.S. Stocks Decline Amid Talks on Fiscal Cliff, Greek AidSan Francisco Chronicle

all 8 news articles »

READ THE ORIGINAL POST AT www.bloomberg.com

Dollar edges higher against rivals


Business Recorder

Dollar edges higher against rivals
MarketWatch
NEW YORK (MarketWatch) — The dollar traded little changed against most other major currencies on Monday as euro-zone finance ministers met to discuss the next aid payment to Greece. The ICE dollar index , which measures the greenback against a ...
Australia shares finish higher, optimism for US, GreeceReuters
New Zealand Dollar up Late; Market Waiting for Greece NewsWall Street Journal
Markets Live: Investors wait for Greece dealSydney Morning Herald
Reuters UK
all 275 news articles »

READ THE ORIGINAL POST AT stream.marketwatch.com

FTSE falters on Greek and US worries as banks lead the way lower

Barclays battered by news of major shareholder selling warrants while Royal Bank hit by libor fine concerns

As investors continued to fret about the EU's inability so far to resolve Greece's financial crisis and the US fiscal cliff, banking shares were among the leading fallers.

Barclays closed down 13.7p at 240.5p as one of its leading shareholders, Qatar's sovereign wealth fund, sold the last of the warrants it received as part of a controversial fundraising in 2008. Qatar still holds 6.7% of Barclays, but has made a profit of around £1.7bn from selling warrants in 2009 and now. As part of the deal, Deutsche Bank and Goldman Sachs sold 303m Barclays shares at 244p each, putting pressure on the bank's market price.

Separatedly came reports that Barclays' investors were putting pressure on new chief executive Antony Jenkins to cut back its investment banking business. Meanwhile analysts at JP Morgan Cazenove raised their recommendation on Barclays from neutral to overweight:

We believe that a credible new strategy requires balance sheet reduction in investment banking over time, alongside further cost cuts group-wide. While this may imply lower revenue near term, we believe that both shareholders and regulators are likely to be in favor of a reduction of investment banking assets to drive higher group return on equity and lower cost of equity. Barclays has remained our preferred UK domestic bank this year, but despite the recent rally, the shares still trade at discount of around 25% to the broader sector. With capital being addressed, we believe that Barclays offers the best relative risk/reward within UK banks with an upside of around 50% in a full restructuring scenario.

Elsewhere Royal Bank of Scotland fell 8.9p to 285.1p on concerns about possible libor-related fines, while Lloyds Banking Group lost 1.305p to 45.1p.

Overall the FTSE 100 fell 32.42 points to 5786.72 as the eurogroup met on Greece once more and Germany issued some disappointing confidence figures.

Defensive stocks were in favour, with British American Tobacco adding 28p to £32.52 and Imperial Tobacco rising 11p to £24.95p. British Land continued its recent gains after a positive trading update, climbing 2p to 537p as UBS raised its recommendation from neutral to buy.

Among the mid-caps Centamin was undermined by funding worries after it said it needed to make a gold shipment from Egypt shortly to meeting its working capital needs.

A growing political crisis in the country has also unsettled investors in the mining group. Centamin said it was preparing to resume exports, which had been halted after a court judgement questioning its right to operate its only mine, at Sukari.

It is now lodging an appeal against the ruling, and so has decided to resume exports. Operations at Sukari had continued since the judgement. Centamin dropped 4.1p to 60.6p.

Centamin is the second biggest faller in the FTSE 250 behind translation software group SDL, down 72.5p at 438.5p. The company warned full year profits could fall short of City expectations by as much as £4m. Analysts had been looking for around £40m profit this year.

Betfair added 7.5p to 760p despite saying it would withdraw from the Greek market until there was greater clarity on regulation. It had been expecting to make £13m of revenue and £7m of profit from the country in this financial year.

Betfair said it had not applied for a permit to operate in Greece since the value of the permit was unclear and the gambling legislation in the country was, it believed, inconsistent with European law. It added:

Furthermore the associated fiscal conditions attached to these permits, which may include the payment of taxes on historical revenues, make the market economically unattractive.

Earlier this month, Greece announced financial penalties and criminal sanctions against gaming companies that operated without a permit. Betfair said it believed there were significant issues with the legality of this move, but has decided to withdraw anyway.

Pork processor Cranswick climbed 73.5p to 812.5p after it reported a 21% rise in half year profits and said it had passed on higher pig prices to its customers. Last month the company warned pig prices were at a three year high.

Panmure Gordon analyst Damian McNeela said:

The fact that Cranswick has successfully managed to secure price increases from the retailers underpinning our 2013 forecasts should be well received, and allows us to overlook the slight miss to our first half forecasts. Cranswick reported adjusted pretax profit growth of 21% to £22.5m versus our £23.4m. Looking further ahead though, there remains uncertainty about EU-wide pork prices following the planned introduction of the EU sow stall ban on 1 January 2013. As such we believe the current valuation looks fair and we maintain our hold recommendation and 800p price target.


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Greece uncompetitive despite plunging wages


gulfnews.com

Greece uncompetitive despite plunging wages
gulfnews.com
But another set of reasons goes to the heart of Greece's political and economic malaise: collusion among producers, the state's complicity in shielding protected professions and businesses, and a thorough lack of competition that allows a favoured few ...

and more »

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GLOBAL MARKETS-Global shares, euro fall ahead of Greek decision


Business Recorder

GLOBAL MARKETS-Global shares, euro fall ahead of Greek decision
Reuters
Mon Nov 26, 2012 11:09am EST. * U.S. stocks fall as fiscal talks set to resume. * Market focus on outcome of Greek aid negotiations. * Euro edges down vs dollar. NEW YORK, Nov 26 (Reuters) - Stocks around the world and the euro slipped on Monday, with ...
News Summary: Euro finance ministers meet in attempt to solve Greek crisisWashington Post
Euro-Zone Ministers Put Greek Plan to IMFWall Street Journal
Eurozone Finance Ministers Meet on Greek BailoutVoice of America (blog)
AFP -New York Times
all 1,592 news articles »

READ THE ORIGINAL POST AT www.reuters.com

Eurozone leaders seek deal on Greek crisis

EU ministers are meeting in Brussels for third time to secure debt deal that will prevent imminent bankruptcy of Greece.

READ THE ORIGINAL POST AT www.aljazeera.com

Greece Fails to Sell 500000 EU Carbon Permits Amid Low Bids


Greece Fails to Sell 500000 EU Carbon Permits Amid Low Bids
Bloomberg
Greece failed to sell 500,000 spot European Union carbon permits in an auction on Hellenic Exchanges SA's Athens exchange, according to the bourse. The sale could not be completed as bids failed to match the Greek government's minimum sales price of ...

and more »

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Forex Flash: Greek sustainability a key concern – Deutsche bank


Forex Flash: Greek sustainability a key concern – Deutsche bank
NASDAQ
FXstreet.com (Barcelona) - Looking at the week ahead, in Europe the focus will be on the Eurogroup/IMF meeting, which started 11:30 GMT today to decide on measures to shore up Greece's debt sustainability and the release of the next tranche of funds.
Forex Flash: Two thorns in Greek sides – NomuraFXstreet.com
Spain to get €35bn in aid as Eurogroup meets to agree Greek aidForexLive (blog)

all 185 news articles »

READ THE ORIGINAL POST AT community.nasdaq.com