Today's markets closed after continuing to melt up fractionally from the opening bell. The SP500 closed below the 50 DMA and the DOW just above it. The U,S. Dollar has touched 97 (resistance) several times today, but has NOT seemed to have the 'clout' to rise above that mark which in theory would be bearish for the markets. Short-term indicators are mildly bearish and trading trends are neutral.
-- this article authored by Giorgio Topa, Olivier Armantier, Wilbert van der Klaauw, and Basit Zafar
The Federal Reserve Bank of New York's Survey of Consumer Expectations (SCE) turned two years old in June. In this post, we review some of the key findings from the first two years of the survey's history, highlighting the most noteworthy trends revealed in the data. [note that Econintersect published the June survey results today]
BRUSSELS/ATHENS (Reuters) - Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euro bailout to keep the near-bankrupt country in the single currency.
Yes, Greek banks may have been insolvent - something that was clear since the first bailout of 2010 - but at least the Greek state had control over them: as such it could have mandated margers, recapitalizations, even depositor bail-ins (perhaps the harshest lesson to the ordinary Greek population as a result of this latest crisis is that deposits are not "cash in the bank" but liabilities of insolvent financial organizations).
Starting on Wednesday that will no longer be the case.
Because while Greek banks will maintain their capital controls for months and withdrawals will be limited to â‚¬60 or less for months (the ECB is well aware that any boost to the ELA will result in a promptly surge in deposit outflows until the new ELA ceiling is reached, and so on ad inf) the one key change on Wednesday when the Tsipras government, whose coalition no longer has a majority in parliament and will have to rely on opposition votes, votes through the humiliating Greek "pre-deal" to unlock negotiations for the promised â‚¬86 billion in bailouts (which will be used almost entirely to repay the Troika) is that it will hand over the keys of Greek banks to the ECB.
Here is Reuters with this little known fact:
One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.
This in turn could lead to a shake-up of the sector that could ...
The results from the June 2015 Survey of Consumer Expectations generally show a slightly more positive outlook of the U.S. economy. Median consumer inflation expectations at both the short and medium term horizon continue to be stable. Home price change expectations rose to 3.5 percent, their highest level this year. Median earnings growth as well as household spending growth expectations increased from the prior month. Labor market expectations (such as voluntary quits and likelihood of finding a job) also continued to improve. Credit availability expectations were largely unchanged.
NEW YORK (Reuters) - Former top executives at defunct law firm Dewey & LeBoeuf, including chairman Steven Davis, conspired to falsify income statements in an attempt to forestall its collapse in 2012, the firm's former finance director testified Monday in New York.
(Reuters) - Wal-Mart Stores Inc will launch a three-month online sale on Wednesday to take on Amazon.com Inc's "Prime Day", a highly publicized shopping event for members of Amazon Prime shipping and digital content service the same day.
Submitted by Erico Matias Tavares via Sinclair & Co.,
An interview with Miguel Ferreyra
Miguel Ferreyra de Bone is a finance professional and guest lecturer of Macroeconomics at the Universidad del Salvador in Buenos Aires, ARG, from which he has a degree in Business Administration and Commerce. During the course of his studies, he also completed coursework at the University of Vermont focused on International Economics and Latin Markets. Presently, he is engaged in research at Universidad del Salvador to determine an appropriate discount rate for investments in emerging markets.
His current and past work experience includes an economist position at Ãmbito Financiero, the leading financial newspaper in Argentina, an advisory role at Banco Galicia, the largest private bank in Argentina by AUM and as a commodities analyst at both Cargill and Ledesma. He also collaborates with Global Risk Insights as an economic analyst focused on Latin America. He is well versed in the economies of South America and how they impact the global markets.
Erico Tavares: Thanks for being with us today Miguel. As we're seeing this Greek tragedy unfolding, it occurred to us that should they decide to leave the Euro Argentina might give them some ideas of what to do next.
As an Argentinean economist and professor focused on the Latin American markets, can you please share with us some of the factors which have led to the very repressive foreign exchange regime currently in place in your country?
Miguel Ferreyra de Bone: A dramatically overvalued exchange rate, where the Argentinean Peso had been pegged to the US dollar at 1, faulty fiscal and economic p ...
(Reuters) - Healthcare packages and profit-sharing agreements could be revised in talks for new contracts between the United Auto Workers (UAW) and the Big Three U.S. automakers, the Wall Street Journal reported, citing people familiar with the negotiations.
LONDON (Reuters) - Tom Hayes, the ex-trader charged with manipulating Libor, told a London court on Monday he had been near-suicidal when he initially agreed to cooperate with investigators and plead guilty, but anger over his fate led him to change his mind.
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