Portuguese bond yields hit 8%; EuroZone shrugs
So far European—and global–financial markets are treating the political and economic crisis in Portugal as a Portuguese problem. Portuguese bond yields hit 8% but European stock markets dropped only 1.6% in Spain and less in Germany, France, and (surprise) Italy.
EuroZone economies sink deeper into recession–now even Ireland–while the markets pay no mind
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Spanish and Italian bond yields climb but, so far, short of the danger zone
While the yield on the U.S. 10-year Treasury has moved up to 2.49% from 1.93% a month ago, the yield on the Spanish 10-yer government bond has climbed 0.31 percentage points this week to 4.9%. The yield on the Italian 10-year bond has climbed to 4.6%.
That’s indeed a big move higher in a short time but it leaves bond yields for Spain and Italy a long way below the danger zone of 6% and above
I still don’t see another bust–but I think the odds of some smaller crisis have climbed recently
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Remember the euro crisis? Italian and Spanish bond yields are up this week
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...It’s official: the European Union wants to tap bank deposits over 100,000 euros in the next bank bailout
Last night the economics committee of the European Parliament approved draft legislation that would put depositors with more than 100,000 euros in their accounts in line to fund any future European bank rescue package. As in the final Cypriot deal, savers with less than 100,000 in their accounts would be exempt from the levy.
It’s happy days in Europe again as German stocks hit an all-time high
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...ECB tosses markets a token rate cut–and European markets aren’t impressed
The European Central Bank did cut its benchmark interest rate today to 0.5% from 0.75%. European financial markets haven’t been especially impressed—no one expects a 25 basis point cut to do much of anything for sagging economic growth. The biggest move came in the euro, which fell 0.9% against the dollar on news that the bank was considering a negative interest rate on deposits banks keep with the ECB.
Worries about growth re-emerge in global markets
Monday’s optimism about U.S. and global economic growth has shifted to worry today. I think this shift has more to do with Friday’s U.S. jobs report than with any recently released data that convincingly argues for a significant change in economic growth.
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Soaring unemployment doesn’t make an ECB rate cut next week a lock
Government numbers released this morning show that Spain’s unemployment rate hit 27% in the first quarter of 2013. The 6.2 million unemployed is the highest on record. Spain’s economy contracted by 1.9% in 2012 and is projected to shrink by another 1.6% in 2013. The government of Prime Minister Mariano Rajoy is expected to respond to the slowdown and the increase in unemployment by introducing another round of government budget cuts tomorrow
