Volatile enough for ya? What to buy and sell as the market vibrates between fear and hope
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...EuroZone meeting ends in chaos but European markets rally on the bad news
Yesterday’s meeting of European finance ministers ended in a complete botch: No approval for the next 31.5 billion euro payout to Greece and public fighting between Eurogroup President Jean-Claude Juncker and International Monetary Fund Director Christine Lagarde. And yet the German DAX stock index finished up (yes UP!) by 0.4%; the French CAC 40 index rose 0.6%, and the Spanish IBEX 35 climbed 1.7%.
ECB looks like it will lend Greek banks money to buy Greek bonds to be used to pay debts to the ECB–buying the EuroZone maybe two weeks of bargaining time
Yes, that’s where we are in the Greek debt crisis—where an agreement to have the European Central Bank lend money to Greek banks so they can buy Greek government debt and avoid a Greek default is being seen as progress. And European stock markets don’t tank on the news
The news on the Greek debt deal is bad enough that I’m raising some cash today
Not only does there appear to be almost no chance that European finance ministers will vote to approve the cash that Greece needs on Monday,—but also now it appears like any payout to Greece will have to wait on resolution of a bigger deal that will require EuroZone countries to cough up another 15 billion to 30 billion euros or that will require a big write down in the value of Greek bonds held by the European Central Bank. Or both
More delays in a decision to send Greece the next rescue payment; no approval likely at November 12 meeting, sources say
European markets continued to move lower as more unnamed sources insist that European finance ministers won’t be able to approve the next 31.5 billion euro payout to Greece on Monday, November 12. The Troika’s final report won’t be ready by then. That would push the decision off until November 26.
The Greek parliament has approved the austerity package
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...What’s behind today’s sell off–Obama’s re-election or chaos in Greece?
Today is one of those days when we’ve got a big stock market move in the United States—the Dow Jones Industrial Average is down 2.25% or nearly 300-points at 1 p.m. New York time—and two big potentially market-moving events–Obama’s re-election and a vote in Athens amidst a huge rally and sporadic violence on the newest austerity package. So what is the explanation for today’s market drop?
Nothing but bad economic news from Europe today
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...So what is the schedule for a vote on the next payment to Greece?
Today, the Greek government has sent the 13.5 billion euro austerity package agreed to with the Troika representing the country’s rescuers to the parliament in Athens. It will move to a full vote in parliament on Wednesday. The odds are that the package will squeak by. Is that the end of parliamentary voting in Greece? Not a chance.
