Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Tansy_Gold

(17,817 posts)
Tue Jul 29, 2014, 06:01 PM Jul 2014

STOCK MARKET WATCH -- Wednesday, 30 July 2014

[font size=3]STOCK MARKET WATCH, Wednesday, 30 July 2014[font color=black][/font]


SMW for 29 July 2014

AT THE CLOSING BELL ON 29 July 2014
[center][font color=red]
Dow Jones 16,912.11 -70.48 (-0.42%)
S&P 500 1,969.95 -8.96 (-0.45%)
Nasdaq 4,442.70 -2.21 (-0.05%)


[font color=black]10 Year 2.46% 0.00 (0.00%)
30 Year 3.22% 0.00 (0.00%)[font color=black]


[center]
[/font]


[HR width=85%]


[font size=2]Market Conditions During Trading Hours[/font]
[center]
(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
[/center]



[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

[/center]


[center]

[/center]


[HR width=95%]


[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
[center]
Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
[/center]





[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
[center]
Matt Taibi: Secret and Lies of the Bailout


[/center]



[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
[center]
LegitGov
Open Government
Earmark Database
USA spending.gov
[/center]




[div]
[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.








[HR width=95%]


[center]

[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]


28 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Wednesday, 30 July 2014 (Original Post) Tansy_Gold Jul 2014 OP
Tansy, I'm surprised at you! Demeter Jul 2014 #1
Tansy lives life on the edge. Fuddnik Jul 2014 #2
But it's true. Tansy_Gold Jul 2014 #3
US Economic Growth Is Speeding Up To 3.0% Right Now xchrom Jul 2014 #4
Great joke, X! Demeter Jul 2014 #6
! xchrom Jul 2014 #15
America's Poorest Shoppers Are Putting Discount Stores Out Of Business xchrom Jul 2014 #5
Maybe people found out Tansy_Gold Jul 2014 #27
Deutsche Bank Expects Today's GDP Report To Blow Away Expectations xchrom Jul 2014 #7
GARY SHILLING: Wall Street's Herd Will Be Disappointed xchrom Jul 2014 #8
Asian Markets Hit 6.5-Year High xchrom Jul 2014 #9
Here's What Happens If Argentina Defaults xchrom Jul 2014 #10
BLACKROCK: Investor Fatigue Seems To Be Setting In xchrom Jul 2014 #11
Bank Of America Is The Most Complained-About Bank In The US xchrom Jul 2014 #12
American Consumers Aren't Retail's Top Priority Anymore xchrom Jul 2014 #13
WSJ Scott Patterson: entire U. S. stock market has become one vast dark pool DemReadingDU Jul 2014 #14
Here's a more believeable forecast Demeter Jul 2014 #16
RUSSIA'S CENTRAL BANK SUPPORTS SANCTIONS TARGETS xchrom Jul 2014 #17
EUROPE SHARES DRIFT AHEAD OF DATA; ASIA GAINS xchrom Jul 2014 #18
SPAIN ECONOMIC GROWTH AT FASTEST PACE SINCE 2007 xchrom Jul 2014 #19
AS FED MEETS, KEY ISSUES LIKELY TO STAY UNANSWERED xchrom Jul 2014 #20
MILLIONS REPORTED STOLEN FROM ALBANIA CENTRAL BANK xchrom Jul 2014 #21
Russia Sanctions Spread Pain From Putin to Halliburton xchrom Jul 2014 #22
By all means, proceed! Exxon, Halliburtin and Schlumberger need punishment Demeter Jul 2014 #28
Cohen Still Beating Hedge Funds After Shutting Down SAC xchrom Jul 2014 #23
U.S. Equity Index Futures Rise on Earnings; Ruble Gains xchrom Jul 2014 #24
Bank Risks Hidden From Investors to Be Disclosed in Sweden xchrom Jul 2014 #25
Ending ‘Too Big to Fail’ Could Rest on Obscure Contract Language xchrom Jul 2014 #26

xchrom

(108,903 posts)
4. US Economic Growth Is Speeding Up To 3.0% Right Now
Wed Jul 30, 2014, 06:08 AM
Jul 2014
http://www.businessinsider.com/r-economy-seen-regaining-muscle-in-second-quarter-2014-30

WASHINGTON (Reuters) - U.S. economic growth likely regained steam in the second quarter as activity picked up broadly, which would bolster expectations for a stronger performance in the last six months of the year.
Gross domestic product likely grew at a 3.0 percent annual rate after shrinking at a 2.9 percent pace in the first quarter, according to a Reuters survey of economists.

"I don't think the contraction we saw in the first quarter is reflective of what's truly going on in the economy," said Gus Faucher, senior economist at PNC Financial Services Group in Pittsburgh. "We are seeing broad-based growth throughout the economy and that's going to be reflected in the GDP report."

The anticipated growth pace will, however, leave output in the first half of the year flat. Earlier in the second quarter, growth estimates were as high as 4 percent, but they were cut as trade, consumer spending and business investment rebounded from the winter slump by less than expected.

Growth for 2014 as a whole could average below 2 percent.



Read more: http://www.businessinsider.com/r-economy-seen-regaining-muscle-in-second-quarter-2014-30#ixzz38wejQ7i7

xchrom

(108,903 posts)
5. America's Poorest Shoppers Are Putting Discount Stores Out Of Business
Wed Jul 30, 2014, 06:20 AM
Jul 2014
http://www.businessinsider.com/americas-poorest-shoppers-challenged-2014-7

Discount stores are slowly dying.
Yesterday, Dollar Tree announced it would buy Family Dollar, a chain that is in the process of closing hundreds of stores and firing workers.

Other discount stores have been struggling as well, writes Heidi Moore at The Guardian. Fashion discounter Loehmann's filed for bankruptcy, while Wal-Mart's sales have declined for the past five quarters.

"There’s just not enough money deployed by American families to keep all the discount chains in business," Moore writes.



Read more: http://www.businessinsider.com/americas-poorest-shoppers-challenged-2014-7#ixzz38whjDoXL

Tansy_Gold

(17,817 posts)
27. Maybe people found out
Wed Jul 30, 2014, 10:21 AM
Jul 2014

They could no longer afford to keep buying cheap shit that doesn't last.

Just because it's cheap doesn't mean it isn't expensive.

xchrom

(108,903 posts)
7. Deutsche Bank Expects Today's GDP Report To Blow Away Expectations
Wed Jul 30, 2014, 06:33 AM
Jul 2014
http://www.businessinsider.com/deutsche-bank-predicts-42-gdp-2014-7

The average economist on Wall Street is looking for 3.0% growth, after the 2.9% drop in Q1. Citi, Barclays, Nomura, Goldman Sachs, and UBS are among the big names forecasting between 2.9% and 3.1% growth.

Deutsche Bank's Joe LaVorgna is sticking his neck out, predicting the figure will come in at 4.2%.

In a new note, the LaVorgna explains why there's a good chance that estimate will prove low: it assumes a conservative rate of productivity.

Productivity is defined as GDP over hours worked. Recent data suggests Q2 hours climbed at a 3.8% annualized rate. Assuming a 4.2% GDP rate, we get productivity growth of 0.4%. But major declines in productivity are often followed by a snapback the following quarter. And data show productivity fell 5.8% in Q1. That could yet be revised even lower.




Read more: http://www.businessinsider.com/deutsche-bank-predicts-42-gdp-2014-7#ixzz38wktUjol

xchrom

(108,903 posts)
8. GARY SHILLING: Wall Street's Herd Will Be Disappointed
Wed Jul 30, 2014, 06:35 AM
Jul 2014
http://www.businessinsider.com/shilling-no-spring-thaw-for-us-economy-2014-7

Here's why:

"Consumer spending is 69% of GDP and it barely grew in the quarter." Real consumer spending was down 0.2% in April, and 0.1% in May. Shilling expects it to rise a modest 0.1% in June based on its correlation with retail sales.

Real wage growth has been "absent." The absence of real wage growth failed to bolster consumer spending. "Emphasis has also been on lower-paid part-time jobs. In June, they rose 1.1 million while full-timer positions dropped 708,000."

Residential construction was most likely weak in Q2. "The earlier recovery in housing was driven by rentals, not new homeowners who are suppressed by uncertain jobs, low credit scores, the lack of 20% down-payments, huge student loan debts and the knowledge that house prices can and did fall by one-third," he writes.

Net exports were weak in April and May. Remember, the ugly Q1 GDP number was primarily attributed to a plunge in net exports, which took 150 basis points from real GDP.

"Real federal as well as state and local spending probably continued their declining trends."


Read more: http://www.businessinsider.com/shilling-no-spring-thaw-for-us-economy-2014-7#ixzz38wlZSMyS

xchrom

(108,903 posts)
9. Asian Markets Hit 6.5-Year High
Wed Jul 30, 2014, 06:38 AM
Jul 2014
http://www.businessinsider.com/r-asian-shares-hit-six-and-a-half-year-high-dollar-steady-before-fed-2014-30

TOKYO (Reuters) - Asian shares touched a six-and-half-year peak on Wednesday and the dollar was steady, with investors waiting for second quarter U.S. growth data as well as a U.S. Federal Reserve meeting that some believe might yield a more hawkish policy outlook.

The Fed will not be updating its economic forecasts and Chair Janet Yellen will not hold a news conference following the two-day policy meeting, leaving investors' focus squarely on a statement scheduled to be released at 2 p.m. (18:00 GMT).

Ahead of that, financial spreadbetters predicted softer starts in Europe, with Britain's FTSE 100 <.FTSE> seen opening 2 points lower, or down 0.03 percent; Germany's DAX <.GDAXI> to open 18 points lower, or down 0.2 percent; and France's CAC 40 <.FCHI> to open 9 points lower, or down 0.2 percent.

"Our index opening calls are shaping up for a modestly lower open, and if sanctions against Russia have caused investor outflows from Europe then the new sanctions from the EU could see this headwind continue," Chris Weston, chief market strategist at IG, said in a note.



Read more: http://www.businessinsider.com/r-asian-shares-hit-six-and-a-half-year-high-dollar-steady-before-fed-2014-30#ixzz38wm9WVG9

xchrom

(108,903 posts)
10. Here's What Happens If Argentina Defaults
Wed Jul 30, 2014, 06:42 AM
Jul 2014
http://www.businessinsider.com/argentina-defaults-2014-7

It’s looking increasingly likely that Argentina will default on some of its bonds.

How could that happen and what happens next? Here's what we know:

Argentina has defaulted before. After Argentina defaulted in 2001, it told its creditors: "We’ll give you 30 cents on the dollar: take it or leave it." Back then, 93 percent of those creditors took it and 7 percent left it. A tiny percentage of those holdouts — who, incidentally, were not the original lenders, but rather funds that had purchased the distressed debt from the original creditors — sued.

They claimed they hadn't agreed to anything, telling Argentina that the terms of the contract (a term called “parity”) say 'if you pay those other guys, you have to pay us. And you have to pay us the whole amount on the dollar.' They won. Argentina now has to pay.



Read more: http://www.marketplace.org/topics/world/what-happens-if-argentina-defaults#ixzz38wnJhHFZ

xchrom

(108,903 posts)
11. BLACKROCK: Investor Fatigue Seems To Be Setting In
Wed Jul 30, 2014, 06:45 AM
Jul 2014
http://www.businessinsider.com/financial-advisor-insights-july-29-2014-7

Aggressive Selling Of Risky Assets Suggests That Investor Fatigue Is Setting In (BlackRock Blog)

80% of companies that have reported earnings have beat profit estimates, and 69% have beat sales estimates, writes BlackRock's Russ Koesterich. Yet risky assets like U.S. stocks and high yield bonds have seen some selling. "This seems to be a sign of investor fatigue setting in," he writes. Investors pulled $4.2 billion from global exchange traded products, with U.S. large caps losing $6.8 billion. Meanwhile, $4 billion has exited high yield mutual funds and exchange traded funds (ETFs). Koesterich thinks the selling in high yield is "more surprising."

"High yield is often thought of as the most “equity-like” segment of the bond market. Good news on the earnings front and a strengthening economy usually translate into support for high yield bonds. In addition, default rates on high yield bonds are low." He argues that this is surprising consider the interest rate environment has been "remarkably stable" and that inflation has been low.


74% of advisors think they need to justify their fees to clients, according to a new quarterly survey of 150 advisors from Russell Investments. 65% want more resources to help them communicate more realistic return expectations to clients, writes Kathy Lynch at FA Mag. "Advisors surveyed said that the top two client-initiated conversations were about market volatility (54 percent) and their concerns about government policy (53 percent)," writes Lynch summarizing its findings. "Those were followed by global events (35 percent) and their fear about running out of money in retirement (34 percent)."



Read more: http://www.businessinsider.com/financial-advisor-insights-july-29-2014-7#ixzz38wnu55tz

xchrom

(108,903 posts)
12. Bank Of America Is The Most Complained-About Bank In The US
Wed Jul 30, 2014, 06:47 AM
Jul 2014
http://www.businessinsider.com/bank-of-america-most-complaints-2014-7

If you've ever complained about your bank, you aren't the only one.
At least 250,000 others are griping, as well.

That's the number of consumer complaints that have been made public by the Consumer Financial Protection Bureau (CFPB), a government agency established in 2010 to keep an eye on financial institutions.

Financial website Magnify Money analyzed these complaints and noted that Bank of America, which generates about a million dollars of revenue per branch each year in fees, gets the complaint crown.



Read more: http://www.businessinsider.com/bank-of-america-most-complaints-2014-7#ixzz38woW5cJ8

xchrom

(108,903 posts)
13. American Consumers Aren't Retail's Top Priority Anymore
Wed Jul 30, 2014, 07:01 AM
Jul 2014
http://www.businessinsider.com/american-arent-top-priority-anymore-2014-7

Chinese consumers have retailers' undivided attention.

Companies like Procter & Gamble and Unilever have ambushed Chinese customers with tailored assortments like green tea-flavored toothpaste. Consumer brands like Victoria's Secret, Abercrombie & Fitch, and Old Navy are aggressively building stores in mainland China.

And J. Crew recently ignited controversy by releasing a size 000 pant for petite Asian shoppers.

J. Crew's latest move reveals a trend that "can be difficult for Americans to grasp," writes Amy Merrick at The New Yorker. "As the U.S. has become a less attractive place to open stores, retail isn’t solely about their needs anymore."



Read more: http://www.businessinsider.com/american-arent-top-priority-anymore-2014-7#ixzz38ws7MN5D

DemReadingDU

(16,000 posts)
14. WSJ Scott Patterson: entire U. S. stock market has become one vast dark pool
Wed Jul 30, 2014, 07:02 AM
Jul 2014

7/29/14 Wall Street Journal Reporter: “The Entire United States Market Has Become One Vast Dark Pool”
By Pam Martens and Russ Martens

In 2012, Wall Street Journal reporter, Scott Patterson, released his 354-page prescient overview of U.S. market structure titled, Dark Pools: High Speed Traders, A.I. Bandits, and the Threat to the Global Financial System. (For those whose computer prowess is limited to turning on a laptop, like millions of fellow Americans, “A.I.” means artificial intelligence – machines teaching themselves to think like humans, but faster.)

Patterson comes to an epiphany on page 339 of his book, writing in the notes section: “The title of this book doesn’t entirely refer to what is technically known in the financial industry as a ‘dark pool.’ Narrowly defined, dark pool refers to a trading venue that masks buy and sell orders from the public market. Rather, I argue in this book that the entire United States stock market has become one vast dark pool. Orders are hidden in every part of the market. And the complex algorithm AI-based trading systems that control the ebb and flow of the market are cloaked in secrecy. Investors – and our esteemed regulators – are entirely in the dark because the market is dark.”

We totally agree with Patterson that U.S. markets are the darkest they have ever been in history – from their early origins in the bright sunlight under the Buttonwood tree at 68 Wall to today’s secretive, unregulated stock exchanges known as dark pools that trade in private across America – the lights have gone out. And as each light has flickered and dimmed, public confidence has drained from the system, leaving it today as the unsafe battlefield of hedge funds, high frequency traders and dark pool operators.


more...
http://wallstreetonparade.com/2014/07/wall-street-journal-reporter-the-entire-united-states-market-has-become-one-vast-dark-pool/




xchrom

(108,903 posts)
17. RUSSIA'S CENTRAL BANK SUPPORTS SANCTIONS TARGETS
Wed Jul 30, 2014, 07:11 AM
Jul 2014
http://hosted.ap.org/dynamic/stories/R/RUSSIA_SANCTIONS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-30-06-36-17

MOSCOW (AP) -- Russia's central bank promised to support financial institutions hit by U.S. sanctions as stocks took a tumble in Moscow on Wednesday.

In an online statement, the bank promised to "take adequate measures" to support targeted institutions. Russia's state-owned VTB bank - Russia's second-largest - was down 0.5 percent on Wednesday morning.

Other major banks that were left unscathed by sanctions - such as the country's largest, Sberbank - were trading higher. Russia's MICEX benchmark index added 2.3 percent from its previous closing.

U.S. officials said Tuesday that roughly 30 percent of Russia's banking sector assets are now constrained by sanctions.

xchrom

(108,903 posts)
18. EUROPE SHARES DRIFT AHEAD OF DATA; ASIA GAINS
Wed Jul 30, 2014, 07:13 AM
Jul 2014
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-30-05-52-58

TOKYO (AP) -- World markets were mostly higher Wednesday ahead of U.S. economic data while cheery earnings from major Japanese companies such as Honda Motor Co. boosted Asian stocks.

KEEPING SCORE: In morning trade in Europe, France's CAC 40 dipped 0.1 percent to 4,359.30 and Britain's FTSE 100 was flat at 6,807.75. Germany's DAX inched up 0.1 percent to 9,659.53. Futures painted a brighter picture for Wall Street ahead of quarterly U.S. growth figures. Dow futures and S&P 500 futures both gained 0.2 percent.

ASIA'S DAY: Asian shares were mostly higher, with Tokyo's Nikkei 225 rising 0.2 percent to finish at 15,646.23. The Hang Seng in Hong Kong was up 0.4 percent to 24,732.21. South Korea's Kospi added 1 percent to 2,082.61. Sydney's S&P/ASX 200 edged up 0.6 percent to 5,622.89. Southeast Asian markets were mixed.

HAPPY HONDA: Honda shares added 3.3 percent after a strong quarterly earnings report Tuesday, released after Tokyo stock trading closed, which prompted the Japanese automaker to raise its full year projections. The cheap yen is working as a plus for export manufacturers such as Honda, which are expanding sales in China and other emerging markets.

US DATA: Markets are looking ahead to key data being released later this week. U.S. gross domestic product for the April-June quarter, scheduled for Wednesday, is among the most important. Analysts expect growth to bounce back after a severe winter hit the first quarter numbers. Federal Reserve policymakers also conclude a two-day meeting later Wednesday. The next day, there's a report on China's manufacturing industry, a key sign for regional growth. On Friday, the U.S. Labor Department releases its monthly jobs report.

xchrom

(108,903 posts)
19. SPAIN ECONOMIC GROWTH AT FASTEST PACE SINCE 2007
Wed Jul 30, 2014, 07:15 AM
Jul 2014
http://hosted.ap.org/dynamic/stories/E/EU_SPAIN_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-30-04-34-34

MADRID (AP) -- Spain's economy grew by a better-than-expected 0.6 percent in the second quarter compared with the previous three months, the fastest rate since 2007 and more evidence of the country's recovery from recession.

In provisional estimates released Wednesday, the National Statistics Institute says the economy grew by 1.2 percent over 12 months, following four consecutive quarters of expansion.

The April-June growth figure was better than the 0.5 percent rate predicted by the Bank of Spain this month.

It is Spain's best quarterly growth figure since the final three-month period of 2007, when the economy grew by 0.7 percent.

Spain fell into the first of two severe recessions in the second half of 2008 after its real estate sector collapsed. It emerged from the second slump in late 2013.

xchrom

(108,903 posts)
20. AS FED MEETS, KEY ISSUES LIKELY TO STAY UNANSWERED
Wed Jul 30, 2014, 07:17 AM
Jul 2014
http://hosted.ap.org/dynamic/stories/U/US_FEDERAL_RESERVE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-30-00-03-19

WASHINGTON (AP) -- The Federal Reserve will likely end a policy meeting Wednesday with a lot of questions unanswered:

When will it start tightening its benchmark short-term interest rate to make sure future inflation remains under control? How will it do so? And when will the Fed start reducing its enormous investment holdings - a move that will put upward pressure on interest rates?

Chair Janet Yellen gave few hints about the answers to such issues when she testified to Congress this month. And most analysts don't think the central bank will fill in any of the blanks when it ends a two-day meeting with a brief policy statement. There will be no Yellen news conference this time.

One announcement that is expected is that the Fed will make a sixth $10 billion cut in its monthly bond purchases, which have been aimed at keeping long-term rates low.

xchrom

(108,903 posts)
21. MILLIONS REPORTED STOLEN FROM ALBANIA CENTRAL BANK
Wed Jul 30, 2014, 07:20 AM
Jul 2014
http://hosted.ap.org/dynamic/stories/E/EU_ALBANIA_CENTRAL_BANK_THEFT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-30-05-00-47

TIRANA, Albania (AP) -- Albania's central bank says 713 million leke (5 million euros; $6.75 million) has been stolen from its reserve storage building.

Authorities arrested two bank employees last week.

The Bank of Albania, which is in charge of the country's price stability and manages 16 private banks, said Wednesday that the cash was stolen over time. It did not provide further details, but insisted that the bank's operations had not been affected and it was supplying the country's banking system with the necessary liquidity.

Local media reported that one of the suspects acknowledged the theft over the last four years, saying he had spent much of the money on gambling. The bank, police and judicial authorities declined to comment on the report.

xchrom

(108,903 posts)
22. Russia Sanctions Spread Pain From Putin to Halliburton
Wed Jul 30, 2014, 07:38 AM
Jul 2014
http://www.bloomberg.com/news/2014-07-29/energy-companies-gear-up-for-more-pain-in-russia-with-sanctions.html

As violence escalates in eastern Ukraine between government and separatist forces, the EU yesterday sought to punish Russia for its involvement by restricting exports of deep-sea drilling and shale-fracturing technologies. The U.S. followed suit, with President Barack Obama announcing a block on specific goods and technologies exported to the Russian energy sector.

“Because we’re closely coordinating our actions with Europe, the sanctions we’re announcing today will have an even bigger bite,” Obama told reporters yesterday at the White House. “Russia’s energy, financial and defense sectors are feeling the pain.”

The new restrictions, which Obama described as the region’s most significant to date, “will make it more difficult for Russia to develop its oil resources over the long term,” he said.

Russia relies on companies including Exxon Mobil Corp., BP Plc, Halliburton Co. and Schlumberger Ltd. for the latest technology and expertise it needs to develop an estimated $7.58 trillion in oil and natural gas resources that sprawl across nine time zones. Exploration and production companies like Exxon were expected to spend $51.7 billion in Russia this year, according to estimates from Barclays Capital Inc. -- much of which would go to service and equipment companies such as Schlumberger and Halliburton.
 

Demeter

(85,373 posts)
28. By all means, proceed! Exxon, Halliburtin and Schlumberger need punishment
Wed Jul 30, 2014, 03:27 PM
Jul 2014

and that's no joke!

xchrom

(108,903 posts)
23. Cohen Still Beating Hedge Funds After Shutting Down SAC
Wed Jul 30, 2014, 07:40 AM
Jul 2014
http://www.bloomberg.com/news/2014-07-29/cohen-said-to-gain-9-to-top-hedge-funds-in-family-office.html

Even after shutting down SAC Capital Advisors LP, Steven A. Cohen is still beating most hedge funds.

The billionaire, who started Point72 Asset Management LP to oversee his own wealth, has gained about 9 percent this year, according to two people with knowledge of the matter. Hedge funds on average have returned 2.5 percent this year through June, according to data compiled by Bloomberg.

The gains, close to $1 billion in absolute terms, equal more than half the record $1.8 billion his hedge fund paid to settle U.S. allegations of insider trading. While Cohen’s firm has shrunk to about 850 people from 1,000 in its transition to a family office, the 58-year-old is showing few signs of losing a competitive edge and has made a few key hires.

Cohen, who is worth about $11 billion, according to the Bloomberg Billionaires Index, had generated average annual returns of 30 percent, one of the best records in the hedge-fund industry, since he started SAC in 1992.

xchrom

(108,903 posts)
24. U.S. Equity Index Futures Rise on Earnings; Ruble Gains
Wed Jul 30, 2014, 07:44 AM
Jul 2014
http://www.bloomberg.com/news/2014-07-29/japan-futures-rise-on-weak-yen-before-fed-twitter-soars.html

U.S. equity index futures climbed as company earnings from Twitter Inc. to Amgen Inc. (AMGN) beat analyst estimates. Russian shares rose and the ruble strengthened as some investors judged U.S. and European Union sanctions milder than they anticipated. Aluminum increased.

Standard & Poor’s 500 Index futures rose 0.2 percent at 7:15 a.m. in New York, with Twitter shares surging 25 percent in early trading. The Stoxx Euro 600 Index dropped 0.1 percent. Russia’s Micex Index (INDEXCF) added 2 percent and the ruble gained for the first time in five days against the dollar. Sweden’s krona weakened versus its 16 major peers after gross domestic product fell short of economist forecasts. Treasury 30-year yields were little changed near a one-year low. Aluminum climbed 0.3 percent and oil advanced 0.5 percent.

After about 78 percent of S&P 500 companies posted results this earnings season that beat analysts’ profit estimates, investors are focusing on unfolding events in Russia and the end of the Fed’s two-day monetary policy meeting. Economists expect U.S. central bank officials to reduce their stimulus program for the sixth time and debate the timeline for raising interest-rates. While U.S. sanctions against Russia were expanded yesterday to include three banks and a state-owned shipbuilder, after similar moves by the European Union, OAO Sberbank, the nation’s largest lender, was omitted from the list.

“The major risk factors for the market are geopolitics and the direction of U.S. interest rates,” Mark Matthews, Singapore-based head of Asia research for Bank Julius Baer & Co., which oversees about $377 billion, said by phone. “The market rally looks sustainable. The Fed will probably start raising rates in September 2015.”

xchrom

(108,903 posts)
25. Bank Risks Hidden From Investors to Be Disclosed in Sweden
Wed Jul 30, 2014, 07:46 AM
Jul 2014
http://www.bloomberg.com/news/2014-07-30/sweden-set-to-disclose-bank-risks-most-investors-can-t-discern.html

Sweden will start publishing banks’ individual capital requirements in a step designed to reveal risks investors have so far been unable to measure based on reported buffers.

The Swedish Financial Supervisory Authority is planning to follow its Danish counterpart and disclose so-called Pillar 2 requirements as Scandinavia leads Europe in stepping up efforts to improve transparency. In Denmark, which like Sweden has a bank industry whose assets are four times gross domestic product, lenders can be shut down by the regulator if reserves drop below individual requirements.

Disclosing bank-specific capital needs, which are set by national regulators, isn’t required under Basel III or European capital rules. Pillar 2 requirements can in some cases more than double the minimum amount of equity and debt a bank must hold to absorb losses. The Basel Committee on Banking Supervision sets out three Pillars for a sound financial system. The first imposes industrywide capital requirements, and the third draws on market discipline by forcing banks to show how they meet those requirements.

Failure to tell investors a bank’s individual capital requirement is “certainly sub-optimal,” Johan Eriksson, senior adviser for bank policy at Sweden’s FSA, said by phone. Pillar 2 affects “significant parts of banks’ capital requirements,” he said.

xchrom

(108,903 posts)
26. Ending ‘Too Big to Fail’ Could Rest on Obscure Contract Language
Wed Jul 30, 2014, 07:49 AM
Jul 2014
http://www.bloomberg.com/news/2014-07-29/ending-too-big-to-fail-could-rest-on-obscure-contract-language.html

Wall Street and global financial regulators, trying to squash the lingering perception that banks remain “too big to fail,” are looking to an obscure change in derivatives contracts to solve the problem.

The main industry group for the $700 trillion global swaps market is rewriting international protocols to impose a “stay” or pause designed to prevent trading partners from calling in collateral all at once when a bank nears failure.

U.S. and international banking regulators are considering making use of the new protocols mandatory, according to two people who spoke on condition of anonymity to discuss private meetings. The International Swaps and Derivatives Association is aiming to release the revised contract guidelines by November, the people said.

The change is designed to prevent a recurrence of one of the most vexing problems revealed by the 2008 financial crisis: When Lehman Brothers Holdings Inc. failed, counterparties trying to unwind derivatives contracts touched off a panic that triggered a worldwide credit crisis.
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Wed...