Banco Espirito Santo SA’s stock plunged by the most on record and the bonds slumped after it was ordered to raise capital following a 3.6 billion-euro ($4.8 billion) first-half net loss. The Bank of Portugal required the lender to raise the money after it set aside 4.25 billion euros in the first…
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Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss
Natural gas futures prices were trading down about 0.3% in advance of the EIA’s report, at around $3.77 per million BTUs, and rose to around $3.85 immediately following the report. For the same week a year ago, stockpiles rose by 59 billion cubic feet. Stockpiles are about 18.7% below their level…
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Natural Gas Prices Rise Sharply After Inventory Report
With Argentine politicians explaining that “Argentina is not in default” and ISDA set to decide if last night’s default is an ‘official’ trigger event for CDS, it appears Kirchner, Kicillof, and their (k)omrades may have found an angel. The initial ‘bailout’ plan, by which Argentine banks bought the…
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Is JPMorgan About To Bailout Argentina?
This is the news we’ve all been waiting for: Wages are finally rising. And that means the economy is getting strong enough for the Federal Reserve to at least consider raising short-term interest rates to a normal level. The Bureau of Labor Statistics reported Thursday that the employment cost in…
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Wages finally rising, which could force Fed to hike
The Chicago Business Barometer dropped 10.0 points to 52.6 in July, significantly down from May’s seven month high of 65.5, led by a collapse in Production and the ordering components, all of which have been strong since last fall. A monthly fall of this magnitude has not been seen since Octob…
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Chicago Business Barometer Down 10.0 points to 52.6 in July
There have been important developments over the past 24 hours, and the net response has been a generally firmer US dollar and weaker equity markets. Bond yields are mixed, but US Treasury yields saw their biggest single day rise yesterday this year. Asia followed suit, but European bond yields are…
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Dollar Remains Firm, Equities Slide
Fewer Americans filed applications for unemployment insurance benefits over the past month than at any time in more than eight years, signaling employers are hanging on to workers as demand improves. The four-week average of jobless claims (INJCJC), considered a less volatile measure than the we…
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Jobless Claims in U.S. Over Past Month Drop to Lowest Since 2006
Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending June 2014, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.6 percent, and benefits (which …
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US Employment Cost Index – June 2014
Real gross domestic product rose 0.4% in May, a fifth consecutive monthly increase. The output of service industries grew 0.4% in May, as most major industrial sub-sectors posted growth. There were notable increases in wholesale and retail trade, the real estate sector, transportation and warehou…
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Canada Gross Domestic Product by Industry, May2014
Credit Suisse today became the latest bank dragged into the escalating “dark pool” trading scandal. The Swiss bank, which employs 7500 people in London, is now the fourth alongside Barclays, UBS and Deutsche Bank to face US probes over the way the pools have been operated. So-called dark poo…
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Credit Suisse in ‘dark pool’ probe
The forex market has had a little bit of everything thrown at itself over the past 24-hours. It looks like an asset class that wants to make up for lost time in a hurry. Finally, fundamental and technical themes are beginning to join the dots that both ‘volatility and volume,’ in the current low…
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EUR’s fall from grace put on hold until NFP
The unexpectedly large layoffs announced by Microsoft helped push July job cuts to the second highest level of the year. In all, U.S.-based employers reported plans to reduce payrolls by 46,887 during the month, according to the report released Thursday by global outplacement consultancy Challenger…
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Challenger: 46,887 US Job Cuts Announced Boosted by Microsoft
Real gross domestic product grew 0.3% in May, analysts predicted, supported by both the services and goods producing sectors, with risks tilted to the upside. Analysts’ forecasts in an MNI survey centered on an expectation of a 0.3% gain, with estimates ranging from +0.2% to +0.5%, following a 0….
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Canada Preview: May GDP Seen +0.3% On Services, Goods Gains
With two huge driving influences yesterday, Wall Street closed fairly mixed on the day, with the S&P broadly flat, a Twitter inspired NASDAQ almost 0.5% higher and the Dow around 0.2% lower. The Advance (first reading) of US GDP jumped by 4.0% which was way above expectation, however the market was…
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Is the Dollar set for a correction?
The international appetite for euro-zone financial assets that underpinned the local currency the past two years is beginning to erode. While broad data showing real-time flows into and out of the region’s stocks and bonds are hard to find, strategists point to items such as U.S. exchange-traded…
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Euro Flows Reveal Shift in Sentiment as Losses Mount
The unemployment rate in the euro area fell in June as the currency bloc gradually shakes off the legacy of the region’s debt crisis and longest-ever recession. The jobless rate dropped to 11.5 percent from 11.6 percent in May, the European Union’s statistics office in Luxembourg said today. Whi…
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Euro-Area Unemployment Unexpectedly Declined in June
Euro-area inflation unexpectedly slowed in July to the weakest in almost five years, underscoring the European Central Bank’s concerns that the economy is too feeble to drive price growth. Inflation was 0.4 percent compared with 0.5 percent in June, the European Union’s statistics office in Luxe…
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Euro-Area Inflation Slowed to 0.4% in July, Lowest Since 2009
The euro area1 (EA18) seasonally-adjusted2 unemployment rate3 was 11.5% in June 2014, down from 11.6% in May 20144, and from 12.0% in June 2013. This is the lowest rate recorded since September 2012. The EU281 unemployment rate was 10.2% in June 2014, down from 10.3% in May 20144, and from 10.9% i…
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Euro area unemployment rate at 11.5%
Euro area1 annual inflation2 is expected to be 0.4% in July 2014, down from 0.5% in June3, according to a flash estimate4 from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, services is expected to have the highest annual rate in July…
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Euro area annual inflation down to 0.4%
Italy’s unemployment rate fell to 12.3 percent in June in a positive sign for Prime Minister Matteo Renzi’s economic program. Youth unemployment rose to a record high. The jobless rate rose dropped from 12.6 percent in May, the Rome-based national statistics office Istat said in a preliminary re…
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Italy Unemployment Falls as Youth Jobless Hits Record
