Dow dropped 84, decliners over advancers 5-2 & NAZ was off 10. As expected, bank stocks are leading the way lower.
MLPs & REITs fell in the declining market & junk bond funds were a tad lower. But Treasuries rose on growing uncertainties about the Greek debt mess. Oil & gold were flattish.
Prime Minister Papademos
Photo: Yahoo
Germany's chancellor has dampened her own country's controversial call to have a powerful European debt regulator who would have direct control over Greece's spending. Angela Merkel said "I believe that we are having a discussion that we shouldn't be having." She said Europe had to support Greece in implementing promised austerity & reform measures, "But all that will only work if Greece and all other states discuss this together." Greece & the European Commission over the weekend rejected a proposal for a new Commissioner who could force Greece to repay debts before maintaining government services. Other European leaders said that the Commission, the EU's executive, needed the power to block bad spending decisions, but not only in Greece but also other highly indebted countries. What's there to say?
Merkel Says Bondholders, Troika Not Yet Ready for Second Greek Aid Package
European Union leaders gather for their first summit in 2012 as a deteriorating economy & the struggle to complete a Greek debt writeoff risk are sidetracking efforts to stamp out the financial crisis. EU chiefs want to put the finishing touches on a German-led deficit-control treaty & to endorse the statutes of a €500B ($656B) rescue fund to be set up this year. European finance officials discussed a deal that Greece & its private creditors expect to complete in the coming days after bondholders signaled they would accept gov demands for a bigger cut in their debt holdings. “The fact we’re still at the beginning of 2012 talking about Greece is a sign this problem hasn’t been dealt with,” UK Chancellor of the Exchequer Osborne. The summit follows warnings that it’s time to end the region’s debt crisis a that measures aimed at simply containing the turmoil are no longer enough. Confusion reigns!
Greek Debt Talks Risk Derailing EU Summit
Photo: Bloomberg
Consumer spending stalled in Dec as households remain focused on repairing finances. Purchases were little changed after rising 0.1% in Nov, according to Commerce Dept. This data illustrate the importance of sustained gains in jobs & wages to ensure the growth of household purchases. The weak end to Q4 makes it more likely that consumer spending will cool early this year, underscoring the decision to leave interest rates low until 2014.
The Greek debt mess was bad a couple of months ago & it hasn't gotten better since then. The European biggies will probably try throwing more money at it to solve problems, but they're not united (as usual). Meanwhile the US economic recovery keeps getting a grade of about C, good enough to get by but far short of "great." A repeating theme in earnings reports is that Asian markets along with other markets overseas are doing well, but the US & Europe are not. DC is deadlocked, facing its first major hurdle of the year extending tax cuts & unemployment benefits. But Dow is up 360 in Jan.
S&P 500 Financials Sector Index
| Value | 187.43 | |
| Change | -2.88 (-1.5%) |
MLPs & REITs fell in the declining market & junk bond funds were a tad lower. But Treasuries rose on growing uncertainties about the Greek debt mess. Oil & gold were flattish.
Alerian MLP Index
| Value | 392.08 | |
| Change | -2.49 (-0.6%) |
Treasury yields:
U.S. 3-month | 0.046% | |
U.S. 2-year | 0.211% | |
U.S. 10-year | 1.834% |
| CLH12.NYM | Crude Oil Mar 12 | 99.48 |  0.08 (0.1%) |
| GCG12.CMX | Gold Feb 12 | 1,727.80 | 4.40 (0.3%) |
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Photo: Yahoo
Germany's chancellor has dampened her own country's controversial call to have a powerful European debt regulator who would have direct control over Greece's spending. Angela Merkel said "I believe that we are having a discussion that we shouldn't be having." She said Europe had to support Greece in implementing promised austerity & reform measures, "But all that will only work if Greece and all other states discuss this together." Greece & the European Commission over the weekend rejected a proposal for a new Commissioner who could force Greece to repay debts before maintaining government services. Other European leaders said that the Commission, the EU's executive, needed the power to block bad spending decisions, but not only in Greece but also other highly indebted countries. What's there to say?
Merkel Says Bondholders, Troika Not Yet Ready for Second Greek Aid Package
European Union leaders gather for their first summit in 2012 as a deteriorating economy & the struggle to complete a Greek debt writeoff risk are sidetracking efforts to stamp out the financial crisis. EU chiefs want to put the finishing touches on a German-led deficit-control treaty & to endorse the statutes of a €500B ($656B) rescue fund to be set up this year. European finance officials discussed a deal that Greece & its private creditors expect to complete in the coming days after bondholders signaled they would accept gov demands for a bigger cut in their debt holdings. “The fact we’re still at the beginning of 2012 talking about Greece is a sign this problem hasn’t been dealt with,” UK Chancellor of the Exchequer Osborne. The summit follows warnings that it’s time to end the region’s debt crisis a that measures aimed at simply containing the turmoil are no longer enough. Confusion reigns!
Greek Debt Talks Risk Derailing EU Summit
Consumer spending stalled in Dec as households remain focused on repairing finances. Purchases were little changed after rising 0.1% in Nov, according to Commerce Dept. This data illustrate the importance of sustained gains in jobs & wages to ensure the growth of household purchases. The weak end to Q4 makes it more likely that consumer spending will cool early this year, underscoring the decision to leave interest rates low until 2014.
The Greek debt mess was bad a couple of months ago & it hasn't gotten better since then. The European biggies will probably try throwing more money at it to solve problems, but they're not united (as usual). Meanwhile the US economic recovery keeps getting a grade of about C, good enough to get by but far short of "great." A repeating theme in earnings reports is that Asian markets along with other markets overseas are doing well, but the US & Europe are not. DC is deadlocked, facing its first major hurdle of the year extending tax cuts & unemployment benefits. But Dow is up 360 in Jan.
Dow Industrials
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