Dow dropped 17, advancers over decliners 3-2 & & NAZ was up 4 helped by Apple (AAPL). The Financial Index slipped a fraction in the 213s. The MLP index was up pennies in the 304s & the REIT index gained fractionally in the 266s. Junk bond funds rose & Treasuries were mixed. Oil did little but gold moved higher to 1776.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
Greek Prime Minister Samaras struggled to clinch agreement with his coalition partners on the budget-cut package that’s key to receiving intl aid funds. Samaras was handed the 3rd refusal in less than 2 weeks yesterday from Democratic Left leader Fotis Kouvelis & Pasok leader Evangelos Venizolos, the junior partners who met to discuss proposed cuts to wages, pensions & benefits. Finance Minister Stournaras & the “troika” of inspectors from the European Commission have been locked in talks for 2 weeks on carving out savings. “The troika must stop attacking Greek society,” said Kouvelis after conferring with Venizelos. “The troika must understand there are limits.” The troika have already said some of the reductions don’t go far enough, forcing all parties back to the negotiating table repeatedly over the past 2 weeks. The standoff leaves Samaras heading to meetings in Rome today with his Italian, Spanish & Irish counterparts without solid domestic political backing on the package he has said is necessary to restore Greece’s credibility & keep the country in the euro. Euro area finance ministers are expected to rule on the budget measures on Oct 8. A Finance Ministry official said €9.5B of the package had been agreed on, with €6.5B of those related to cuts in pensions, wages & benefits. An increase in the retirement age to 67 from 65 will bring in €1B. Can you spell confusion?
Greek Leaders Struggle With Spending Reductions
Photo: Yahoo
The leaders of Italy & Greece are insisting on the "absolute need" to preserve the eurozone, as Greek politicians struggle to put together an austerity package critical to the country's financial survival. Italy's Premier Monti met with Greek Prime Minister Samaras on the sidelines of a political conference in Rome. A statement from Monti's office said the 2 leaders reiterated their conviction of "the absolute need to safeguard the integrity of the eurozone, stabilize markets and proceed in the process of European integration." Samaras' coalition government has yet to agree on the final list of of cuts so the country can get bailout cash. Monti was later meeting the leaders of Ireland and Spain. Meanwhile, Greece's bailout creditors said they are taking a "brief pause" of about one week in talks regarding the country's new austerity program, saying that "good progress" has been made so far. Confusion continues.
Italy, Greece insist on safeguarding eurozone AP
Photo: Bloomberg
Hewlett-Packard, a Dow stock, CEO Meg Whitman is betting that refining the company’s existing strategy, rather than making radical shifts to reverse the fortunes of the struggling computer maker. After a year, Whitman plans to sharpen the company’s focus on corp clients with a new product lineup that includes software & tablets for businesses & a machine that combines storage, computing & networking. She’ll explain her approach on Oct 3. She is seeking to reverse a slump that has sliced revenue for 4 straight qtrs. In its drive to help customers building out data centers to handle cloud computing, HPQ is developing a system that combines server computers, data storage & networking components in the same device. It will run Intel (INTC), another Dow stock, chips & software from IBM (IBM), another Dow stock, & SAP. The stock fell 17¢.
HP’s Whitman Said Planning Cloud-to-Tablet Push to Revive Growth
After peaking at 13.6K one week ago, Dow has hardly budged from that level this week. Dow finished the down all of 14. A relatively sluggish Chinese economy, continuing euro debt problems & anemic growth in the US which has the potential to come in worse than forecast for Q3 could not bring out the bears in force. Gold has been strong for more than a month, primarily on negative bets about the stimulus moves announced.
AMJ (Alerian MLP Index tracking fund)
Click below for the latest market update:
Treasury yields:
U.S. 3-month |
0.101% | |
U.S. 2-year |
0.258% | |
U.S. 10-year |
1.755% |
| CLV12.NYM | ...Crude Oil Oct 12.... | 91.95 | ... 0.08 | (0.1%) |
Greek Prime Minister Samaras struggled to clinch agreement with his coalition partners on the budget-cut package that’s key to receiving intl aid funds. Samaras was handed the 3rd refusal in less than 2 weeks yesterday from Democratic Left leader Fotis Kouvelis & Pasok leader Evangelos Venizolos, the junior partners who met to discuss proposed cuts to wages, pensions & benefits. Finance Minister Stournaras & the “troika” of inspectors from the European Commission have been locked in talks for 2 weeks on carving out savings. “The troika must stop attacking Greek society,” said Kouvelis after conferring with Venizelos. “The troika must understand there are limits.” The troika have already said some of the reductions don’t go far enough, forcing all parties back to the negotiating table repeatedly over the past 2 weeks. The standoff leaves Samaras heading to meetings in Rome today with his Italian, Spanish & Irish counterparts without solid domestic political backing on the package he has said is necessary to restore Greece’s credibility & keep the country in the euro. Euro area finance ministers are expected to rule on the budget measures on Oct 8. A Finance Ministry official said €9.5B of the package had been agreed on, with €6.5B of those related to cuts in pensions, wages & benefits. An increase in the retirement age to 67 from 65 will bring in €1B. Can you spell confusion?
Greek Leaders Struggle With Spending Reductions
The leaders of Italy & Greece are insisting on the "absolute need" to preserve the eurozone, as Greek politicians struggle to put together an austerity package critical to the country's financial survival. Italy's Premier Monti met with Greek Prime Minister Samaras on the sidelines of a political conference in Rome. A statement from Monti's office said the 2 leaders reiterated their conviction of "the absolute need to safeguard the integrity of the eurozone, stabilize markets and proceed in the process of European integration." Samaras' coalition government has yet to agree on the final list of of cuts so the country can get bailout cash. Monti was later meeting the leaders of Ireland and Spain. Meanwhile, Greece's bailout creditors said they are taking a "brief pause" of about one week in talks regarding the country's new austerity program, saying that "good progress" has been made so far. Confusion continues.
Italy, Greece insist on safeguarding eurozone AP
Hewlett-Packard, a Dow stock, CEO Meg Whitman is betting that refining the company’s existing strategy, rather than making radical shifts to reverse the fortunes of the struggling computer maker. After a year, Whitman plans to sharpen the company’s focus on corp clients with a new product lineup that includes software & tablets for businesses & a machine that combines storage, computing & networking. She’ll explain her approach on Oct 3. She is seeking to reverse a slump that has sliced revenue for 4 straight qtrs. In its drive to help customers building out data centers to handle cloud computing, HPQ is developing a system that combines server computers, data storage & networking components in the same device. It will run Intel (INTC), another Dow stock, chips & software from IBM (IBM), another Dow stock, & SAP. The stock fell 17¢.
HP’s Whitman Said Planning Cloud-to-Tablet Push to Revive Growth
Hewlett-Packard (HPQ)
After peaking at 13.6K one week ago, Dow has hardly budged from that level this week. Dow finished the down all of 14. A relatively sluggish Chinese economy, continuing euro debt problems & anemic growth in the US which has the potential to come in worse than forecast for Q3 could not bring out the bears in force. Gold has been strong for more than a month, primarily on negative bets about the stimulus moves announced.
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