Dow slipped 20, decliners over advancers 3-2 & NAZ lost 19. The Financial Index was up pocket change in the 213s, just below its yearly highs. The MLP index rose 1 to the 405s & the REIT index was up fractionally in the 266s, Junk bond funds were mixed & Treasuries rose on increasing uncertainty over euro debts. Oil & gold were lower.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
Christine Lagarde, Director of the IMF, urged European policy makers to implement plans to save the €, including the formation of a banking union, as the fund prepares to lower its global growth forecasts. Uncertainty over these policy makers to deliver on promises is weighing down on the global economy, Lagarde said. While the euro region is where action is the most urgently needed, the US also poses a “major risk” thru the fiscal tightening that may take place next year, she said. In the euro region, “markets have been buoyed,” Lagarde said. “Now they want to see coordinated implementation -- multiple players playing one game.” “This will require euro area leaders to deliver on their Jun 29 commitments -- establishing a single supervisory mechanism and enabling the direct recapitalization of banks.” Lagarde’s remarks reflect concerns that Europe may yet again miss a chance to halt its debt crisis even after ECB President Draghi pledged to buy gov bonds in exchange for strict conditions. Angela Markel & Francois Holland disagree on a timetable for starting joint oversight of Europe’s banking sector, while Spain is resisting asking for aid & Greece has been unable to meet its bailout conditions.
IMF’s Lagarde Urges Europe to Implement Crisis Plans
Photo: Yahoo
Apple (AAPL) sold more than 5M units of the iPhone 5 in the 3 days since its launch, but fewer than expected. The sales tally is a record for any phone, but it beats last year's iPhone 4S launch only by a small margin when it sold 4M phones in the first 3 days. Optimists expected 6-6.5M iPhone 5s to be sold in the first 3 days. The shortfall was largely due to limited supply. The phone was sold out at 80-85% of Apple US stores. The ones that were still available were mostly Sprint models. Online delivery times have stretched to 3-4 weeks. The phone will go on sale in 22 more countries on Fri & in more than 100 countries by the end of the year. The stock fell $10 to below $700.
Apple IPhone Misses Analysts’ Estimates as 5 Million Sold in First Weekend
Photo: Bloomberg
Germany’s governing coalition showed growing exasperation with Spain, as a senior ally of Chancellor Merkel said Prime Minister Rajoy must stop prevaricating and decide whether Spain needs a full rescue. “He must spell out what the situation is,” Michael Meister, finance spokesman for Merkel’s Christian Democratic Union, said. The fact he’s not doing so shows “Rajoy evidently has a communications problem. If he needs help he must say so.” These comments underscore Europe's crisis-fighting stalemate amid discord over a banking union, Greece's ongoing debate on how to meet bailout commitments & foot-dragging by Spain on a possible aid bid. EU President Hermaan Van Rompuy warned today against “a tendency of losing the sense of urgency” in fighting the debt crisis 3 years after it erupted in Greece. German patience is running out with Spain as it plays for time after ECB President Draghi offered help to lower borrowing costs in return for strict conditions. A spokeswoman for Rajoy said the prime minister is implementing the roadmap for economic recovery agreed upon with his European partners. He’s communicating with them & will release next year’s budget & further economic reforms this week. Confusion continues.
Germany Losing Patience With Spain as EU Warns on Crisis
After all was said & done, markets did not do much. 6 straight days of meandering. For the time being, bulls have maxed out. Macro economic issues are weighing on all markets. China's relative recession may turn out worse than feared, the euro debt mess is going nowhere fast & there are plenty of indications already that the US economy is sloshing around. But bears have not been able to take command of the markets. In 4 months, Dow has risen 1500. It may need time for a breather.
AMJ (Alerian MLP Index tracking fund)
Click below for the latest market update:
Treasury yields:
U.S. 3-month |
0.096% | |
U.S. 2-year |
0.258% | |
U.S. 10-year |
1.718% |
| CLX12.NYM | ...Crude Oil Nov 12 | ....91.69 | ... 1.20 (1.3%) |
Christine Lagarde, Director of the IMF, urged European policy makers to implement plans to save the €, including the formation of a banking union, as the fund prepares to lower its global growth forecasts. Uncertainty over these policy makers to deliver on promises is weighing down on the global economy, Lagarde said. While the euro region is where action is the most urgently needed, the US also poses a “major risk” thru the fiscal tightening that may take place next year, she said. In the euro region, “markets have been buoyed,” Lagarde said. “Now they want to see coordinated implementation -- multiple players playing one game.” “This will require euro area leaders to deliver on their Jun 29 commitments -- establishing a single supervisory mechanism and enabling the direct recapitalization of banks.” Lagarde’s remarks reflect concerns that Europe may yet again miss a chance to halt its debt crisis even after ECB President Draghi pledged to buy gov bonds in exchange for strict conditions. Angela Markel & Francois Holland disagree on a timetable for starting joint oversight of Europe’s banking sector, while Spain is resisting asking for aid & Greece has been unable to meet its bailout conditions.
IMF’s Lagarde Urges Europe to Implement Crisis Plans
Apple (AAPL) sold more than 5M units of the iPhone 5 in the 3 days since its launch, but fewer than expected. The sales tally is a record for any phone, but it beats last year's iPhone 4S launch only by a small margin when it sold 4M phones in the first 3 days. Optimists expected 6-6.5M iPhone 5s to be sold in the first 3 days. The shortfall was largely due to limited supply. The phone was sold out at 80-85% of Apple US stores. The ones that were still available were mostly Sprint models. Online delivery times have stretched to 3-4 weeks. The phone will go on sale in 22 more countries on Fri & in more than 100 countries by the end of the year. The stock fell $10 to below $700.
Apple IPhone Misses Analysts’ Estimates as 5 Million Sold in First Weekend
Apple (AAPL)
Germany’s governing coalition showed growing exasperation with Spain, as a senior ally of Chancellor Merkel said Prime Minister Rajoy must stop prevaricating and decide whether Spain needs a full rescue. “He must spell out what the situation is,” Michael Meister, finance spokesman for Merkel’s Christian Democratic Union, said. The fact he’s not doing so shows “Rajoy evidently has a communications problem. If he needs help he must say so.” These comments underscore Europe's crisis-fighting stalemate amid discord over a banking union, Greece's ongoing debate on how to meet bailout commitments & foot-dragging by Spain on a possible aid bid. EU President Hermaan Van Rompuy warned today against “a tendency of losing the sense of urgency” in fighting the debt crisis 3 years after it erupted in Greece. German patience is running out with Spain as it plays for time after ECB President Draghi offered help to lower borrowing costs in return for strict conditions. A spokeswoman for Rajoy said the prime minister is implementing the roadmap for economic recovery agreed upon with his European partners. He’s communicating with them & will release next year’s budget & further economic reforms this week. Confusion continues.
Germany Losing Patience With Spain as EU Warns on Crisis
After all was said & done, markets did not do much. 6 straight days of meandering. For the time being, bulls have maxed out. Macro economic issues are weighing on all markets. China's relative recession may turn out worse than feared, the euro debt mess is going nowhere fast & there are plenty of indications already that the US economy is sloshing around. But bears have not been able to take command of the markets. In 4 months, Dow has risen 1500. It may need time for a breather.
Dow Jones Industrials
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment