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Monday, May 17, 2010
New Weblog for Paterson
Paterson's new weblog is at
patersonfinancialservices.posterous.com
Please join us there.
* * * * * J B K * * * * *
San Francisco
James B. Klein
Paterson Financial Services
patersonfinancialservices.posterous.com - New!
paterson-financial-services-news.blogspot.com
paterson.com
Saturday, May 15, 2010
Bail out Greece or else - President Nicolas Sarkozy 'threatened to pull France out of euro' - Telegraph
No wonder the Euro is still diving.
This is fascinating stuff.
* * * * * J B K * * * * *
San Francisco
Sarkozy demanded a "commitment from everyone to suppport Greece...or France would reconsider its position in the euro," according to one source cited by El Pais.
Another source present at the meeting between Zapatero and his party members and cited by the paper said: "Sarkozy ended up banging his fist on the table and threatening to leave the euro...This forced Angela Merkel to give in and reach an agreement."
The European Union and International Monetary Fund agreed a 110 billion euro rescue plan for Greece last week. But Germany, which must shoulder a good deal of the burden, had proven reluctant to commit itself to a plan.
Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais.
Friday, May 14, 2010
ECB Keeps Markets ‘in the Dark’ About Government Bond Purchases - Bloomberg.com
This is bizarre.
No wonder the Euro is still tanking.
* * * * * J B K * * * * *
San Francisco
The European Central Bank stripped out details of its bond-purchase plan from a daily report on euro-region liquidity conditions, disguising the size of its market activity.
The ECB said in a market notice today that asset purchases were excluded from the category titled "Outstanding Open Market Operations." A central bank spokesman declined to comment. Executive Board member Jose Manuel Gonzalez-Paramo said yesterday the ECB won't say how much it bought when it announces details of how it plans to sterilize the purchases next week.
http://www.bloomberg.com/apps/news?pid=20601068&sid=aIqTHwkiTutA
Fed's balance sheet rises in latest week | Reuters
No, it didn't.
They are looking at seasonally adjusted data.
The actual data is here for the past 5 two-week periods.
2142.635
2083.298
2076.018
2039.903
1996.390
Those numbers are falling, not rising and that's what affects the markets.
* * * * * J B K * * * * *
San Francisco
The Federal Reserve's balance sheet rose for the first time in four weeks, Fed data released on Thursday showed.
The Fed's balance sheet -- a broad gauge of its lending to the financial system -- climbed to $2.318 trillion in the week ended May 12 from $2.308 trillion in the week ended May 5.
http://www.reuters.com/article/idUSTRE64C5E620100513?type=GCA-Economy2010
Retail sales and industrial output rise firmly | Reuters
Standard business cycle stuff.
The expansion continues.
The problem now is the flood of bonds from the US Treasury and the inability of the Fed to buy them.
Investors will now have to choose to buy long-dated bonds in a pre-inflationary environment.
The collapse of the bond market prior to the latest auction shows the markets are vulnerable.
At the first sign of inflation, bond buyers will be tempted to shorten asset maturities.
* * * * * J B K * * * * *
San Francisco
U.S. retail sales rose and industrial production powered ahead in April, further evidence the economic recovery was strengthening and broadening out.
Consumers were also a bit more confident early this month, adding to Friday's string of upbeat data that stood in sharp contrast to financial markets which sold off as panicky investors worried about Europe's debts.
http://www.reuters.com/article/idUSTRE63F2NT20100514?type=GCA-Economy2010
Thursday, May 13, 2010
Nasdaq cancels over 10,000 May 6 trades - Stocks & economy- msnbc.com
This is the most bizarre thing I've ever heard of.
You don't cancel trades on Wall Street. Ever.
Your word is your bond, and a lot of people are losing their bonds right now.
* * * * * J B K * * * * *
San Francisco
In the wake of the stock market's May 6 chaos, more than 10,000 trades have been cancelled, according to the Nasdaq OMX Group.
Exchanges including Nasdaq and NYSE Euronext's New York Stock Exchange agreed to cancel "clearly erroneous" trades after hundreds of stocks and exchange-traded funds lost as much as 99 percent of their value and then fully recovered in a 20-minute period on Thursday.
Regulators are still struggling to understand what caused the bizarre trading.
http://www.msnbc.msn.com/id/37089056/ns/business-stocks_and_economy/
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