MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
Flip Order
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Today - Tuesday, May 22
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6:00 AM Overseas: Japan +1.1%. Hong Kong +0.6%. China +1.1%. India -1.0%. London +0.8%. Paris +0.7%. Frankfurt +0.7%. Comment!
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5:15 AM The IMF says the U.K. should consider cutting interest rates and more quantitative easing. The country should prepare a Plan B for deficit reduction if those measures don't work. Comment!
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5:06 AM Fitch downgrades Japan to A+, outlook negative. "The country's fiscal consolidation plan looks leisurely relative even to other fiscally-challenged high-income countries, and implementation is subject to political risk." Comment!
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4:30 AM Greece's banking system is being propped up by ~€100B of emergency liquidity provided by the country's central bank and quietly approved by the ECB, according to a report in the Financial Times. An ECB decision to pull the plug could potentially prompt a Greek exit from the eurozone. 1 Comment
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4:22 AM Coming from the OECD's live twitter stream, "we need decisive policy action now" but "we're aware of the political economy of some of these problems. The scope for macro-economic policy is virtually exhausted." The OECD released its revised economic outlook just moments ago, warning the recovery is both fragile and uneven. (more) 1 Comment
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4:15 AM The OECD cuts its 2012 eurozone GDP forecast to -0.1% from +0.2%; U.S. forecast raised to +2.4% from +2%; China to come in at +8.2% this year, +9.3% next year; Greece -5.3% this year, -1.3% next year; Japan +2% this year, +1.5% next year. Joins calls for eurozone bonds. (OECD economic outlook report) Comment!
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4:08 AM Not so much a Grexit as a Geuro, Deutsche Bank head of research Thomas Mayer says Greece's best chance of survival may be to stay in the eurozone but opt for its own parallel currency. The Geuro would help Greece balance its budget without Troika help, which means Greece could jettison the strict austerity conditions attached to the aid money. 2 Comments
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3:23 AM China plans to fast-track approvals for infrastructure projects to combat an economic slowdown, according to the state-backed China Securities Journal. The government is reportedly asking for project proposals by June 30, even for projects initially earmarked for year-end, and hasn't ruled out bringing forward next year's projects. (previously) Comment!
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2:52 AM Conditions are ripe to open up China's capital account, according to a front-page article in the PBOC-backed Financial News, which cited several government officials and scholars. The removal of many of the capital controls keeping the yuan from being fully convertible would mark a major milestone in China's reform program. Comment!
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