Europe Got Crushed Today


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Lots of news out of Europe about sovereign debt kept markets volatile today, though all took a hit by closing.

The CAC closed down more than 3.77%, the DAX closed negative 2.20%, the ASE down 4.43%, and the IBEX 35 closed -3.20%.

The three big French banks -- BNP Paribas, Credit Agricole, and Societe Generale -- came under particular fire today, closing down 11.53%, 9.72%, and 9.26%, respectively.

Here's what fueled market fears (and a brief turnaround) today:

- French banks are probably the weak link in the contagion chain, despite reports that they've cut their high exposure to Greece.

- An explosion at a nuclear plant in France sparked a selloff, although the plant contained contamination.

- ECB President Jean-Claude Trichet confirmed that the IMF/ECB/EU troika will indeed provide the next round of funds promised by the last Greek bailout. Markets moved sharply up folliwing that announcement.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/eVVw6CXe8nA/europe-gets-crushed-amid-mixed-news-on-greece-and-banks-2011-9

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Now Greece Probably WILL Receive $8 Billion In Funding From ECB/EU/IMF Troika


Jean-Claude Trichet

ECB President Jean-Claude Trichet just announced that Greece most likely will receive the next round of funding from the European Central Bank, European Union, and International Monetary Fund.

Doubts about receiving this funding surfaced because of reports that Greece will not meet its deficit-reducing and privatization goals for the year.

This announcement could quiet markets squirming over the possibility of Greek default.

That being said, the big task at hand is getting the rest of Europe to approve the completely new bailout agreed to in July. This positive affirmation from the troika implies that Greece's economic reforms have been adequate, and it could help Greece's case a little bit among its neighbors.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/9fg3PMj68SI/greece-will-receive-8-billion-in-funding-from-ecbeuimf-troika-2011-9

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10 Things You Need To Know Before The Opening Bell (CFX, SPY, MHP, BRCM, NETL, BAC, GLD)


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Good morning. Here's what you need to know.

  • Concerns over Greece hit markets hard, Asian markets plummeted in overnight trading with the Hang Seng off 4.21%. Europe is sharply lower and U.S. futures are lower ahead of the market open. Even gold is seeing a sell-off today.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/2aT2dQynBB0/10-things-september-12-2011-9

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Photos Of Lower Manhattan On 9/11/11

The Big Report On UK Bank Reform "Could Have Been A Whole Lot Worse"


Bank shares are up one place in Europe -- Britain -- after the Independent Commission on Banking report came in softer than expected. The ICB report will cost $9.5 billion annually for UK banks and force banks to ringfence off core operations from the rest of their business.

Lloyd's, RBS and Barclays shares declined after the report was published this morning; however, within an hour they were trading higher.

Ian Gordon of Evolution Securities says the report could have been much worse (via FT Alphaville):

Today’s ICB report is unwelcome and unhelpful, but it could easily have been a whole lot worse. A (recommended) “delay” in implementation until 2019 should cause materially less transitional damage than might otherwise have been the case.

Accepting the fact that the report was only ever going to represent bad news, there is cause for not immaterial relief this morning. Most importantly, the ICB recommends a final mandatory implantation date of 2019. With a nod to political sensitivities, there is a call for an immediate commencement of implementation work, but, if accepted, the additional breathing space will certainly avoid any lingering fears of a requirement for fresh equity issuance, and most importantly, allows banks some planning time to mitigate the likely adverse impact of segmentation on funding costs.

This is particularly true given the apparent scope for the banks themselves to partially determine what falls inside or outside the retail “firewall”. Retail banking and SME business falls inside, so-called “casino” banking falls outside, but (for example) the provision of many services to large corporates may be placed on either side of the firewall.

Here's the report:

ICB Final Report

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Source: http://feedproxy.google.com/~r/businessinsider/~3/ghh5od_IpGc/vickers-reform-banking-report-2011-9

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Buy Yen!


yen

Something interesting:

While everything is selling off, the dollar is surging against the Euro, the Swiss Franc, gold, etc.

What it's not surging against is the yen, which is trouncing everything in its path.

You can see here, USDJPY is down nearly 1% on the day.

Just something to note about who's really perceived as safe.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/0S4fPgA5No4/yen-rally-september-12-2011-9

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Is There Really A Secret To Financial Freedom?

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Even with many types of investments today that provide a lot of options for an individual to pursue and take advantage of its money making potential, you still wonder how are you suppose to know what the best deals are. But with the power of the Internet and some basic research, anyone can become knowledgeable about the different financial opportunities available.

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Automated Decisioning and Demand Deposit Accounts: Getting the Whole Package

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Demand deposit accounts (DDAs) are evolving. With traditional decisioning software, consumers had wait time involved when opening a demand deposit account--they had to wait to find out if they were approved and if they were they had to wait to start using the account. However, now with new solutions, financial institutions (FIs) can use automated decisioning to open accounts effectively and efficiently and realize profits in the process. Automated decisioning is used to not only analyze consumer data to find out if they are credit-worthy, but is also used to incorporate steps into the decisioning process that enhance the customer experience, builds deeper relationships, and increases profitability for FIs.

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Will HMRC Accept My IVA Proposal?

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If you are using an IVA you will need to include any tax debts you owe to HMRC. We ask how likely it is that HMRC will accept your IVA.

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