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Greece

Greece

by Larry Levin   Greece is back in the news again. If you recall, a few years ago whenever there was political controversy in Greece the markets reacted with a severe “sell it at the market” rash. The market was fearful that a new group of politicians would force the country to leave the Euro, thus causing cascading and catastrophic losses for banks across the world, but especially in Germany. When enough politicians were bribed, however, the talk of leaving the Euro vanished. This time may be different. The leader of the newly elected Syriza party wants a major reduction in Greece's bailout packages for one reason: It can not pay, and what cannot be paid will not be. The debt amount is simply too large for such a small country. On the results, Bloomberg penned the following: Alexis Tsipras’s Syriza took 36.5 percent in Sunday’s election, compared with 27.7 percent for Samaras’s New Democracy, according to official estimates. While the projected victory was by a wider margin than polls predicted, it remains unclear whether Syriza will be able to govern alone. The win hands Tsipras a mandate to confront Greece’s austerity program imposed in return for pledges of 240 billion euros in aid since May 2010. The challenge for him now is to strike a balance between keeping his election pledges including a write-down of Greek debt and avoiding what Samaras repeatedly warned was the risk of an accidental exit from the euro. Additionally, the wires shouted the following statements from the winning party... •TSIPRAS SAYS GREEK PEOPLE HAVE WRITTEN HISTORY •TSIPRAS SAYS GREECE IS TURNING PAGE, LEAVING AUSTERITY BEHIND •TSIPRAS SAYS BAILOUT AGREEMENTS HAVE ENDED FOR GREECE •TSIPRAS SAYS TROIKA ERA IS OVER FOR GREECE •TSIPRAS SAYS SYRIZA GOVT READY TO NEGOTIATE, COOPERATE ON DEBT •TSIPRAS SAYS OLIGARCHS, ELITES IN GREECE HAVE BEEN DEFEATED •TSIPRAS SAYS SYRIZA VICTORY IS VICTORY FOR PEOPLES OF EUROPE These are … [Read More...]

Dow Continues To Soar To Record Levels

Stocks Declining After String of Gains

Coming off a fourth-straight session of gains, the domestic equity markets are trading lower in late-morning action. Stocks are pulling back slightly from yesterday's rally that came from the announcement by the European Central Bank (ECB) to expand its stimulus measures to include the purchase of government bonds. Meanwhile, the U.S. economic calendar offered some mixed data, with existing home sales and the Leading Index rising, while manufacturing growth unexpectedly decelerated. Elsewhere, Asian stocks finished broadly to the upside and European equities are mostly higher as the ECB's announcement was followed by relatively upbeat business activity reports out of China and Europe. Gold is lower and crude oil prices are ticking higher, while Treasuries and the U.S. dollar are rallying. In earnings news, Dow member General Electric posted mixed results, Dow component McDonald's Corp missed revenue expectations but topped same-store sales forecasts, and Starbucks Corp matched quarterly projections and raised the low end of its earnings guidance. Finally, UPS issued a warning about 4Q and full-year earnings. At 10:52 a.m. ET, the Dow Jones Industrial Average and the S&P 500 Index are declining 0.4%, while the Nasdaq Composite is dipping 0.1%. WTI crude oil is increasing $0.01 to $46.32 per barrel, Brent crude oil is advancing $0.53 to $49.05 per barrel, and wholesale gasoline is up $0.02 to $1.38 per gallon. Elsewhere, gold is decreasing $13.86 to $1,288.39 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—is up 0.5% to 94.53. Dow member General Electric Co. (GE $24) reported 4Q earnings-per-share (EPS) ex-items of $0.56, one penny above the consensus estimate of analysts surveyed by FactSet, as its industrial segment profits rose solidly. Revenues grew 4.0% year-over-year (y/y) to $42.0 billion, compared to the $42.1 billion that the Street had expected, as orders from its oil & gas segment declined. GE … [Read More...]

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Recent Posts

Greece

Greece

by Larry Levin   Greece is back in the news again. If you recall, a few years ago whenever there was political … [Read More...]

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Stocks Declining After String of Gains

Coming off a fourth-straight session of gains, the domestic equity markets are trading lower in late-morning action. … [Read More...]

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Greece

Greece

by Larry Levin   Greece is back in the news again. If you recall, a few years ago whenever there was political … [Read More...]

bazooka1

Euro Bazooka

by Larry Levin     The European Central Bank has gone all in: The Euro area will get nearly unlimited … [Read More...]

Ghost1

Ghost

by Larry Levin     Fear. It is a great motivator and mode of distraction. More importantly, it’s a … [Read More...]

Forex

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