ECB sees rising risks to euro zone financial stability, watching for Italian vote fallout

The European Central Bank sees rising risks to euro zone financial stability and is watching for any fallout from Italy’s constitutional referendum next month, ECB Vice President Vitor Constancio said on Thursday. In an unusually downbeat Financial Stability Review, the ECB as a whole also warned that political shifts on both sides of the Atlantic, including a potentially protectionist U.S. administration under Donald Trump, may trigger a surge in government borrowing costs and raise concerns about indebted countries. Continue reading “ECB sees rising risks to euro zone financial stability, watching for Italian vote fallout”

Weak trade put brakes on German growth in third quarter

The German economy halved its growth rate to 0.2 percent in the third quarter despite rising private consumption and higher state spending as weak foreign trade slowed overall activity in Europe’s biggest economy. Confirming a preliminary reading for growth, the Federal Statistics Office said on Thursday that net foreign trade subtracted 0.3 percentage points from GDP growth as exports fell by 0.4 percent on the quarter and imports rose by 0.2 percent. Continue reading “Weak trade put brakes on German growth in third quarter”

Oil falls $2 a barrel on OPEC cut uncertainty ahead of meeting

U.S. crude fell nearly 4 percent dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts. Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, as it wants to focus on having consensus within the organization first. Continue reading “Oil falls $2 a barrel on OPEC cut uncertainty ahead of meeting”

Japan October consumer prices continue slide, yen falls may help BOJ

Japan’s core consumer prices marked their eighth straight month of annual declines in October, illustrating the sheer scale of the central bank’s struggle to beat deflation and stagnant growth with diminishing policy options. The data will keep policymakers under pressure to do more to stimulate the economy, with fiscal spending likely the more preferred option as three years of aggressive easing by the Bank of Japan failed to accelerate inflation to its 2 percent target. Continue reading “Japan October consumer prices continue slide, yen falls may help BOJ”

Wells Fargo asks U.S. court to dismiss account scandal lawsuit

Wells Fargo & Co has asked a U.S. court to order dozens of customers who are suing the bank over the opening of unauthorized accounts to resolve their disputes in private arbitrations instead of court, according to legal documents. The motion, filed in the U.S. District Court in Utah on Wednesday, is in response to the first class action lawsuit filed against Wells since it agreed to pay $185 million in penalties and $5 million to customers for opening up to 2 million deposit and credit-card accounts in their names without their permission. Continue reading “Wells Fargo asks U.S. court to dismiss account scandal lawsuit”

Wilbur Ross, Billionaire Investor, Is Said to Be Trumps Commerce Pick

President-elect Donald J. Trump is expected to select as commerce secretary Wilbur Ross, a billionaire investor who became known as the king of bankruptcyĀ¯ for buying, restructuring and selling off steel makers and other fading industrial companies, officials on the transition team said on Thursday. After choosing national security hard-liners for some of his earliest appointments, Mr. Trump is now turning to a group of ultrawealthy conservatives to help steer administration policy. Continue reading “Wilbur Ross, Billionaire Investor, Is Said to Be Trumps Commerce Pick”

Airstrike hits Mosul bridge, disrupting IS supply lines

An airstrike by the U.S.-led coalition on Wednesday “disabled” a fourth bridge across the Tigris River in Mosul, leaving only one intact crossing in the northern Iraqi city and further disrupting the Islamic State group’s supply lines. The IS-run Aamaq news agency and an Iraqi military commander in Mosul reported the pre-dawn airstrike, the second to target a bridge this week. Two other bridges were destroyed by airstrikes last month. Continue reading “Airstrike hits Mosul bridge, disrupting IS supply lines”

Superlong JGBs lifted by strong 40-year sale results

Japanese government bonds mostly rose, following upbeat results from a 40-year sale that brought superlong bond yields off their session highs, as well as speculation that Japan’s finance ministry might trim its issuance of longer maturities. The benchmark 10-year JGB yield was flat at 0.030 percent, after earlier rising to 0.045 percent, its highest since February. Continue reading “Superlong JGBs lifted by strong 40-year sale results”

32 bodies found in clandestine graves in southern Mexico

Investigators searching clandestine graves have found 32 bodies and nine human heads in the southern Mexico state of Guerrero, where authorities say they are battling a wave of drug gang violence. The grisly discoveries came in the municipality of Zitlala, where a drug gang had set up a rural camp where it held kidnap victims and disposed of its victims’ bodies. When a joint military-police patrol happened on the camp earlier this week, it found a kidnapped man and what appeared to be clandestine burial pits. Continue reading “32 bodies found in clandestine graves in southern Mexico”

This is the greatest suckers’ rally of all time: David Stockman

The Trump rally raged on this week with all major U.S. indexes hitting record highs, but despite the historic run, David Stockman is doubling down on his call for investors to sell everything. “This 5 percent eruption is meaningless. It’s some robo machine trying to tag new highs,” Stockman said Tuesday on CNBC’s “Fast Money,” in a dismissal of the S&P 500 rally. “I see a recession coming down the pike in 2017. Continue reading “This is the greatest suckers’ rally of all time: David Stockman”