IMF and ECB’s Szekely, Masuch & Chopra on the Wires

Says:

• Irish fiscal program on track
• Tensions in bond markets have escalated
• Irish program cushioning it from market developments
• Irish six month deficit below targets in aid program
• Strong implementation needed to prevent contagion
• Ireland met all targets in review
• Masuch says no change on ECB stance on senior bonds
• Moody’s Irish downgrade linked to EU policy plans
• Contagion risk is pushing up irish spreads
• Ireland showing some signs of economic growth
• Irish debt is sustainable
• No need for Irish restructuring

IMF Releases Statement in Washington

IMF says ‘we stand ready to continue our support for Greece’, along with this comment they also say that they will see  a ‘positive outcome’ on Greece at next Euro-group meeting. Any program for Greece is subject to approval from the IMF board. Suport is subject to adoption of agreed Greek reforms.

Bobbys Corner-Open Market-April.12.2011

Good Morning:

The JPY and CHF rose after Japan increased the severity rating for it’s nuclear crisis.  This rating is the same that was placed on the Chernobyl nuclear crisis 15 years ago.  Japan also had additional earthquakes yesterday that were 6+ on the Richter Scale, they were strong enough to shake buildings in Tokyo.
The Euro gained some as the IMF and European Commission meet today in Lisbon to discuss the “aid” package for Portugal.
The markets shrugged off weak German investor confidence data.
GBP dropped after reports showed that inflation has slowed-which may put a hold on any interest rate increase in the near future.

Equity markets are lower across the board-and US Futures are also looking for a lower opening this morning.

Oil:$109.33                                                 Gold:$1465.10

HAVE A GREAT DAY & GOOD LUCK

IMF on the Wires

Says;

• Forecasts world growth 4.4% in 2011, 4.5% in 2012
• Sees oil at 107.16 a barrel in 2011
• Recovery more ‘self sustaining’
• Developing nations will grow 6.5% in 2011
• Advanced economies will grow 2.4% in 2011
• Cuts U.K 2011 grwoth projection to 1.7% from 2.0%
• IMF cuts Japan growth 2011 projection to 1.4% from 1.6%
• Projects Euro-Region growth of 1.6% in 2011, 9.5 next year
• Sees ‘risks’ from U.S. fiscal policy
• Sees ‘very sluggish’ credit in advanced economies
• Urges U.s to tackle defecit

Bobbys Corner-Open Market-April.11.2011

Good Morning:

We start the week on a quiet note in the FX markets.  It was a fairly uneventful overnight session-with very little on the global calender-and nothing on North America’s calender today-the markets may be like a boat without a driver today-just  floating in the water.
The only notable event today is that Fed Vice Chairman Yellen will give a speech to the Economic Club of New York this afternoon.  Over the weekend Ms. Yellen made comments that it is to soon to lift the Fed’s “accommodating policy”.

 The IMF has lowered it’s growth forecast for the US and Japan.  The US faces higher commodity prices (oil,grains, etc), that will prolong the economic recover.  Japan’s growth was also downgraded after last months earthquake devastated the country-and it’s economy.  Both countries lack credible deficit reduction policies.  Fears of a double dip recession seem to be on the back burner of most economists, but the lack of significant and sustainable growth will be the US economies hardest battle.

World equity markets were mostly lower-and US Futures are barely hanging on to positive numbers at this time.

Silver reached it’s highest level since January 1980

Oil:$111.70                                               Gold:$1470.90

HAVE A GREAT DAY & GOOD LUCK

IMF on the Wires

Atkinson Says:

• ‘No Request” for financial assistance from Portugal
• Portugal faces ‘difficult circumstances’
• Spanish measures have been ‘very important’
• Declines comment on credit-rating companies
• Sees need for openness, transparency on forex
• Greece intends to pay debt in full
• No comment on Ireland before stress test announcement
• Near-Term action needed to affect medium term in U.S
• IMF had technical discussions with Tunisia and  will have technical discussions with Egypt

Bobbys Corner-Open Market-Nov.24.2010

Good Morning:

The euro continued to trade lower as the the sovereign debt issues in the EU continue to be a concern for the marketplace.
Standard & Poors lowered Ireland debt rating by 2 steps along with a negative outlook, as the Irish government looks for a “bailout package” from the IMF and EU.  The guesstimate is that the bailout nay reach 85-100 billion euros.

In other sovereign debt news, Portugal is facing its biggest strike in nearly 22 years to protest government austerity plans in the wake of their debt crisis.

On another front-North Korea blamed South Korea for driving them to the “brink of war”, a day after the North blasted artillery at the South.  We will wait and watch what the worlds response is to this military action.

Asian equtiy markets were mixed-European equity markets and US futres are also higher at this time.

HAVE A GREAT DAY & GOOD LUCK
For my friends in the US-have a very Happy Thanksgiving Holiday.

Bobbys Corner-Open Market-Nov.18.2010

Good Morning:

The Euro picked up overnight-as speculation that Ireland will receive a bailout (or aid package if you wish), which will hopefully prevent contagion in the EU’s other sovereign states.  A package for Ireland would most certainly lead to calmer markets, which will be positive for the Euro.
The Fed’s QE2 program which will purchase $75 Bil of US Treasuries per month will hopefully spur employment and inflation in a move to  get the US economy back on solid ground.

World equity markets rose, and US Futures are higher with news  that the IMF  and EU are working on a solution for Ireland’s sovereign debt issue.

Oil:$81.84                                                    Gold:$1353.60

HAVE A GREAT DAY & GOOD LUCK

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