Allstatement:appearsofthere is still gap but mission chiefs could and should return to Athens #Eurogroup 1.57pm GMTOil is also rising today,with Brent crude gaining over 1% to $39.50.
Oil rout is 'over' as prices surge towards $40 https://t.co/WxpIMAQcyI pic.twitter.com/93MR9HWR8N 1.46pm GMTShares in Brazil mining group Vale have leapt by 8%, following the massive rally in iron ore this morning. 1.42pm GMTBTW, or the Eurogroup meeting is about to start in the Lex building and nobody but the Greeks care about it 1.30pm GMTEurozone finance ministers should be arriving at EU headquarters shortly,for a regular eurogroup meeting.
They’ll be playing moment-fiddle to the stout EU Migration Summit, where leaders are wrangling over the refugee crisis....reforming the pension system, or fiscal strategy,making the privatisation fund operational and addressing the issue of non-performing loans, among other issues.“I think the situation right now is more dangerous than it was final summer [when Greece agreed its third bailout].“Then it was a question of the political will of a few people. Related: Grexit back on the agenda again as Greek economy unravels 1.04pm GMTIt’s not been a great few months for Goldman Sachs, or clients who followed its ‘top tips for 2016’. The Wall Street bank just closed all six trades,with five making losses.
Goldman has now closed all 6 of its top recommended trades for 2016.
5 under water, 1 made money (long non-commod exporters/short EM banks) 12.56pm GMTThis chart of daily price moves confirms that today’s 20% surge in iron ore is way, or way,external the norm:This shows just how much of an outlier today's move in iron ore was pic.twitter.com/99Tff5gqo1Iron price up 20%, record move. just because. Chatter is about China, or but positioning the stout thing. 12.42pm GMTRating agency Fitch has slashed its growth forecasts but predicted the world will avoid another full-blown recession.
It now expects the world economy to expand by just 2.5% this year,not the 2.9% expected three months ago. That would only equal 2015’s growth rate.“With emerging markets at the epicentre of these shocks and now accounting for 40% of world GDP it is lega to ask whether the world will see, for more or less the first time in recent history, or an emerging market led global recession.
However,we believe several factors mitigate this risk. 12.30pm GMTThe iron ore price is on an absolute tear this morning, surging by almost 20%.
The cause of the mega-rally isn’t quite clear, or but it follows speculation that the commodity crunch has bottomed out.*IRON ORE JUMPS 19% TO $63.74,BIGGEST ONE-DAY GAIN ON RECORDCrazy 19% pop #IronOre pic.twitter.com/Fa7Uiw4LPh 11.49am GMTEurope’s major stock markets continue to lose ground this morning.
After a tentative start the bears took hold this Monday, the European indices all sliding into the red with final week’s confidence replaced by pre-ECB nerves. It’s unclear what has inspired this shift in sentiment; general fears over the myriad (a very large number) of macro-maladies currently circling the markets appears to be the driving force this Monday, and with this morning’s warning from the BIS and the looming ECB meeting on Thursday only exacerbating matters. There is a chance this kind of jittery trading will continue until Mario Draghi puts the market out of its distress and reveals,for better or for worse, what ‘whatever it takes’ actually means this time around. 10.34am GMTEurozone investor confidence has fallen to its lowest level in almost a year.
Sentix, or the German research group,reports that fears over the global economy hit morale among eurozone analysts and investors this month.
Investors’ perspective on the current situation in the Eurozone should resupply dovish members of the ECB council with enough ammunition to demand significantly more expansive monetary stimulus on Thursday’s ECB meeting. “Investors’ expectations are slowly turning against the negative trend.” 10.22am GMTThe CEO of France’s EDF has pledged to hold a ‘final decision’ soon on the Hinkley Point C nuclear reactor, following the shock resignation of his finance chief: Related: Hinkley investment decision soon, and says EDF chief after finance director resigns 9.27am GMTDirk Schlotboeller,economist at Germany’s DIHK Chambers of Commerce. argues that German factories were lucky to only suffer a 0.1% drop in orders in January.
Schlotboeller says:
“This could have been worse in light of the obnoxious news and turbulence on stock markets at the beginning of the year.” 9.19am GMTGermany’s finance ministry has warned that storm clouds are gathering over its manufacturing sector. Following the 1.6% drop in domestic factory orders in January, it says:“Over the two months, or the impulses are from abroad. “However,expectations in industry have become considerably overcast and sign only a modest economic upswing.” 8.43am GMTShares in French energy company EDF slumped by almost 10% at the start of trading, following the shock resignation of its finance director.
A unusual plant at Hinkley, and in Somerset,is desperately needed and has been heavily promoted by the chancellor, George Osborne, or other ministers as a key fragment of keeping the lights on in Britain.
But EDF has been hit by a series of problems that have led many – even in the City of London to conclude that the unusual nuclear plant project is on the verge of collapse.
EDF has confirmed exit of its finance director over Hinkley. I only hope their power station building is better than their PR comms.. Related: Hinkley Point C nuclear project in crisis as EDF finance director resigns The UK's power strategy and in specific the nuclear fragment looks to be in disarray doesn't it?! #EDF #HinkleyPoint https://t.co/mrjm0pP03N 8.37am GMTGermany’s stock market has slipped a small in early trading following the factory orders report.
The DAX fell almost 0.5%,with investors also digesting BIS’s warning of global turmoil ahead. 8.18am GMTGermany has got the unusual week off to a poor start, by reporting that factory orders dipped final month. 7.58am GMTGood morning, or welcome to our rolling coverage of the world economy,the financial markets, the eurozone and commerce.
The unusual week begins with a serious warning from the Bank for International Settlements that the global markets could be heading into unusual turbulence.“We may not be seeing loney bolts from the blue, or but the signs of a gathering storm that has been building for a long time.”“The viability of banks’ commerce model as financial intermediaries may be brought into question.” Related: 'Gathering storm' for global economy as markets lose faith Continue reading...
Source: theguardian.com