Stocks, Commodities Advance Before Greek Vote; Euro Erases Loss
Stocks rose, with a global benchmark index bound for a two-week high, while commodities gained and Asian default risk declined before the Greek parliament votes today on budget cuts aimed at preventing a default. The euro erased earlier losses against the dollar. Read more on BusinessWeek
Liberals, not Bachmann, are hypocrites on Medicaid
Timothy P. Carney Senior Political Columnist Follow Him @TPCarney Any outspoken, pro-life, conservative woman will be the target of unfair, almost rabid attacks by liberals in the media. But the latest left-wing talking point against Republican presidential candidate Michele Bachmann is perhaps the stupidest criticism any politician has endured this year. It turns out that Bachmann … Read more on Washington Examiner
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news the Dow has fallen more than 2% in late trade on fears about the US and global recoveries. Surprisingly weak jobless claim figures (480000 last week) were a factor. The NZ dollar fell to 68.6 USc, its lowest level since September as appetites for risky currencies globally shrank. The Euro fell to its lowest level since May last year on new fears about sovereign defaults in Portugal, Spain and Greece. Interest rate spreads for their bonds rose sharply, with Greek CDS spreads rising to 425 basis points. A major Greek union threatened a strike, raising worries Greece’s deficit cutting plan may fail. Meanwhile legendary US investor Warren Buffett has been stripped of his prized AAA credit rating by Standard and Poor’s after his big railway buy., Warren Buffett
U.S. Stocks Fluctuate as Earnings, Economy Offset Drop in Euro
May 18 (Bloomberg) — U.S. stocks fluctuated as housing starts and results at Wal-Mart Stores Inc. topped forecasts, while concern nations with the highest deficits will fail to meet European Union austerity requirements sent the euro lower.
U.S. Stocks Drop on German Ban on Naked Short Sales; Euro Falls
May 18 (Bloomberg) — U.S. stocks tumbled, with a retreat in financial companies wiping out an early rally, as Germany planned to ban certain types of bearish investments. The euro dropped to near a four-year low against the dollar.