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the markets are called higher this morning. This is what's happening today:
Alot of things happening in the markets today. Draghi is not expected to cut rates further today however another rate cut is expected to come in next month. Christine Largarde commented that the ECB has room where to cut rates. The ECB rate is at 100 basis points compared to the 25 basis points in the US.
The BOE is also starting a two day meeting to see how they will deal with the current negative situation in Europe.
Unfortunately we didn't get much out of the G7 meeting on a solution to solve this crisis. Hopefully we will get more out of the G20 meeting held on the 18-19 June.
The G7 yesterday agreed to coordinate their response to Europe’s turmoil, which has tipped at least eight of the 17 euro-area economies into recession and damped European demand for foreign goods. ECB President Mario Draghi, who said last week the monetary union is “unsustainable” in its current form, could choose to withhold further stimulus until governments do more to tackle the causes of the crisis.
Chairman Ben Bernanke will appear before the Joint Economic Committee on Thursday, June 7. The announced topic is on the US "Economic Outlook and Policy". This is an opportune moment for Bernanke to address the subject, poised as it is between the downbeat May employment report and the press blackout period that will precede the FOMC meeting on June 19-20. If the Chairman wants to send a signal to markets, this is a well-positioned platform.
Commerzbank AG, Germany’s second-largest bank, had its credit rating cut one level as Europe’s deepening debt crisis prompted Moody’s Investors Service to downgrade seven lenders in the nation and three in Austria. Commerzbank, based in Frankfurt, was reduced to A3, Moody’s said in a statement today. A review of Deutsche Bank AG, the nation’s largest lender, will be concluded later, Moody’s said.
The prolonged campaign season is worsening Greece’s chronic difficulties in tax collection that have helped wreak havoc with the country’s finances. Greece, which Bank of America Merrill Lynch says may run out of money in early July, fell short of revenue goals by 495 million euros in the first four months of 2012, according to the Finance Ministry. Tax collections dropped 20% during the first 20 days of May from a year earlier, Kathimerini newspaper reported May 25, without saying where it got the information.
Spain should urgently approach the European Stability Mechanism for funding to recapitalize its banks, Wolfgang Franz, who heads German Chancellor Angela Merkel’s council of economic advisers, told German ARD television in an interview late yesterday.
Stock to watch: Chesapeake
Chesapeake Energy Corp. is in advanced talks to sell pipelines to Global Infrastructure Partners for more than $4 billion, said two people with knowledge of the matter. The Oklahoma-City based energy explorer, facing a $22 billion cash-flow shortfall after natural-gas prices touched a decade low is discussing selling its entire stake in Chesapeake Midstream Partners LP and other pipeline assets, said the people, who spoke on condition of anonymity because the talks are private. The negotiations may lead to a deal within days and could also fall apart, the people said.
For further information on Chesapeake or other stocks and bonds we follow, contact our offices on 25688688.
Good day and happy trading!
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