European stock market close 9 February 2017
- FTSE +0.6%
- Cac +1.3%
- Dax +0.9%
- Ibex +1.2%
- FTSE Mib +0.9%
- Italy 2.19% -6bp
- Spain 1.63% -6bp
- Portugal 4.06% -6bp
- Germany 0.310% +1bp
- Greece 7.82% +9bp
Yesterday’s ominous closed-door meetings between the PBOC and bitcoin exchanges, appears to have had a dramatic effect, and as at least two Chinese bitcoin exchanges, Huobi and OKCoin, reported moments ago, all bitcoin withdrawals are now effectively suspended.
The result on bitcoin price was immediate and dramatic with bitcoin traded in China tumbling 7%.
While continuing claims continue to rise post-election…
Initial jobless claims have collapsed back to with 1k of the lowest levels since 1973.
While everything is awesome with this print, one wonders what happens next?
Which is more likely – higher or lower from here?
Tax authorities around the world will soon get a powerful new weapon in the fight against tax avoidance.
Next year will see the launch of the Common Reporting Standard, a new global system for the automatic exchange of financial account information between national revenue bodies. Set for launch in September 2018 the CRS has already been hailed as a game-changer.
“Assets held by wealthy people will become fully visible,” said senior Japanese tax official. “Its power will be tremendous.”
That view appears to be no exaggeration.
Established by the Organization for Economic Cooperation and Development, the system automatically provides for the exchange of information on accounts across jurisdictions.
The data will include the names and addresses of account holders as well as the account balances and interest and dividends earned on the holdings.
Still no respite for Greece.
Amid a fresh escalation in a row over its bailout conditions, Greece’s stubbornly high unemployment rate is showing no sign of improvement.
The country’s jobless rate – which is the highest in the eurozone and has been above 20 per cent for six years – stuck at 23 per cent in November despite a general uptick in its economic prospects at the end of 2016.
The IMF has been accused by Athens and Brussels of an “overly pessimistic” view on the Syriza government’s ability to hit a 3.5 per cent budget surplus target over the next decade, which has led it to a wrong-headed forecast on Greece’s “explosive” debt dynamics.
The Fund’s latest report on the Greek economy suggest its debt-to-GDP mountain could reach 275 per cent over the next two decades without major debt restructuring. Unemployment meanwhile will only fall to 21.7 per cent this year, while the country’s long-term growth rate was downgraded to 1 per cent, IMF economists predict.
Got to give Trump some credit as the great unknown. He’s certainly stirring up emotions.
The fin min meeting is in March.
Expect decent offers/res at 112.50 again. Immediate demand into 112.00 then 111.75-80
Ranging still and I remain a rally seller.
No further details at present.
Loans worth between R8,000 crore and R10,000 crore that were being serviced regularly have turned into special mention accounts 2 (SMA2) — loans on which repayments are overdue for between 61 and 90 days — atPunjab National Bank (PNB) as a result of demonetisation, senior bank executives said.
The total value of SMA2 accounts at the New Delhi-headquartered lender at the end of December was R19,000 crore. Among the accounts in the SMA2 category is that of Air India, to which PNB has an exposure of around R1,000 crore, one executive confirmed.
Slippages, or fresh bad loans, at the country’s fifth largest lender during the October-December quarter stood at R4,800 crore, with about R1,500 crore being accounted for by large corporate accounts.
Meanwhile, addressing analysts and investors on Wednesday, PNB’s managing director and CEO Usha Ananthasubramanian refused to offer a forecast for slippages in the March quarter. “I would only say the endeavour is to be below the recovery numbers,” she said.