ECB's Stark signals rate hikes, IMF urges caution
By Marc Jones and Christiaan Hetzner, Reuters
ECB policymaker Juergen Stark left little doubt on Thursday more euro zone rate hikes were on the agenda, even as the International Monetary Fund urged the bank to tread carefully to help contain the region's debt woes.
http://jlne.ws/mrpzKW
Finland approves Portugal's bail-out
BBC
A 25-member parliamentary committee, including members of all eight parties, gave outgoing Finance Minister Jyrki Katainen a mandate to support the package at the eurozone finance ministers meeting on 16 May.
http://jlne.ws/lJzEni
With almost five million out of work, Spain’s unemployment crisis rages on
By Andrew Eatwell, IberoSphere
In January 2009, Spain’s then Labour Minister Celestino Corbacho declared confidently that the number of jobless people in Spain would not surpass the four million mark. It took only three months for him to eat his own words as unemployment shot past that psychologically significant level. It has continued to tick upwards ever since. Corbacho lost his job in October last year.
http://jlne.ws/ih0f1s
Seven of 10 poll respondents confident Congress will raise the $14.29 trillion debt limit
By Mike Dorning and David J. Lynch
Global investors, by an almost 2-to-1 majority, believe the U.S. government won’t be able to substantially cut its budget deficit without raising taxes, rejecting a core stand of congressional Republicans.
http://jlne.ws/mQEbpl
Federal Reserve Bank of New York: New York Fed purchases $6.940 billion in Tsy coupons
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system. Such transactions are arranged on a routine basis to offset other changes in the Federal Reserve’s balance sheet in conjunction with efforts to maintain conditions in the market for reserves consistent with the federal funds target rate set by the Federal Open Market Committee (FOMC).
http://jlne.ws/kNsAOD
Citi reinstates quarterly dividend at 1 cent
Reuters
By Maria Aspan, Reuters
Citigroup Inc (C.N) declared its first dividend in more than two years on Friday, announcing it will pay a penny per share on June 17, but analysts said the bank could take a while to pay the kinds of dividends that its rivals do.
http://jlne.ws/lJJZNa
Businesses step into US debt limit battle
By James Politi, FT.com
Corporate America stepped into the political battle over the US debt limit, pleading for congressional leaders to raise the country’s borrowing authority in a “timely fashion” to avoid damaging the economy.
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Forecasters predict slower growth over the next four years
Federal Reserve Bank of Philadelphia
Growth in the U.S. economy looks a little slower now than it did three months ago, according to 44 forecasters surveyed by the Federal Reserve Bank of Philadelphia. Our panelists expect real GDP to grow at an annual rate of 3.2 percent this quarter, down from the previous estimate of 3.5 percent. On an annual-average over annual-average basis, the forecasters also predict slower real GDP growth over the next four years. The forecasters see real GDP growing 2.7 percent in 2011, down from their prediction of 3.2 percent in the last survey. The forecasters predict real GDP will grow 3.0 percent in 2012, 2.8 percent in 2013, and 3.3 percent in 2014, each somewhat lower than their respective predictions in the last survey.
http://jlne.ws/jFTnJQ
ISDA Responds to the Financial Stability Board Report on OTC Derivatives Markets Reforms Implementation
ISDA and the industry have worked in close collaboration with global supervisors to achieve greater levels of counterparty credit risk management, regulatory transparency and operational efficiency. The ISDA Industry Governance Committee (IIGC) is comprised of major dealers and buy side institutions and serves as a forum for market participants to communicate with regulators and to further strengthen the OTC derivatives market infrastructure.
http://jlne.ws/jAFr4n
CFTC Working At 'Cross-Purposes' On Overhaul -FIA Chief
By Jacob Bunge, Of DOW JONES NEWSWIRES
The push by regulators to overhaul the U.S. derivatives market is becoming disorganized as agencies crank out a welter of proposals, the head of the main futures trade body said Wednesday.
http://jlne.ws/juKAK5
Finance Banter : INVESTORS' GUIDE TO THE DEBT CEILING DEBATE: Finance Banter Economics
Jeff Miller, Finance Banter
As a professional analyst of public policy issues, the forecasting of political events is a favorite topic. My record has been good.
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Testimony Of Finra's Ketchum Before Subcommittee On Oversight And Investigations Committee On Financial Services
Chairman Neugebauer, Ranking Member Capuano and Members of the Subcommittee: I am Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority, or FINRA. On behalf of FINRA, I would like to thank you for the opportunity to testify today. Unfortunately, we are here today because of a massive fraud that has had tragic results for many investors. No regulator can feel good about its performance regarding Stanford. Notwithstanding the jurisdictional limits that confronted us, FINRA clearly could have done better and we deeply regret we did not. In the wake of Stanford, FINRA stepped back and took a hard look at our regulatory programs and approaches, and searched for ways to more effectively uncover misconduct, especially fraud, and enhance our programs to better protect investors.
http://jlne.ws/jSfF7x
Greece Set to Miss Deficit Targets
BY ALKMAN GRANITSAS, WSJ.com
Greece's economy is expected to contract more than previously expected this year, the European Commission said Friday, while it warned that the country's budget deficit would be sharply higher than government targets.
http://jlne.ws/mk2lcB
Philadelphia Fed Forecasters Mostly Cut Growth Projections
By Gary Siegel, The Bond Buyer
The economy is not looking as strong as it did three months ago, according to the Federal Reserve Bank of Philadelphia’s survey of professional forecasters, which was released Friday.
http://jlne.ws/mdx71n
U. of Mich. May Index at 72.4 vs. 69.8 in April
By Gary Siegel, The Bond Buyer
The University of Michigan's preliminary May consumer sentiment index reading was 72.4, compared to the final April 69.8 reading, the preliminary April 69.6, and the final March 67.5, according to market sources.
http://jlne.ws/iS5byc
Petrol costs push up US consumer prices
By Shannon Bond, FT.com
US consumer prices rose 3.2 per cent year-on-year in April, the most since October 2008, as high energy and food costs lifted core inflation. The rise, slightly above the 3.1 per cent forecast by economists, followed a 2.7 per cent advance in March, the labour department said on Friday. Month-on-month, prices were up 0.4 per cent, in line with expectations, following March’s 0.5 per cent gain.
http://jlne.ws/iR0t1O
Big banks take hit on capital surcharge
By Brooke Masters, FT.com
The world’s biggest banks are likely to be hit by capital surcharges that increase progressively based on a lender’s size, how connected it is to other banks and how easily it could be replaced in a crisis, global regulators have told the Financial Times. The proposals would be good news for the huge, but domestically focused Chinese and Japanese banks and for second-tier European and US banks
http://jlne.ws/ldyGcw
Penson Director Resigns; Shares Dive On Collateral Disclosure
By Jacob Bunge Of DOW JONES NEWSWIRES
A board member of Penson Worldwide Inc. (PNSN) resigned Thursday after the company's disclosure of his relationship to a large, illiquid bond position held by the company, which sent shares in the clearing and settlement firm to an all-time low. Penson reported this week that it held as trading collateral $42.6 million in bonds issued by a horse-racing track operator that maintains ties with director Thomas R. Johnson, which the company said in a filing this week could bring a "material" write-down.
http://jlne.ws/m9twIH
Banks look to counter LSE’s TMX deal
By Bernard Simon and Jeremy Grant - Financial Times
This week a giant blue illuminated ball and electronic ticker tapes were inaugurated at the London Stock Exchange as the UK bourse launched a new market opening ceremony to kick off trading each day. It was probably a welcome distraction for Xavier Rolet, LSE chief executive, from having to follow the progress of his planned “merger of equals” with TMX Group, operator of the Toronto and Montreal exchanges, thousands of miles away in Canada.
http://jlne.ws/kzrgfr
Finance groups win curbs delay
By Matt Kennard and Robin Harding in Washington and Tom Braithwaite in New York
Tighter supervision and higher capital requirements for the largest and riskiest financial institutions are being postponed for up to three months, officials said on Thursday.
http://jlne.ws/kSi1ZG
UBS: Banks will have too much cash after Basel III
Market Watch
(Adds detail and comments from Gruebel throughout.) Banks will likely have too much cash by 2019 as a result of the Basel III global banking rules, UBS AG (UBSN.VX) Chief Executive Oswald Gruebel said Thursday. "In the next 10 years, at the end of 2019, we will have overly liquid, overcapitalized banks," said Gruebel, who was addressing a business audience at a conference here.
http://jlne.ws/m7teq6
NAB caught in British insurance scandal
Brisbane Times
THE National Australia Bank faces a hit to earnings of almost $140 million in Britain after being caught up in a lending insurance scandal that is set to cost the banking sector there billions of dollars in payouts.
http://jlne.ws/iwYz66
HSBC says profit from India to cross USD 1-bn mark in 3-years
PTI via Yahoo! India News
Mumbai, May 12 (PTI) Global banking major HSBC today said India is one of its key markets for growth and profits from the country will cross the USD 1-billion mark in three years."We closed with a profit before tax of USD 671-million in 2010 and one would expect we will achieve the targeted growth number of USD 1-billion in three years...by 2013," HSBC Chief Executive for India Stuart Davis told ...
http://jlne.ws/k8WOiG
Economics: Canada's banking experience shows concentration can improve stability
The Economist
A CONCENTRATED banking system with appropriate regulation can be good for stability. The case of Canada makes the point. The Canadian nationwide branch banking system evolved from its Scottish roots in the early nineteenth century to its present structure dominated by five big banks. The Canadian set-up can be viewed as a grand bargain whereby oligopoly with limited entry would be permitted in exchange for financial stability but it would be a tightly regulated. From 1900 to 1980 my research with Angela Redish and Hugh Rockoff shows that the Canadian banking system was considerably more stable than its unit banking based US counterpart in terms of no banking panics during the 1930s and a much lower incidence of bank failures. It also was more efficient in terms of a higher rate of return on equity.
http://jlne.ws/kUqYml
Latest five-year TIPS series are added to FRED database
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Eurodollar block trades successfully executed on NYSE Liffe US
Marco Bianchi, NYSE Liffe U.S.
NYSE Liffe US Eurodollars keep growing. Our customers are responding well to our wholesale trading initiative and Friday, May 13th, we saw 50 thousand lots of Eurodollar futures business executed via a series of block trades. We are very excited about these latest developments and expect to set a new record in Open Interest on the back of these trades.
http://jlne.ws/kTKFbj
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