ECB Bond Buying Rescues Jobs Report Rally
Stocks seesawed in a dizzying session on Wall Street, as early cheers for an improved July jobs report were quickly drowned out by another selloff before a hopeful signal out of Europe put the market back in positive territory Friday afternoon. With two hours to the closing bell stocks were back on the upside, thanks to a report that the European Central Bank is prepared to buy Italian and Spanish bonds in an effort to cool market fears and gain control of the debt crisis. In return, the governments of Spain and Italy would implement stricter reforms to their fiscal plans. Italian Prime Minister Silvio Berlusconi said the country would move to balance its budget by 2013, from 2014, in a speech Friday.
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How To Explain Negative Interest Rates
24/7 Wall St.
The floor for interest rates is ZERO. Right? Apparently not when extreme conditions arise. Those extreme conditions came today as investors moved solidly into the safety of very short-dated T-bills and the bidding was so intense for a while the real rate was actually a negative yield. The rate technically went to -0.01% on the 1-month bills and this came on the same day that both the S&P and DJIA went into formal correction territory.
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Goldman Sachs: There's Now A 1 In 3 Chance The U.S. Will Plunge Into Recession Again
Business Insider
Goldman Sachs just decreased its growth prospects for the economy big time.
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Fannie Mae seeks $5.1 billion more from taxpayers
By David Lawder, Reuters
Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made prior to 2009.
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Bank to Charge New Fee to Hold Cash
By LIZ RAPPAPORT, WSJ.com
Bank of New York Mellon Corp. on Thursday took the extraordinary step of telling large clients it will charge them to hold cash.
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Three Things the Fed Could Do Right Now
By Jon Hilsenrath, WSJ.com
Federal Reserve Chairman Ben Bernanke faces tough choices as he prepares for the central bank’s next policy meeting Tuesday and a speech at the Fed’s annual gathering in Jackson Hole, Wyo., later this month. The economy isn’t measuring up even to the Fed’s modest expectations. Inflation rose more than officials expected in the first half of the year. Even if he decides he wants to provide more monetary stimulus to the economy, his options aren’t very appealing.
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Italy to announce economic reforms
FT.com
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Obama welcomes jobs report, but warns economy not producing enough jobs
The Globe And Mail
U.S. President Barack Obama hailed a positive jobs report Friday but said more job growth is needed and predicted the situation will improve over time.
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Labor Force Participation Hits New Low
By Sara Murray, WSJ.com
Two years into the economic recovery labor force participation has hit a new low. The labor force participation rate, the share of Americans who are working or looking for jobs, declined to 63.9% in July from 64.1% a month earlier, the Labor Department said Friday. July’s numbers were a new low for the measure, which has dropped during the recession and slow recovery to its lowest percentage since the early 1980s.
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Beneath Jobs Report Surface Lies Some Ugly Truths
CNBC
Before getting too excited about the modest uptick in net job creation and a slight downward move in the unemployment rate, it’s probably worth a look under the hood.
http://jlne.ws/qS8LXN
ISDA Publishes Analysis of Counterparty Credit Risk Management in the US OTC Derivatives Markets
The International Swaps and Derivatives Association, Inc. (ISDA) today published a new analysis of counterparty credit risk management in the US over-the-counter (OTC) derivatives markets. The paper examines the extent of counterparty credit losses and notes the efficacy of credit mitigation techniques in the US banking system.
http://jlne.ws/hHMAsV
White House Chief Economist Goolsbee on US jobs report [Video]
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Credit Seen Safest Since 2008 as Clearinghouses Control Swaps
By Matthew Leising, Bloomberg
Credit markets, which inflicted more than $2 trillion of losses and writedowns on the world’s biggest financial institutions from 2007 through 2009, are now seen as the safest since before the financial crisis.
http://jlne.ws/pKrDgl
Mortgage Settlement Challenged
By GRETCHEN MORGENSON, NY Times
The New York attorney general is moving to block a proposed $8.5 billion settlement struck in June by Bank of New York Mellon and Bank of America over troubled loan pools issued by Countrywide. A lawsuit filed late Thursday accuses Bank of New York of fraud in its role as trustee overseeing the pools for investors.
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ISDA Publishes Analysis of Counterparty Credit Risk Management in the US OTC Derivatives Markets
Press Release
NEW YORK, Friday, August 5, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today published a new analysis of counterparty credit risk management in the US over-the-counter (OTC) derivatives markets. The paper examines the extent of counterparty credit losses and notes the efficacy of credit mitigation techniques in the US banking system.
http://jlne.ws/ohQFAa
Citi poaches bankers for derivatives relaunch
By Jeremy Grant, Financial Times
Citigroup has staked out its ambitions to capture business flowing from sweeping reform of the over-the-counter markets by poaching 14 bankers – mostly from JPMorgan – as the bank relaunches its exchange-traded derivatives business.
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Greek and Irish blows knock RBS to $1.1 billion loss
By Sudip Kar-Gupta and Steve Slater, Reuters
Royal Bank of Scotland slid to a pretax loss of 678 million pounds ($1.1 billion) in the second quarter, bruised by writedowns on Greek government bonds and Irish customers struggling to repay loans.
http://jlne.ws/nxEaag
Goldman Said to Make Amends to Buyers After CMBS Deal Is Pulled
By Sarah Mulholland, Bloomberg
Goldman Sachs Group Inc., seeking to placate buyers and guard its reputation, is compensating investors for losses they incurred after a $1.5 billion commercial-mortgage bond deal was pulled last week. The bank is paying clients that purchased the securities and entered into contracts that protect against changes in interest rates and prices for the debt, according to two people familiar with the transaction who declined to be identified because the talks are private. The investors will be paid for contracts that lost money between when the deal was placed and its withdrawal five days later.
http://jlne.ws/pMM3fv
ESMA Published List Of Registered And Certified Credit Rating Agencies
Press Release
According to the Credit Rating Agencies Regulation ((EC) No 1060/2009), ESMA publishes today the list of those credit rating agencies that as of today were either registered or cirtified in the European Union.
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Opening Statement, Meeting Of The Commodity Futures Trading Commission, Chairman Gary Gensler
Press Release
http://jlne.ws/prGaE8
Statement Of Support On Three Final Rules Under The Dodd-Frank Act - CFTC Chairman Gary Gensler
Press Release
http://jlne.ws/ptAPwe
Morgan Stanley's head of fixed income calls it a day
By Sameera Anand, FinanceAsia
Ranodeb Roy, the head of Morgan Stanley’s Asia-Pacific fixed income division, is quitting the bank and will be replaced by Stephen Glynn, according to an internal memo that FinanceAsia has seen.
http://jlne.ws/ncAyxA
Deutsche Bank Exec Puts Up a Fight
By KEVIN ROOSE, NY Times
At first glance, Richard J. Byrne, the chief executive of Deutsche Bank Securities, doesn’t look much like a warrior. “He isn’t the prototypical person you’d see and think, ‘This guy’s going to beat me up,’ ” said Erik Owings, a professional mixed martial arts fighter who has trained Mr. Byrne since 2008. But given the right circumstances, “if Bruce Lee rose from the dead, Rich could choke him out.”
http://jlne.ws/rsMyvg
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