Europe stocks skidded and the euro fell to a 21-month low on worries about Greece's possible exit from the eurozone, which threatened to deepen the region's debt crisis and hurt an already fragile global recovery.
Nervous investors piled into low-risk US and German government debt, sending their yields lower. The US dollar also was favored as a safe haven by investors.
Each eurozone country will have to prepare a contingency plan for the possibility of Greece's leaving the bloc, three eurozone sources said, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5 billion euros in new two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
Europe's leaders were expected to discuss boosting growth at a dinner meeting on Wednesday, as well as the idea of a joint euro-zone bond. French President Francois Hollande supports the bond plan, but German Chancellor Angela Merkel opposes it.
"Most are expecting no concrete solution out of the meeting, just a few ideas discussed on how to boost growth with no real commitment to carry them out, while Angela Merkel is almost certain to reject any proposal by Francois Hollande in relation to euro bonds," said Craig Erlam, market analyst at Alpari.
Perception of a stalemate between the leader of the eurozone's most powerful member and heads of other bloc countries unleashed selling of their common currency and shares worldwide.
The MSCI world equity index was 1.9 per cent lower at 297.72 after touching its lowest level in about five months. It is on track for its biggest one-day drop since early March.
After falls of more than 1 per cent on Wall St, stocks pared losses sharply into the close, with both the Nasdaq and the S&P 500 turning positive in a late-day reversal. The turnaround was led by shares of materials companies in the S&P500, while Apple boosted technology shares.
The Dow Jones industrial average was down 11.65 points, or 0.09 per cent, at 12,491.16. But the S&P 500 Index was up 2.05 points, or 0.16 per cent, to 1318.68. The Nasdaq Composite Index added 15.46 points, or 0.54 per cent, to 2854.54.
Dell slides
The tech sector was a drag on US shares, led by personal computer maker Dell, which reported disappointing second-quarter earnings late on Tuesday. Dell dropped 18.1 per cent to $US12.36.
Social networking company Facebook Inc remains a market focus since its stock started trading on Friday. The stock has been hammered as regulators said they would conduct inquiries into its initial public offering.
Facebook stock snapped a two-day losing streak. It rose 2.8 per cent to $US31.93, which is still below its $US38 IPO price.
The FTSE Eurofirst index of top European shares finished 2.18 per cent lower at 971.99 after touching a fresh year low at 970.98.
In Tokyo, the Nikkei index closed down 2 per cent at 8,556.60.
The euro fell 1 per cent to 1.25550 on the EBS trading platform after touching $US1.25453, its lowest level since July 2010.
"The euro is mostly selling off because of the dysfunctional process. We don't know what's going to happen and we don't know what the European leaders want - there is no leadership," said Axel Merk, portfolio manager of the $US650 million Merk Hard Currency Fund in Palo Alto, California.
Contagion fears from the fiscal woes in Europe, with encouraging data on new US home sales, strengthened the dollar against most major currencies. The dollar index rose 0.76 per cent to 82.114 after touching 82.221, its highest since September 2010.
eurozone finance officials prepared contingency plans for a possible Greek euro exit on Monday afternoon, according to eurozone sources, during an hour-long teleconference of the Eurogroup Working Group. A document seen by Reuters detailed the potential costs to individual member states of a Greek exit and said that if it came about, an "amiable divorce" should be sought.
"It's very frightening to hear about this kind of talk, even if it makes sense as a contingency, because the lack of a clear path there continues to be very problematic for banks," said James Dunigan, chief investment officer of PNC Wealth Management in Philadelphia.
The strong German Schatz auction lifted June Bund futures to a fresh contract high at 144.28, up more than 1 point on the day. Benchmark US Treasury yields slipped to 1.72 per cent, within striking distance of the lowest level in at least 60 years.
The United States, like Germany, enjoyed a further drop in borrowing costs when it sold $US35 billion of new five-year notes at a yield of 0.748 per cent, the lowest ever at an auction of this maturity.
Signs of a potential deal between Iran and the U.N.'s International Atomic Energy Agency to unblock investigations of suspected work on nuclear weapons in the oil-producing country sent Brent crude below $US107 a barrel.
July Brent traded down $US2.99 at $US105.42, flirting with its lowest level in five months. US oil futures declined $US1.99 to $US89.86 a barrel, which is its lowest level since Nov. 1.
Spot gold fell for a third straight session but halved its earlier loss. Bullion prices were last down 1 per cent at $US1,550.70 an ounce, $US23 above the lowest level so far this year, set a week ago.
Reuters
Business leaders celebrate county success - This is Gloucestershire
More than 70 business leaders attended a reception last night for the launch of the 2012 Top 100 Businesses in Gloucestershire supplement which will be published in The Citizen and Gloucestershire Echo on June 26.
The event was held at the Cheltenham campus of Gloucestershire College and the supplement is being sponsored by BPE solicitors, Endsleigh Insurance and Hazlewoods accountants who were all represented.
-
Speakers and sponsors at the Top 100 Businesses networking event
Ian Mean, Editor in Chief of Gloucestershire Media, publisher of The Citizen and Gloucestershire Echo said the Top 100 supplement was first launched seven years ago and had now become “a bible and barometer of business success in Gloucestershire.”
And he announced some exciting developments in Gloucestershire Media’s business coverage. The launch of a new southwestbusiness website dedicated to Gloucestershire, Bristol and Bath and a new glossy monthly business magazine for the county called Agenda.
Through the website the latest business updates will be emailed out daily to the county’s opinion formers.
“It is quite a big development and there is a lot of interest from our business partners,” said Ian Mean. “The new Agenda magazine is going to humanise business in Gloucestershire.”
He thanked the county’s businesses for supporting Gloucestershire Media’s business publications - both editorially and commercially.
“Kevan Blackadder, Editor of the Gloucestershire Echo, and I believe business is a very good story,” Ian told the business leaders. “But without your partnership we don’t have anything.”
Chris Pitt, marketing manager of Gloucester-based Ecclesiastical, which took the number four spot in last year’s Top 100, said the insurance group was celebrating its 125 anniversary but looking to the future.
As a protector of some of the nation’s most important historic buildings, Ecclesiastical was the real expert in the field and would stick to its principles confident this was the way forward.
He said The Top 100 was a great way to celebrate the thriving businesses in Gloucestershire.
Chris Pockett, head of communications at engineering group Renishaw, said whilst it was good to see new businesses breaking through there was “a certain reassurance” to see the same company names appearing in the Top 100 list year after year.
Renishaw was in a strong position, performing well and seeking 100 skilled people to help ensure the group’s future success. It is also planning to expand its county sites by 280,000 square feet
The group will donate £90,000 to community organisations this year within a 50 mile radius of its Wotton-under-Edge HQ
“Whilst a list that highlights business achievement can be an excellent barometer of the wealth of Gloucestershire , in many ways it can also be a useful guide to the health of Gloucestershire,” said Chris Pockett.
And John Workman, senior partner at BPE solicitors, said: “Business is what makes Gloucestershire. We have a relationship with the business community that is time honoured and this is our heartland.”
He added that despite the recession businesses had learnt to “live with the new reality” and get on with it.
Ruth Dooley, partner at Hazlewoods accountants and business advisers, said it was good to talk up the county’s good business stories and celebrate success.
It was also good to see the private sector become involved with the public sector through initiatives like the Local Enterprise Partnership and have a voice to Government.
“There is a real will to promote business in Gloucestershire,” said Ruth. “We are delighted to be one of Gloucestershire’s growing businesses.
“We are delighted to be supporting the Top 100 supplement.”
Stocks, euro fall on Greece exit worries - ibtimes.co.uk
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Europe's leaders were expected to discuss boosting growth at a dinner meeting on Wednesday, as well as the idea of a joint euro-zone bond. French President Francois Hollande supports the bond plan, but German Chancellor Angela Merkel opposes it.
"Most are expecting no concrete solution out of the meeting, just a few ideas discussed on how to boost growth with no real commitment to carry them out, while Angela Merkel is almost certain to reject any proposal by Francois Hollande in relation to euro bonds," said Craig Erlam, market analyst at Alpari.
Perception of a stalemate between the leader of the euro zone's most powerful member and heads of other bloc countries unleashed selling of their common currency and shares worldwide.
The MSCI world equity index was 1.9 percent lower at 297.72 after touching its lowest level in about five months. It is on track for its biggest one-day drop since early March.
On Wall Street about one hour before the close, the Dow Jones industrial average was down 126.84 points, or 1.01 percent, at 12,375.97. The Standard & Poor's 500 Index was down 11.77 points, or 0.89 percent, at 1,304.86. The Nasdaq Composite Index was down 20.49 points, or 0.72 percent, at 2,818.59.
The tech sector was a drag on U.S. shares, led by personal computer maker Dell Inc,
Social networking company Facebook Inc
Facebook stock snapped a two-day losing streak. It rose 2.8 percent to $31.93 (20.35 pounds), which is still below its $38 IPO price.
The FTSE Eurofirst index of top European shares finished 2.18 percent lower at 971.99 after touching a fresh year low at 970.98.
In Tokyo, the Nikkei index closed down 2 percent at 8,556.60.
The euro fell 1 percent to 1.25550 on the EBS trading platform after touching $1.25453, its lowest level since July 2010.
"The euro is mostly selling off because of the dysfunctional process. We don't know what's going to happen and we don't know what the European leaders want - there is no leadership," said Axel Merk, portfolio manager of the $650 million Merk Hard Currency Fund in Palo Alto, California.
Contagion fears from the fiscal woes in Europe, with encouraging data on new U.S. home sales, strengthened the dollar against most major currencies. The dollar index rose 0.76 percent to 82.114 after touching 82.221, its highest since September 2010.
Euro zone finance officials prepared contingency plans for a possible Greek euro exit on Monday afternoon, according to euro zone sources, during an hour-long teleconference of the Eurogroup Working Group. A document seen by Reuters detailed the potential costs to individual member states of a Greek exit and said that if it came about, an "amiable divorce" should be sought.
"It's very frightening to hear about this kind of talk, even if it makes sense as a contingency, because the lack of a clear path there continues to be very problematic for banks," said James Dunigan, chief investment officer of PNC Wealth Management in Philadelphia.
The strong German Schatz auction lifted June Bund futures to a fresh contract high at 144.28, up more than 1 point on the day. Benchmark U.S. Treasury yields slipped to 1.72 percent, within striking distance of the lowest level in at least 60 years.
The United States, like Germany, enjoyed a further drop in borrowing costs when it sold $35 billion of new five-year notes at a yield of 0.748 percent, the lowest ever at an auction of this maturity.
Signs of a potential deal between Iran and the U.N.'s International Atomic Energy Agency to unblock investigations of suspected work on nuclear weapons in the oil-producing country sent Brent crude below $107 a barrel.
July Brent traded down $2.99 at $105.42, flirting with its lowest level in five months. U.S. oil futures declined $1.99 to $89.86 a barrel, which is its lowest level since November 1.
Spot gold fell for a third straight session but halved its earlier loss. Bullion prices were last down 1 percent at $1,550.70 an ounce, $23 above the lowest level so far this year, set a week ago.
(Reporting by Ryan Vlastelica and Getrude Chavez-Dreyfuss in New York and; Richard Hubbard, David Brett and Simon Falush in London; Editing by Kenneth Barry)
US STOCKS-Wall St finishes flat in late reversal - Reuters
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Stocks higher on housing but Europe worries linger - Yahoo Finance
NEW YORK (AP) -- Hopes that the U.S. housing market is starting to recover and the economy is on the mend sent stocks higher on Wall Street.
But the gains are being constricted from continuing worries that Greece's political deadlock could fracture the European Union and roil global markets.
The Dow Jones industrial average rose 75 points Wednesday to 12,707. The Standard & Poor's 500 added nine points to 1,340. The Nasdaq composite rose 15 points to 2,908.
Home builder stocks rose after the Commerce Department said builders started work on new homes at an annual pace of 717,000 last month, 2.6 percent more than in March. It was a heartening sign for the beleaguered housing market, which seems to be forming a bottom and starting to recover. Construction rose for both single-family homes and apartments.
Target Corp. rose after a strong earnings report. Target said revenue at stores opened at least a year rose 5.3 percent, the strongest performance in six years for that period. Target's results illustrate that Americans are beginning to spend cautiously as economic uncertainty persists. Though the job market is still shaky, falling gas prices have given shoppers hope.
As signs of a global economic slowdown persist, prices of commodities have come off highs. Oil prices continued their march downwards from $105 in the beginning of the month to $93. Crude oil prices were down $1 on Wednesday. Gold prices fell $18 to $1539, the lowest level since December.
In Europe, a potentially chaotic situation was developing in Greece, where power-sharing talks collapsed Tuesday and new elections were called for next month. There is already concern in other European countries about how a possible Greek exit from the euro would affect the rest of the continent.
On Wednesday, Spain's prime minister warned that the country, which is trembling under a 24.4 percent unemployment rate, could be locked out of international markets due to problems in the EU.
"Right now there is a serious risk that (investors) will not lend us money or they will do so at an astronomical rate," Mariano Rajoy told Spanish lawmakers.
Financial pressures extend well beyond Europe too. The Indian rupee hit a new all-time low against the dollar with investors increasingly seeking a safe place to put their money. The rupee sank to 54.44 against the dollar Wednesday, surpassing the prior low of 54.39 on December 15.
Among other stocks making big moves:
— JC Penney plunged 14 percent, the most in the S&P 500 index, after the retailer reported a bigger-than-expected first-quarter loss. Sales plummeted as shoppers are rejecting their new pricing plan.
— Abercrombie & Fitch fell 11 percent after reporting that its first-quarter net income shrank 88 percent because of higher costs and declining sales in established stores and in Europe.
— General Electric rose 3.6 percent, the most of the 30 stocks in the Dow, after the company said its finance unit will pay a special dividend of $4.5 billion to the parent company this year. It had suspended the payments in 2009 during a freeze in credit markets.
Macmillan urges financial advice to cancer sufferers - BBC News
A charity is urging the Welsh government to ensure all cancer sufferers are given financial advice when diagnosed with the disease.
Macmillan Cancer Support said people were often unprepared for the financial cost of cancer and do not know of benefits they are entitled to.
An average patient in Wales faces over £1,500 in extra costs, including travel to hospital, on top of loss in income.
The Welsh government said it was working to ease the financial burden.
Research published by Macmillan suggested some 95% of patients face an increase in travel costs as they travel back and forth to hospital for treatment and follow-up appointments.
On average, this amounts to an estimated £275 per patient in the first year, rising to £400 over five years.
It found that an average £400 is spent on new clothes over five years as patients often lose or gain weight while undergoing treatment such chemotherapy, while wigs may also be needed.
ONE COUPLE'S EXPERIENCE
Ian Cox from Ceredigion was diagnosed with oesophageal cancer in June 2011.
He ran a building firm and employed both his sons but was soon too ill to work.
The bank then recalled a loan, they were made bankrupt and the family home was repossessed.
Mr Cox and his wife Nikki were rehoused by the council but their sons had to find other accommodation.
"Cancer is expensive. It costs money to travel to hospital; it costs money to heat the house, to buy new clothes and specialist foods - the bills don't stop coming," said Mrs Cox, who now works part time and cares for her husband.
"At one point we had no money between June and October.
"It's the little things which you don't think of. Ian needed new clothes as he lost so much weight and we needed thicker duvets to keep him warm.
"We also needed £500 to fill up the oil tank for winter."
After receiving advice, Mrs Cox added: "There should be something in place so you don't have to worry about money. That should be automatic."
Energy bills also rise as a patient is often home more and other costs can include childcare and household modifications.
It comes at a time when sufferers may also face a reduced income if they are unable to work, the charity said in its report, Counting the Cost of Cancer.
It added that some cancer sufferers may also lose money due to UK government changes to the welfare system.
The charity said it wanted every person affected by cancer in Wales to be made aware of their financial rights and entitlements from the point of diagnosis.
It is urging the Welsh government to ensure that health professionals offer the information and advice as soon as possible.
Susan Morris, general manager for Macmillan Cancer Support in Wales, said the financial impact of cancer was a growing problem in Wales.
"When people think of cancer they don't usually think of money," she said.
'Alleviate anxiety'
"But the sad fact is that for many people who get cancer, money is one of their biggest worries."
She added: "Access to timely and appropriate benefits advice can significantly reduce financial hardship, alleviate anxiety and stress, improve quality of life and help people make informed choices throughout their cancer journey."
At the moment, patients and their families are not routinely offered financial advice and support when they receive a diagnosis.
Fewer than half of people with a cancer diagnosis in Wales say they receive financial advice or support from any source, said the charity, which has its own welfare benefits advisers.
This figure falls even further among the over-65s, where fewer than one in three receive support, the research found.
The Welsh government said its Cancer Delivery Plan says that more care and treatment should be provided at local hospitals, reducing the need for patients to travel.
"But for rarer cancers, patients may still need to travel to specialist cancer centres to ensure the best outcome," a spokesman said.
"It also makes clear that following diagnosis, a patient's needs are assessed and information is provided on access to financial help and support.
"In addition, patients on certain benefits are entitled to reclaim some or all of their travel costs or those with a clinical need can arrange transport through the Patient Care Services."
He added that cancer patients also benefit from free prescriptions and free hospital car parking in Wales.
Stocks slump; Dow posts 11th loss in 12 days - Yahoo Finance
NEW YORK (AP) -- The Dow Jones industrial average posted its 11th loss in 12 days after a pair of discouraging economic reports unnerved investors already worried about a possible exit from the euro by Greece.
The Dow lost 156.06 points to close at 12,442.49. It's now down 6 percent for the month so far and could be headed for its first losing month since September. The two-week slump represents a sharp turn downward since May 1, when the index closed at a four-year high.
The slide, which is largely due to escalating worries about a breakup of the European currency union, has stripped the Dow of much of this year's gains. As of the beginning of May it was up 8.7 percent for the year; now it's up just 1.8 percent.
"Europe is very much on investors' minds," said Brian Gendreau, market strategist at broker-dealer Cetera Financial Group. "It's been two years with multiple bailouts involving Ireland, Portugal and Greece and things don't seem to be getting better."
The dollar, Treasury prices and gold all rose as traders sought refuge in lower-risk assets. The yield on the 10-year Treasury note plunged to 1.70 percent, the lowest level of the year.
Caterpillar fell 4 percent, the most of the 30 stocks in the Dow, after reporting that global sales growth of construction and mining machinery slowed between February and April. Wal-Mart stock rose over 4 percent, the most in the Dow, after reporting a 10 percent jump in first-quarter income, beating Wall Street expectations.
Indexes opened lower on Wall Street following drops in European markets. The declines accelerated at mid-morning after the Federal Reserve Bank of Philadelphia said manufacturing slowed in the mid-Atlantic region for the first time in eight months. The report was far worse than analysts had been expecting.
In other trading, the Standard & Poor's 500 index fell 19.94 points to 1,304.86, its lowest close since Jan. 17. The Nasdaq composite fell 60.35 points to 2,813.69.
The Conference Board said its measure of future U.S. economic growth fell in April after six months of increases. The drop came from fewer requests for building permits and a spike in applications for unemployment benefits.
These gloomy reports were a surprise and exacerbated investors' fears of turmoil in the global markets from developments in Europe where Greece seemed headed for an exit from the euro bloc.
Greece's caretaker Cabinet was sworn in Thursday and will hold power at least until next month's election. In the recently-held elections Greeks didn't given any party a majority, but they did give strong support to politicians who rejected the tough austerity measures that came with the country's financial bailout.
Without that rescue package, Greece will likely default and be forced to leave the 17-country euro zone, which would destabilize other countries that use the euro. German, French and Spanish stock markets all fell more than 1 percent.
The economic damage is already being felt by other members of the euro bloc.
Spain was forced to pay sharply higher interest rates to raise $3.18 billion in a debt auction Thursday. And shares of Bankia, which Spain nationalized last week, plunged 20 percent on a report from the newspaper El Mundo stating that depositors have withdrawn over $1 billion since last Wednesday.
Oil prices continued to trade lower, falling below $93 a barrel, extending a two-week sell-off, as traders worried about the potential impact on global growth from the European crisis. Crude oil has plummeted about 12 percent from $106 two weeks ago.
Energy companies fell. Chesapeake Energy declined over 3 percent, while WPX Energy fell over 4 percent.
The one bright spot for the markets was the excitement surrounding the initial public offering of Facebook. The uber-popular social media company set the price of its shares at $38 apiece late Thursday. The stock is expected to start trading at 11 am Friday. Facebook is set to raise $18.4 billion, becoming the second largest IPO ever after Visa.
Among other stocks making big moves:
— Media General soared 33 percent after billionaire Warren Buffett's company Berkshire Hathaway agreed to buy 63 newspapers from the company for $142 million.
— GameStop fell 11 percent after the world's largest video game retailer reported its first-quarter profit fell 9.8 percent, as fewer customers visited its stores and bought new games and systems.
— Sears Holdings rose 3 percent after the beleaguered retailer turned a profit in the first quarter, benefiting from a gain on the sale of some stores.
Business News: Denys Shortt leaves strong legacy at Coventry and Warwickshire LEP - Coventry Telegraph.net
EMERGING MARKETS-Latam stocks plunge on Europe worry - Reuters UK
* Euro zone officials say Greek exit contingencies needed
* Merkel dashes hopes of measures from EU summit
* Brazil Bovespa falls 3.19 pct, Mexico IPC down 1.31 pct
By Asher Levine and Danielle Assalve
SAO PAULO, May 23 (Reuters) - Latin American stocks posted their biggest one-day drop in nearly seven months o n W ednesday as investors sold off riskier assets on mounting fears over Greece's possible exit from the euro zone.
The MSCI Latin American stock index fell for a second day, sliding 3.82 percent to 3,281.98, its lowest level in nearly eight months. A technical indicator known as the relative strength index showed stocks at "oversold" levels for a 12th straight day, the longest streak in nearly 10 years.
Risk aversion mounted after Reuters reported on Wednesday that euro zone officials agreed that each country in the currency bloc will have to prepare a contingency plan for the possibility of Greece leaving the euro.
Nervous investors looked to a summit of European Union leaders scheduled later in the day for measures to resolve the crisis. But German Chancellor Angela Merkel dashed those hopes when she said no decisions were expected from the meeting, sending stocks lower still.
"The expectations created around the meeting of European leaders have been dampened, with investors believing that some kind of measure will only be taken down the road," said William Alves, an analyst with XP Investimentos in Sao Paulo.
Brazil's benchmark Bovespa stock index continued Tuesday's slide, falling 3.19 percent to 53,280.15.
State-controlled lender Banco do Brasil fell 6.12 percent, contributing most to the index's decline, while preferred shares of oil giant Petrobras dropped 3.5 percent.
Brazilian stocks have fallen nearly 14 percent in May alone as risk-averse investors concerned over the euro zone debt crisis sold off shares in favor of traditional safe-haven assets such as the U.S. dollar. Should this trend continue, the Bovespa will close May with its worst monthly loss since the depths of the global financial crisis in October 2008.
"In this scenario, the external variables are interfering much more in trading than the fundamentals of the companies themselves," said Aloisio Villeth Lemos, an analyst with Agora Corretora in Rio de Janeiro.
The Bovespa is down more than 6 percent this year after rising almost 14 percent in the first quarter on the back of abundant liquidity from foreign investors and attractive share prices following 2011's 18 percent decline.
Still, some analysts say recent losses do not necessarily signal a drastic change in the outlook for Brazilian stocks.
"It's still a bit premature to say investors have soured on Brazil," said Silvio Campos, an economist with Tendencias Consultoria in Sao Paulo.
"It's clear that investors are starting to have a less favorable outlook on Brazil, but that is nothing new," Campos said, citing mounting concerns over slowing economic growth and heavy government intervention in the economy.
Mexico's IPC index fell for the eighth session in nine, slipping 1.31 percent to 36,989.79.
America Movil, the telecommunications firm controlled by billionaire Carlos Slim, lost 1.2 percent, driving losses in the index, while cement manufacturer Cemex dropped 3.9 percent.
Chile's IPSA index notched its biggest loss since November, sliding 1.69 percent to 4,165.24 and erasing the index's gains for the year.
Retailer Falabella dropped 2.3 percent, while industrial conglomerate Copec fell 2.2 percent. (Reporting by Asher Levine; Editing by Todd Benson and Dan Grebler)
Financial mismanagement allegations stun CONCACAF congress - The Guardian
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