Premier League TV deal: Is there too much money in football? - Daily Mail Premier League TV deal: Is there too much money in football? - Daily Mail

Thursday, June 14, 2012

Premier League TV deal: Is there too much money in football? - Daily Mail

Premier League TV deal: Is there too much money in football? - Daily Mail
billcolin wrote...
I am somewaht incredulous that you think the Glaziers wont be millions if not a billion better off.......( if the shares have no voting rithts then the Glaziers retain full control)_...

.The comercial value of the club has increased because the fans are prepared to pay the ticket price...When sky pays large amounts for the rights ,they know that people will go down to the pub and increase the beer sales the night they go on tv ( i often go down to the pub to watch .matchdays are too expensive for many.)....

,...It does not seem long ago that a group of supporters at United were so fed up ,with the business side of things running the club ,rather than the fans , that they set up a new club called fc united...I understand that FC untited are doing quite well in the lower leagues, having been promoted a couple of times...

..Big business is taking a lot out of football ...and will continue to do so while the fans are prepared to pay at the turnstyle , or by going to watch in the pub.....I used to have sky sports but decided it was too expensive ( and it always seem to clash with a prog my wife wanted to watch)... What I do now, is, wonder of down to the pub , and watch whichever match i like ,in comfort ,with a pint in my hand.....
.There has however been an interesting development ...My local seems to have computer that can get any premier league match at any time ...which is great (the commentary can be in a foreign language ...but if you know the team it does not matter )...I understand this is now legal.. after a court case down south..

Overall i would say the football fans are the milkcows of the business tycoons who now run football...( in my case its the beer drinker!)..

Canadian Financial System Robust But Highly Susceptible to Euro Crisis - DailyFx

THE TAKEAWAY: [Bank of Canada’s Financial System Review released] > [High risks to Canadian economy if euro crisis worsens] > [USDCAD little changed]

In its semi-annual Financial System Review released today, the Bank of Canada (BoC) cited continued robustness of Canada’s financial system and relative stability in domestic credit markets despite the fragile global environment. However, the Bank warned of high dangers to the Canadian economy if the European sovereign debt crisis worsens, emphasizing that worsening conditions in the euro zone could cause “major shock” to Canada.

The sources of major risks to the stability of Canada’s financial system remain broadly the same as those reported in the December 2011 Review, as outlined below:

  • Further escalation of the euro-area sovereign debt crisis;
  • An economic slowdown in other advanced economies;
  • Financial stress in the Canadian household sector;
  • A disorderly resolution of global current account imbalances; and
  • Excessive risk-taking associated with a prolonged period of low interest rates.

Should the euro debt crisis continue to intensify, further weakening in global economic would fuel sovereign fiscal strains and heighten risk aversion. This would exacerbate pressures on bank balance sheets and ensuing tightening of lending conditions would further dampen global economic growth. Diminished growth prospects would foster expectations of continued low interest rates, possibly eroding the financial positions of life insurance companies and pension plans while boosting household borrowing in Canada.

The Bank stated that mitigation of risks to the global financial system requires a number of policy actions, with containment measures in the euro area at the forefront of priorities. Mitigation measures abroad include adequately capitalizing euro-area banks, reinforcing financial firewalls, enforcement of structural and product market reforms, and a clearer path for risk mutualization within the European monetary union. Globally, current account imbalances must be addressed to help foster sustainable and balanced global economic growth.

Domestically, “the high indebtedness of the household sector and elevated valuations in the housing market require continued vigilance”. In regards to broader financial reform, Canadian banks plan to implement Basel III capital rules as a key priority, which will help build a resilient market infrastructure in future.

USDCAD 1-minute Chart: June 14, 2012

Canadian_Financial_System_Robust_But_Highly_Susceptible_to_Euro_Crisis__body_Picture_1.png, Canadian Financial System Robust But Highly Susceptible to Euro Crisis

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The loonie remained largely unchanged against the greenback, as few developments have come out since the Bank’s December 2011 Review. At the time of this report, the USDCAD pair was trading at C$1.0246 to the dollar.

--- Written by Tzu-Wen Chen, DailyFX Research

Financial Gurus Bullish On Gold -

Dow 1000 Point Drop, What's Next?

Commodities / Gold and Silver 2012 Jun 14, 2012 - 06:46 AM

By: GoldCore


Best Financial Markets Analysis ArticleToday's AM fix was USD 1,619.00, EUR 1,289.83, and GBP 1,044.65 per ounce.
Yesterday’s AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce.

Silver is trading at $28.86/oz, €22.93/oz and £18.57/oz. Platinum is trading at $1,479.00/oz, palladium at $622.00/oz and rhodium at $1,225/oz.

Gold climbed $7.20 or 0.45% yesterday in New York and closed at $1,618.80/oz. Gold traded sideways in Asia prior to a sudden buying bout which saw gold rise from $1,618/oz to $1,625/oz. Those gains have gradually been given up in European trading where gold is now trading near yesterday’s close.

White – XAU/EUR, Orange – XAU/USD, Yellow – XAU/GBP, Green – XAU/CHF, Red – XAU/NOK – (Bloomberg)

Gold appears to be consolidating after hitting its 4th session of gains, when weak US economic data, in the form of poor retail sales, led to renewed QE chatter.

Gold is likely also being supported by real concern about the outcome of Greece’s elections on Sunday. This has led to one major foreign exchange provider suspending all trading in the hours around the announcement of the results of the Greek election.

Cash gold has gained 1% this week and appears to be reasserting its safe haven status due to the deepening debt crisis and near term risk of contagion.

Spain’s sovereign debt rating was cut 3 notches by Moody’s and market watchers feel they will need a ‘bailout’ soon even though they just received eurozone financing to bail out their troubled banks.

While superficial analysis has recently again questioned whether gold is a safe haven and has suggested it is not due to its recent performance, gold is again acting as a safe haven for those who need a safe haven.

Gold has risen by more than 6.3% in euro terms so far in 2012, while FTSE and CAC are down by 2.4% and 4.9% year to date. While the DAX has risen by 3.3%, most European indices are down sharply.

Therefore, European holders of gold are again being protected from the market and monetary volatility.

Anthony Robbins Bullish On Gold - Faber and Bass His Financial Gurus

Tony Robbins (Anthony Robbins), one of the world's leading performance coaches and motivational speakers has recently warned about the risk of dollar devaluation and spoke about the opportunities in gold which is "exploding" and "is in a bull market".

At Robbins, recent event in London (May 18th to 21st), he spoke about the importance of getting good financial advice from the people who predicted this crisis and have made money for their clients in recent years.

Cross Currency Table – (Bloomberg)

He spoke about investment experts who he respects and specifically mentioned Marc Faber and Kyle Bass.

Robbins is one of most positive and optimistic people in the world. Nevertheless, he recently produced a YouTube video warning of an impending economic collapse.

Faber and Bass are extremely bearish on paper currencies and government debt and are very bullish on gold and silver bullion due to the euro zone debt crisis and looming global debt crisis due to the appalling fiscal state of Japan, the UK and the US.

Dr Marc Faber is a Swiss financier who predicted the Wall Street Crash in 1987. He is the editor and publisher of the “Gloom, Boom & Doom Report,” author of many books including the best selling 'Tomorrow's Gold: Asia's Age of Discovery'.

Faber advised investors to buy gold in 2001 and he is still extremely bullish on gold and silver and believes that gold will rise in all economic circumstances - a global inflationary economic boom, stagflationary environment or even in a global deflationary recession or Depression.

Kyle Bass is the erudite Texan investor who saw the financial crisis coming and made a fortune in the sub-prime collapse - first from America's sub-prime mortgage crisis and then from betting that Greece would default. Now he’s positioned and ready for the collapse of entire countries, having bought credit default swaps on Greece, Ireland, Italy, Spain, Portugal and, interestingly, Switzerland.

Robbins shares the concerns of Faber and Bass regarding sovereign defaults and Robbins is very concerned about the risks of a US debt crisis and the risks that it poses to the US dollar.

A recent video 'The National Debt and Federal Budget Deficit Deconstructed' by Robbins is well worth a watch:

Gold and indeed those who own it are often accused of being 'barbaric', 'uncivilised' and 'bugs.'

Indeed, there is often a suggestion that those who own gold are negative ‘doom and gloom merchants’ who hope that the world financial and monetary system will collapse so that their gold holdings will surge in value and they will be 'rich as Croesus.'

Anthony Robbins and indeed most who are positive about and advise owning gold very much contradict this silly view. Indeed, many of them have been warning about these fiscal challenges for years in an effort to protect family, friends, clients and the public.

The majority of people who buy gold are rational economic people who realise that there is macroeconomic, geopolitical, monetary and systemic risk in the world and they buy gold as a store of value.

They buy gold as they simply wish to protect themselves and their families from these risks by owning the financial insurance that is gold.

Robbins has a massive following internationally – especially amongst business owners but also in the sporting, media, music and entertainment industries and his endorsement of the importance of owning gold is significant

For the latest news and commentary on financial markets and gold please follow us on Twitter.


'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

© 2005-2012 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Euro, stocks jump as cenbanks ready to act - Reuters

NEW YORK | Thu Jun 14, 2012 5:04pm EDT

NEW YORK (Reuters) - Wall Street stocks rose and the euro strengthened against the U.S. dollar on Thursday after Reuters reported major central banks are ready to coordinate moves to keep markets operating smoothly by providing liquidity in case of turmoil following Sunday's elections in Greece.

Markets have been volatile this week as investors struggled for insights on the likely outcome of the pivotal vote that could determine whether Greece stays in the euro zone.

Central bankers stand ready to act to prevent a credit squeeze if market strains emerge after an unusual confluence of three elections this weekend, with important polls in France and Egypt as well.

U.S. stocks closed just off the session highs hit after the report while the euro extended gains against the greenback.

With the backdrop of coordinated action from central banks, "any reaction to what Wall Street would consider to be an adverse vote (in Greece) would be over fairly quickly," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.

Manley, however, said rising yields in Spain and Italy will still keep markets under pressure. "I can't imagine it as the start of the big move up because there are still many issues out there."

Spain's 10-year yield was near 6.96 percent after it briefly topped the 7.0 percent mark, the level at which other highly indebted euro zone nations were forced to seek bailouts. Italian yields also rose as investors worried that Spain's financial problems would contaminate Italy as well.

Adding to the market bullishness, Britain and the Bank of England will flood banks with cheap long-term funding to encourage lending to businesses and consumers, and the British central bank will activate an emergency liquidity tool, BoE governor Mervyn King said in an annual speech to London financiers.

The Dow Jones industrial average .DJI gained 155.53 points, or 1.24 percent, to 12,651.91. The Standard & Poor's 500 Index .SPX gained 14.22 points, or 1.08 percent, to 1,329.10. The Nasdaq Composite Index .IXIC gained 17.72 points, or 0.63 percent, to 2,836.33. The MSCI world equity index .MIWD00000PUS added 0.35 percent.

The U.S. benchmark 10-year Treasury note was down 12/32 in price, while the yield rose to 1.6386 percent. <US/>

Greek banking stocks .FTATBNK jumped more than 23 percent amid market talk that secret opinion polls showed a bailout-friendly government was likely to emerge after the election. Greek law forbids the publication of opinion polls in the two weeks ahead of a vote.

U.S. oil futures jumped 2 percent, extending the rally late on the report about central banks' preparedness. Oil rose earlier after the Organization of the Petroleum Exporting Countries agreed to keep its collective oil output ceiling unchanged. <O/R>

(Reporting by Rodrigo Campos, Editing by Gary Crosse)

U.S. Stocks Rise on Reports Policy Makers May Take Action - Bloomberg

U.S. stocks advanced, erasing a weekly loss for the Standard & Poor’s 500 Index, amid reports policy makers may take steps to assist economies battered by Europe’s debt crisis.

The S&P 500 gained 1.1 percent to 1,329.09 at 4 p.m. in New York. The benchmark index is up 0.3 percent for the week.

“Good inflation data and weak employment is a good stage for a Fed policy response,” Kevin Shacknofsky, who helps manage about $5 billion for Alpine Mutual Funds in Purchase, New York, said in an e-mail. “We are at the stage where bad news is good news in terms of a policy response. Jobs will be the critical factor that influences the Fed.”

Speculation grew that the Federal Reserve will discuss stimulus efforts at its meeting next week after reports showed jobless claims unexpectedly climbed by 6,000 to 386,000 last week and the cost of living fell by the most in more than three years.

The Labor Department reported today that the consumer price index fell 0.3 percent, more than forecast and the biggest drop since December 2008, after no change the prior month. Economists projected a 0.2 percent decrease, according to the median estimate in a Bloomberg News survey.

Stocks extended gains amid reports central banks may boost liquidity as financial markets brace for potential turmoil from Greek elections this weekend. Chancellor of the Exchequer George Osborne and Bank of England Governor Mervyn King are preparing two programs to increase the flow of credit amid a deteriorating outlook in the euro area. Reuters reported that central banks are prepared to coordinate actions if needed to boost liquidity in financial markets. The news service cited officials linked to the Group of 20 nations.

French Debt

Equities briefly pared gains as Egan-Jones Ratings Co. reduced its rating on France’s government debt, fueling concern about contagion from the debt crisis.

The S&P 500 tumbled as much a 9.9 percent from a four-year high in April through June 1 amid lower-than-forecast economic data and concern Europe’s debt crisis was spreading. The index has rebounded 4 percent since.

The S&P 500 fell yesterday as borrowing costs rose in Italy and Germany before elections in Greece that may determine whether the Mediterranean nation will leave the euro area. Greeks head to the polls on June 17 after an inconclusive May 6 election that catapulted into second place a party opposed to budget-austerity accords tied to 240 billion euros ($301 billion) in international aid pledges received since May 2010.

Fed Meeting

The Fed, which will gather two days after the Greek election, has identified the country’s exit from the euro as an outcome that would deepen the crisis and threaten the U.S. expansion. The central banks bought $2.3 trillion of bonds in two rounds of so-called quantitative easing from 2008 through 2011 to stimulate growth through lower borrowing costs.

Chairman Ben S. Bernanke told lawmakers last week the “central question” confronting the Fed at its June 19-20 meeting is whether growth is fast enough to make “material progress” reducing unemployment. Fed officials, including Vice Chairman Janet Yellen, have said there’s scope for further easing at some point to reduce a jobless rate persisting above 8 percent.

“We’re still on the fence right now whether there is going to be another round of quantitative easing,” Michael Mullaney, who helps manage $9.5 billion as chief investment officer at Fiduciary Trust in Boston, said in a phone interview. “We’re going to be cautious for the foreseeable future. There’s so many banana peels on the floor right now you can slip on any one of them at any time.”

To contact the reporter on this story: Inyoung Hwang in New York at

To contact the editor responsible for this story: Nick Baker at

Enlarge image U.S. Stocks Increase

U.S. Stocks Increase

U.S. Stocks Increase

Scott Eells/Bloomberg

Traders work at the New York Stock Exchange (NYSE) in New York.

Traders work at the New York Stock Exchange (NYSE) in New York. Photographer: Scott Eells/Bloomberg

June 14 (Bloomberg) -- Bloomberg’s Trish Regan, Matt Miller and Adam Johnson report on today’s ten most important stocks including Family Dollar, Facebook and the International Bank of Greece. (Source: Bloomberg)

Money market funds fall by $10.68 bln in latest week-ICI - Reuters

June 14 | Thu Jun 14, 2012 3:50pm EDT

June 14 (Reuters) - The Investment Company Institute on Thursday issued the following money market mutual fund assets report:

"Total money market mutual fund assets decreased by $10.68 billion to $2.554 trillion for the week ended Wednesday, June 13, the Investment Company Institute reported today. Taxable government funds increased by $2.63 billion, taxable non-government funds decreased by $11.16 billion, and tax-exempt funds decreased by $2.16 billion.

Retail: Assets of retail money market funds decreased by $550 million to $890.20 billion. Taxable government money market fund assets in the retail category increased by $390 million to $188.05 billion, taxable non-government money market fund assets decreased by $440 million to $515.52 billion, and tax-exempt fund assets decreased by $500 million to $186.63 billion.

Institutional: Assets of institutional money market funds decreased by $10.13 billion to $1.664 trillion. Among institutional funds, taxable government money market fund assets increased by $2.24 billion to $683.77 billion, taxable non-government money market fund assets decreased by $10.71 billion to $895.35 billion, and tax-exempt fund assets decreased by $1.66 billion to $84.77 billion.

ICI reports money market fund assets to the Federal Reserve each week. Revisions are due to data adjustments, reclassifications, and changes in the number of funds reporting. Historical weekly money market data back to January 2008 are available on the ICI website."

NOTE: ICI's Web site is

Plans To Protect Savers' Money Revealed -
Britain's poorests families are being failed by energy companies, a charity warns

Individual depositors should be the first to get their hands on their cash if banks fail

2:55pm UK, Thursday June 14, 2012

Tadhg Enright, business reporter

The Government has revealed plans to protect savers' money in the event of a bank collapse, including a controversial idea to split High Street banks from their riskier investment divisions.

The plans are designed to prevent a repeat of the financial crisis and the need for future taxpayer-funded bailouts but industry analysts have warned they could spell the end of so-called "free banking".

The proposals are based on the recommendations of the Independent Commission on Banking (ICB) which said in a report last year that the deposits of ordinary customers and small businesses should not be used to fund speculative investments such as those which led the banking crisis.

In a joint statement by the Chancellor George Osborne and the Business Secretary Vince Cable they said: "A robust ring fence, separating investment banking and related activities from more traditional personal and business lending, is vital to reduce structural complexity and to make banks easier to resolve in crisis, where speed of execution is vital.

It is important that George Osborne does not impose costly policies that will have no benefit. The ring-fencing of deposit-taking and other banking functions from each other is largely irrelevant and may drive banks away from the UK.

Professor Philip Booth from Cass Business School

"The reforms proposed here will ensure that we meet the challenge of the British Dilemma, namely how to remain a successful global financial centre without asking taxpayers to bear unacceptable risks."

In legislation proposed by the Treasury, banks will be forced to separate their investment banking divisions from traditional personal and business lending into what it calls a "ring fenced" bank.

The ring fenced bank must be independent, have its own risk committee and hold its own cash reserves so it would be unaffected by the collapse of its sister investment bank.

But it will be allowed to offer "hedging" investment products to small businesses that help them insure against currency fluctuations and changes to interest rates.

Ordinary depositors would also be first in line to get their money back in the event of a bank's collapse leaving other stakeholders such as bondholders and shareholders to share what remains.

British banks will be required to hold reserves worth 17% of their liabilities to ensure it can continue trading in the event of a bank funding crisis, such as that which led to the collapse of Northern Rock and threatened other banks in 2008.


Banks fear the reforms will cost the industry 7 billion pounds annually

New rules to make it easier for customers to switch between banks are due to come into effect in 2013.

The Chancellor will outline his proposals in a speech to City grandees at Mansion House in London tonight along with the governor of Bank of England, Sir Mervyn King.

The banking industry has resisted the reforms arguing they will push up the cost of doing business and that higher costs will have to be passed on to customers who have grown accustomed to free banking services.

Britain's biggest bank, HSBC, has threatened to move its headquarters elsewhere if the government proceeds with new rules that will disadvantage it in competition with international rivals.

Professor Philip Booth from Cass Business School said: "It is important that George Osborne does not impose costly policies that will have no benefit.

"The ring-fencing of deposit-taking and other banking functions from each other is largely irrelevant and may drive banks away from the UK."

The reforms are contained in a White Paper which will remain open to further consultation before draft legislation is written in the autumn.

The wider reforms are expected to be written into law before the next general election in 2015 but the ICB has recommended giving banks until 2019 to implement them.

Business consultants Deloitte have welcomed the long awaited publication of the government's intentions.

David Strachan, co-head of the Deloitte centre for regulatory strategy, said: "So far, banks are understandably holding off committing to the design of a ring-fence that may ultimately not meet the Government's criteria.

"Given the complexities and execution risks involved in restructuring of this magnitude, it's essential that banks and investors first get the clarity they need and then there is enough time for the banks to implement all this properly."

US STOCKS-Wall St roller coaster climbs; Fed, Greece eyed - Yahoo! Eurosport

* Jobless claims rise, but focus stays on Greece

* Nokia (Stockholm: NOKI-SEK.ST - news) to cut 20 pct of work force, ADRs plummet

* Stocks up: Dow (NYSE: DPD - news) 1 pct, S&P 0.8 pct, Nasdaq (Nasdaq: ^NDX - news) 0.4 pct (Updates to late afternoon)

NEW YORK (Frankfurt: A0DKRK - news) , June 14 (Reuters) - U.S. stocks rose on Thursday as Wall Street continued its roller coaster ride ahead of cliffhanger Greek elections on the weekend and the Federal (SES: E1:F20.SI - news) Reserve's policy meeting next week that some hope may bring more easy money policies.

Market swings will likely persist ahead of the Sunday elections, analysts said. The prospect that the results of the Greek vote could lead the nation to exit the euro zone has pressured U.S. equities over the past several weeks.

Each trading day has been almost a reverse image of the previous one, with the market swinging around 1 percent in the opposite direction to the prior day all this week. The net result is that the S&P 500 (SNP: ^GSPC - news) is flat on last Friday's close.

"We have been in an extended period of not just volatility but dysfunction for quite some time and it seems as though just recently that dysfunction has taken on a whole other dimension," said Peter Kenny, managing director at Knight Capital (NYSE: KCG - news) in Jersey City, New Jersey.

"The volatility is in such short bands of time that even traders tend to get less enthusiastic about catching inefficiencies and trading trends because of the whipsaw; the risk reward is not attractive."

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week. Some investors are hoping the Fed may signal more easy money to counter sluggish growth when it releases its policy statement next Wednesday.

The Dow Jones industrial average gained 119.92 points, or 0.96 percent, to 12,616.30. The Standard & Poor's 500 Index rose 10.96 points, or 0.83 percent, to 1,325.84. The Nasdaq Composite Index added 12.09 points, or 0.43 percent, to 2,830.70.

Trading came on low volume as weak data in the U.S. labor market and rising bond yields in Italy and Spain weighed on investor sentiment.

"This is a classic rumor-driven market where the nervous shorts cover their shorts and the under-invested longs go and buy, just by looking at the headlines. There is the fear of missing out," said James Dailey, portfolio manager of TEAM Asset Strategy Fund.

That was highlighted as Greek bank stocks surged more than 20 percent on Thursday, with speculators appearing to be betting on a favorable pro-bailout outcome after the June 17 election. The action there drew the attention of traders stateside. 

"Greek stocks are in rally mode on hopes for a decisive victory for the conservative New Democracy party," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co in New York.

In other U.S. data, consumer prices fell 0.3 percent in May, the biggest drop in more than three years. That could give the Fed further room to ease policy next week.

"What you are seeing today is investors really embracing two things - inflation expectations and the slowdown in the recovery and the jobs market and what that means for maybe future quantitative easing," said Joshua Schachter, portfolio manager at Snow Capital Management in Sewickley, Pennsylvania.

Moody's Investor Service cut its rating on Spanish government debt on Wednesday by three notches to Baa3, saying the recently approved euro zone plan to help Spain's banks will add to the country's debt burden.

The S&P is flat for the week as sharp drops have been partially offset by some equally strong rallies. So far in the second quarter, however, the index is down 5.9 percent.

"The decline may have gone far enough that prices may at least avoid slipping further, but there is still a lot of uncertainty out there," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

Nokia Corp plans to cut 10,000 more jobs, a fifth of its work force, and said its phone unit would post a deeper-than-expected loss in its second quarter because of tough competition. U.S.-listed shares plunged 15.4 percent to $2.36. (Additional reporting by Chuck Mikolajczak and Angela Moon, editing by Dave Zimmerman)

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