NEW YORK |
NEW YORK (Reuters) - World equity markets rose on Friday as investor fears of euro zone turmoil following Greek elections this weekend were offset by talk the world's major central banks stand ready to make a coordinated response to ease any market dislocation.
The euro rebounded and U.S. stocks shrugged off a new batch of weak factory data, while U.S. consumer sentiment fell in early June to a six-month low, according to a survey.
But anxiety that Greece could fail to form a government after Sunday's elections led investors to raise their safe-haven bond holdings, driving up U.S. government debt prices.
A measure of market fear in the equities market, the CBOE Volatility Index, was up about 2 percent or more for most of the session, but closed down 2.6 percent at 21.12.
"Ahead of Sunday's election in Greece, central bankers stand ready, again," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
"With all the water central banks have expended out of their fire hoses over the past few years in their attempt to 'do something,' I can only think of magic candles. Those candles you blow out that only flare up again immediately after."
Central banks from Tokyo to London prepared for any turmoil following Greece's election, with the European Central Bank hinting at an interest rate cut and Britain set to open its coffers.
Officials from the Group of 20 major industrial and emerging nations told Reuters on Thursday that the top central banks stand ready to stabilize markets by providing liquidity if the election result causes financial upheaval.
A coordinated action is likely to support risk appetite, although any bounce could prove temporary given Spain's elevated borrowing costs and the risk of contagion to Italy, the euro zone's third-largest economy.
G20 leaders meet in Mexico on Monday and Tuesday as the results of the Greek vote and market reactions emerge.
On Wall Street, the Dow Jones industrial average closed up 115.26 points, or 0.91 percent, at 12,767.17. The Standard & Poor's 500 Index rose 13.74 points, or 1.03 percent, at 1,342.84. The Nasdaq Composite Index added 36.47 points, or 1.29 percent, at 2,872.80.
Earlier in Europe, the FTSE Eurofirst 300 index of top European shares closed up almost 1.0 percent, with European bank stocks climbing 1.8 percent.
MSCI's all-country world equity index rose 1.2 percent to 305.94, and emerging markets gained 1.4 percent.
Disappointing data showed a worsening U.S. economy, which increases the chance the Federal Reserve will announce an extension of its Operation Twist bond-buying program, or launch a new quantitative easing program when it meets next week.
"People came to realize that global central bank intervention will only emerge if something bad happens," said Douglas Borthwick, managing director at Faros Trading in Stamford, Connecticut.
"But, if the pro-bailout party wins in Greece on Sunday, that would be good news.
Yields on the 10-year U.S. Treasury note fell at one point to 1.564 percent, the lowest in about 10 days. The note later traded to yield 1.5807 percent, with prices up 18/32.
German Bund futures, another traditional safe haven, extended gains, accelerating their rise after the release of the U.S. economic data. Bund futures settled at 142.29, up 46 ticks on the day.
U.S. manufacturing output contracted in May for the second time in three months, the Fed said, and the New York Fed's "Empire State" index fell in June to the lowest level since last November. The Thomson Reuters/University of Michigan's index on consumer sentiment fell to 74.1 in June.
The euro hit a session low of $1.2590 (0.801 pence)against the dollar, but then rebounded and was up 0.1 percent at $1.2663.
The U.S. dollar index fell 0.6 percent to 81.488.
Brent crude edged up in thin trade, while U.S. crude seesawed near flat for most of the session. A weaker dollar, along with gains on Wall Street, lent some support to oil.
Brent crude settled 44 cents higher at $97.61 a barrel. U.S. crude rose 12 cents to settle at $84.03 a barrel.
Gold rose for a sixth consecutive session as investors bet on additional stimulus by central banks and hedged against uncertainty ahead of the Greek elections.
U.S. COMEX gold futures for August delivery settled up $8.50 at $1,628.10 an ounce.
CANADA STOCKS-TSX ends up ahead of Greek elections - Reuters UK
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U.S. targets financial abuse of elderly - Los Angeles Times
Americans over 60 lost at least $2.9 billion in 2010 to financial exploitation — ranging from simple home repair scams to complex insurance swindles. That figure was up 12% from 2008, according to a study released Thursday by MetLife Mature Market Institute, the National Committee for Prevention of Elder Abuse and Virginia Tech University.
The rise in abusive tactics led the Consumer Financial Protection Bureau to begin looking into the types of scams affecting older Americans and coming up with the best ways to prevent them. A specific focus will be on the credentials of people who tout themselves as financial advisors.
"The silent crime of financially exploiting the elderly is widespread, and it is devastating. It is critical for us to act," Richard Cordray, the agency's director, said at a White House forum Thursday ahead of World Elder Abuse Awareness Day.
"The generation that rebuilt and sustained this nation out of a devastating Depression, the dark hours of World War II and the anxious fears of the Cold War deserve our care now," Cordray said.
Tougher oversight by regulators is needed to prevent financial predators from preying on vulnerable elderly victims, said Patricia L. McGinnis, executive director of California Advocates for Nursing Home Reform, a San Francisco group that often deals with financial abuse.
"The bottom line is, you need to go after the predators. You need to punish them and you need to convict them," she said. "Put them in jail and make an example of them, but more importantly, get the money back for that victim. Make them whole again."
McGinnis described efforts by regulators and advocates to prevent the scamming of older Americans as a game of Whac-A-Mole.
A recent scam enticed senior citizens to put large amounts of savings into deferred annuities, reducing their savings to qualify for a particular federal veterans benefit. The veteran might get $1,000 a month from the benefit, but loses access to the cash for years. Meantime, the annuity salesperson earned a commission of 8% to 12%, she said.
Victims often are reluctant to fight back.
"I can't tell you the times I talk to people and they say, 'It was my own fault,'" McGinnis said. "They are very embarrassed."
The scams have increased as the economy has struggled. Survey results released this week by the nonprofit Investor Protection Trust found that 84% of experts who deal with financial exploitation of the elderly said the problem has worsened.
But there is a lack of comprehensive information on the problem, which the consumer bureau's inquiry could help solve, said Elizabeth Costle, director of the consumer and state affairs team at the AARP Public Policy Institute.
Financial predators often target the elderly because they are viewed as gullible, Cordray said.
"Many seniors have routines, and their predictable patterns make them easier targets for predators," Cordray said. "Abusers often assume that the victim will be too embarrassed or too frail to pursue legal action against them, and unfortunately that assumption is too often proven to be correct."
The agency's inquiry seeks comments from the public on several issues. They include detailing the unfair, deceptive and abusive practices targeted at the elderly, finding the types of financial planning resources, and evaluating the credentials of financial advisors. The agency will be accepting public comments until Aug. 13.
Cordray said that some people who tout themselves as experts on elderly financial issues have had only a few hours of inadequate training.
"We need to distinguish between the true experts and those engaged in predatory conduct," he said.
The qualifications of financial advisors are important as new retirees must decide what to do with lump-sum 401(k) payouts and often must juggle many complex options, Costle said. The ability to understand those options gets more difficult as people age.
"As people get older, particularly up into their 80s ….they're just less able to process financial information," she said. "They're more likely to be trusting of people and they open themselves up to more abuse, which is perpetrated both by strangers and by caregivers and family members who are close to them."
Congress and the White House have increased their focus on the issue.
Lawmakers included the Elder Justice Act in the 2010 healthcare reform law to coordinate federal efforts. As part of the law, Health and Human Services Secretary Kathleen Sebelius on Thursday announced $5.5 million in grants to states to "test ways to prevent elder abuse, neglect and exploitation."
Stocks Rally; Nothing Greece Can Do the Fed Can’t Do Better - Wall Street Journal
By Paul Vigna
If anything is going on Sunday besides Father’s Day, you wouldn’t know it from looking at the U.S. stock market.
Stocks rallied again on Friday, capping off two weeks of sharp gains ahead of what everybody says is a critical election on Sunday for Greece, which could not only decide its future within the euro zone, but the future of the euro zone itself. Given that the European Union collectively is the world’s largest economy, this should have the market’s attention.
But it doesn’t, apparently, and the main reason is because the market’s got a bout of stimuli-induced amnesia. Simply put, the markets believe that the world’s big central banks, primarily the Fed and ECB, will step into any breach opened up by the Greek election.
The Dow gained 115 (0.9%) to 12767 today, rising 1.7% on the week. The S&P 500 rose 14 (1%) to 1343, right above 1340 that represents a technical resistance range. A relief rally on Monday could smash it. The Nasdaq Comp gained 36 (1.3%) to 2873.
Since bottoming in early June, the Dow’s up about 5.5%. Now, keep in mind the important caveat that the volume’s been low this whole run. Still, somebody’s out there buying.
Nothing good happened today to get stocks so juiced. A trio of data points — the New York Fed’s Empire State survey and reports on industrial production and consumer sentiment — all showed a weakening economy. Germany reiterated that it will not renegotiate Greece’s bailout, no matter who wins Sunday. A stare-down seems imminent.
But for the market, it’s relatively simple. There are three broad outcomes for Greece: the pro-bailout parties win, the anti-bailout party wins, or its another deadlock. The first is good for the markets, the other two are bad — unless those bad outcomes spur the Fed or ECB into action. That’s the thinking in the market, at least.
“Don’t think this is Greece,” Stifel Nicolaus trader David Lutz said, “I think it’s Ben next week. Either way, with or without QE – It seems priced in, thus may be a ‘sell-the-news’ event.”
The fundamentals of the situation are far different. No matter what happens Sunday, Greece’s future within the euro is questionable. While the nation is largely seen as the first in a line of dominoes, its importance isdiminishedwhen you consider that two larger dominoes down the line, Spain and Italy, are falling all on their own.
Nothing that happens Sunday is going to save Spain’s banks, or drive down Italy’s debt load. It may buy the eurocrats more time, something at which they’ve become expert. But fundamentally the European crisis comes down to a choice: toward the United States of Europe, or a break-up of the euro fellowship. A moment of reckoning will come, and it may be indistinguishable from the much-feared “Lehman moment.”
The only question is when.
Money can't buy their love - The Age

Illustration: Kerrie Leishman
When it comes to an ungrateful electorate, the proof of the pudding is in the bleating, writes Peter Hartcher.
It was framed as a question to the Prime Minister, but really it was the first of three consecutive demands from voters, all quite similar, that Julia Gillard faced live on national television:
"Why is it that the middle class of Australia, the backbone of the economy, always suffer under a Labor government?" demanded Rebecca Broughton when she had her chance to speak directly to Gillard on Monday night's Q & A program on ABC TV.
"Why does your government penalise hard-working middle-class Australians with a new carbon tax as well as taking away or reducing private healthcare subsidies?"
Next was Pamela Tarn of Toowoomba, who said she was a single mother earning $20,000 to $30,000. Her daughter was at university in the city, where the government payment of a youth allowance "barely covered" her rent: "I am on no government benefits. How am I better off on your carbon tax rebate?"
Then a man asking: "The assistance packages that are coming through, how can you guarantee that those are actually going to go to where they are supposed to? For example, electricity, because people get bills in different intervals of time."
The carbon tax was a specific point for all three questioners. But, in essence, all sounded as though they were asking Gillard the same question: "Where's my government handout?"
These voters were accusing the Prime Minister of not giving them enough money, or of taking away an existing benefit, or perhaps imperfectly delivering a new benefit. Gillard's carbon tax "sorry" payments are feeding an ugly new flush of an established Australian distemper, a mindset of entitlement.
Even allowing for the fact that Broughton's question sounded like it had been drafted by the Liberal Party secretariat, the ganging-up on Gillard was nonetheless a stark illustration of the entitlementism that seems to grip the Australian electorate ever more tightly.
It was remarkable for the brazenness and the utter shamelessness of the demands on the national Treasury. These voters were not complaining in the angry anonymity of talkback radio or political blogs but directly to the Prime Minister on national TV.
There was no apparent unease at the thought that they were demanding something that would have to be paid for by the labour of others. How should a national leader answer the voters clamouring for their "entitlements"?
Perhaps start by explaining that it's the role of the state to create opportunities for work and wealth, to supply essential public services, and to provide a social safety net to catch the most vulnerable.
But to explain that it's not the role of the state to promise federal handouts to anyone who thinks they have a gripe, or to give out cash to create equality of handouts for all.
And to explain what happens in countries where the sense of entitlement gets out of control. That should be easy today - just point to the crisis-struck countries of southern Europe: Greece, Spain and Italy.
But, of course, Gillard said none of the things that a national leader might say. Instead, she tried to soothe the voters, to mollify them, and to assure them that they're being well taken care of.
Australian entitlementism was already becoming a problem, and it's now the tiger that Gillard is riding and dare not dismount.
"This has been going on for a long time now," says Rebecca Huntley, a director of Ipsos Mackay Research, which probes the attitudes and opinions of the electorate. "Australians always think the government should be doing more for them."
So much for rugged Australian individualism, the pioneer ethos and the spirit of Anzac that our leaders love to tell us about inbetween handouts.
"As much as we complain about pollies," says Huntley, "we still think government is central to making our lives work," and not just by providing clean drinking water, public education and safe streets: "For instance, our desire to live in urban mansions." Apparently it's the government's job to make sure we can all have one, and we're cranky if we can't.
"Very rarely do people talk about community-based solutions or personal solutions - it's almost an afterthought."
Measured as a share of Australia's economy, the public sector is still of manageable proportions in Australia and public debt is one of the smallest in the developed world.
But measured by the people's casual acquaintance with and expectations of the system of government benefits, it's another experience altogether.
Asked whether they or their partner had received any one of six government benefits in the last five years, seven out of 10 Australians said yes, according to a poll of 2001 people conducted by the Australian National University last year.
"To me, that's huge," says the ANU professor of political science who supervised the poll, Ian McAllister. "Where once government services acted as a social safety net and were targeted at relatively small minorities of citizens with particular needs, the tendency has been to provide services to a wider population base."
Forty-six per cent of respondents said they'd received one benefit from the government, and 21 per cent said they'd received two.
Or put the other way, only 27 per cent said they or their partner had not received any of the benefits.
Most Australians were brought up on the story of the Magic Pudding, Norman Lindsay's tale of an inexhaustible supply of delicious pie, replenished by magic.
Just turn the pudding, and the flavour changes, steak one moment, steak and kidney the next, apple dumpling the next. The private health insurance rebate was received by 44 per cent of respondents or their partners, family tax benefit A and B by 26 per cent, the age pension by 13 per cent, the childcare benefit by 11 per cent, and the unemployment benefit and the disability pension by 7 per cent each.
Taking these benefits, and the many other public goods supplied by the state such as public hospitals, public airwaves, and public sanitation, yet still expecting more, shows a failure of political management of voter expectations. And, of course, voters make the contradictory demand that governments live within their means and keep interest rates low.
Somewhere along the way, many seem to have lost sight of the fact that the magic pudding was a fairytale. Australians seem to have taken it as a principle of fiscal management.
And now the household handouts announced in last month's budget, the $5 billion carbon tax apology. This ad hoc blurt of money is over and above the structured, four-year, $15 billion carbon tax compensation package.
"From our qualitative research, my feeling is that governments get far less political capital from this kind of chunks of cash than they think they do," says Huntley. The anger and resentment on display on Q & A seemed to illustrate just this sort of backfiring. If Gillard expected any gratitude, there was none on display.
"Because the TV ads for the household assistance payments weren't upfront about their purpose, completely disconnected from the carbon tax, they were confusing. And then people Googled them on their phones, which we know they do. And then they get the feeling you're embarrassed by your policy.
"Once you start bolting on payments to a policy, the policy itself is seen as a failure. I think the whole psychology of it fails."
A Liberal backbencher and former adviser to John Howard on industrial relations, Jamie Briggs, pounced on the latest part of the Gillard payoff plan yesterday: "Like a Nigerian hoax email, Julia Gillard has hit Twitter and letter boxes with her promise #CASHFORYOU," using the # notifier of a topic title on Twitter.
"Like her Nigerian counterparts, there's a catch with this #cashforyou, the catch is the #cashforyou is borrowed money. The #cashforyou means #debtforyourkids."
He's right, of course, that in the long run there is no such thing as "free money" from the government. One way or another - through our taxes, through reduced government investment in vital services and infrastructure, or through government debt for which we and our kids are ultimately liable - we are ultimately paying for it ourselves.
Joe Hockey said in his speech in London in April that the European debt crisis was the result of "a chronic failure of the democratic process". The crisis showed that the Era of Entitlement was over, Hockey said.
"The entitlements bestowed on tens of millions of people by successive governments, fuelled by short-term electoral cycles and the politics of outbidding your opponents is, in essence, undermining our ability to ensure democracy, fair representation and economic sustainability for future generations."
Hockey, like Briggs, is quite right. They should know. Both were part of the Howard government, which took "the politics of outbidding your opponent" to new levels of extravagance. But the key lesson from Howard's experience was that it did not work.
When the electorate is sick of a government, it will vote it out of power regardless of how much cash it hands out. Their comments suggest that Briggs and Hockey have learnt this lesson. But the Gillard government, evidently, has not. Bribing voters is neither necessary nor sufficient to winning power.
Rudd demonstrated this at the 2007 election when he made fiscal restraint, not extravagance, a virtue.
"This sort of reckless spending has to stop!" Rudd exclaimed as he deliberately underbid Howard.
Gillard failed to learn the lesson. Labor, it seems, is fated to learn it all over again. Voters will take the money, Prime Minister, but they will not respect you for it. You saw that firsthand on Monday. The electoral gratitude you court is a figment of your political imagination. The cost to the national Treasury is not.
Peter Hartcher is the political editor.
Stocks rally before Greek vote - Yahoo! Eurosport
Stocks around the world rallied on Friday despite uncertainty over Greece as investors appeared to bet on fresh stimulus from the United States and Europe (Chicago Options: ^REURUSD - news) to boost growth and fight the eurozone crisis.
Asian markets started the rally, with European markets following and US stocks extending Thursday's gains in early trading.
London's benchmark FTSE 100 (Euronext: VFTSE.NX - news) index closed up 0.22 percent to 5,478.81 points, while in Frankfurt the DAX 30 (Xetra: ^GDAXI - news) rose 1.48 percent to 6,229.41 points, and in Paris the CAC 40 (Paris: ^FCHI - news) climbed 1.82 percent to 3,087.62 points.
Madrid gained 0.34 percent and Milan jumped 2.34 percent after the Italian government adopted growth measures and plans to sell off some state-held companies and property.
In foreign exchange deals, the euro drifted up to $1.2635 from $1.2630 late Thursday in New York (Frankfurt: A0DKRK - news) . Sterling rose against the euro and dollar in afternoon trading after initially dropping following the stimulus news.
The dollar slid against the yen, buying 78.68 yen instead of 79.34 late on Thursday.
"The prospect of co-ordinated central bank intervention from central banks next week in the event of turmoil caused by the result of this weekend's Greek elections has given equity markets a boost today, and calmed some rather frayed investor nerves," said Michael Hewson, senior market analyst at CMC Markets.
"The Bank of England took a similar approach by announcing two new stimulus packages to aid worsening economic fears and to give long term supports to UK banks allowing them to borrow loans below market rates," added Khurram Ali, a broker at Valbury Capital.
European Central Bank chief Mario Draghi fuelled speculation of an imminent rate cut or other measures, warning Friday of "serious downside risks" to the euro area economy while inflation saying was no threat.
However, with Spain's borrowing costs pushing to record highs despite a 100 billion-euro bank bailout, traders remain on edge.
The IMF said Friday that Spain will likely miss its budget-cutting deficit target for 2012 and it pushed Madrid to adopt broad reforms as it grabs a rescue line for stricken banks.
Asian markets mostly rose on Friday and US stocks forged higher in midday trade.
At around 1600 GMT, the Dow Jones Industrial Average was up 0.57 percent to 12,724.52 points, the broad-market S&P 500 (SNP: ^GSPC - news) climbed 0.64 percent to 1,337.64 points and the tech-rich Nasdaq Composite (Nasdaq: ^IXIC - news) gained 0.79 percent to 2,858.74 points.
"Place your bets. Yesterday's and today's trading is all about positioning ahead of Sunday's elections in Greece and next week's Federal Reserve policy meeting," said Dick Green at Briefing.com.
Green said stocks rallied "because traders are betting that European governments will take action after the election to prevent any adverse credit market impact from the possibility of Greece leaving the eurozone.
The gains followed those on Thursday, as poor jobs data sparked speculation that the US central bank would start a third round of stimulus known as quantitative easing in a bid to kickstart the world's biggest economy.
"Sentiment seemed to strengthen on hopes that underwhelming data might compel the Fed to implement another round of quantitative easing when they meet next week," said Briefing.com.
In Britain finance chief George Osborne and Bank of England governor Mervyn King said they would flood banks with billions of pounds in a bid to jump-start lending to households and businesses and fend off a potential storm from Europe.
But while investors absorbed the possibility of fresh cash in the system Europe's troubles tempered sentiment.
The IMF said in a report Friday that as Spain taps a eurozone loan of up to 100 billion euros to restructure the banks, it must also implement "comprehensive" reforms including raising value added tax immediately.
On Thursday the interest rate on Spanish 10-year government bonds soared to 6.9667 percent, the highest since the birth of the single currency in 1999, and close to the danger-zone 7.0 percent considered unsustainable to service debts.
The jump came after Moody's on Wednesday slashed Spain's sovereign debt rating by three notches, saying the bank bailout would put extra strain on the country's already weak finances.
The rate of return for investors on Spanish 10-year bonds slid to 6.838 percent on Friday, but the risk premium -- the difference in the rate between Spanish and safe-haven German 10-year bonds -- hit a new euro-era record of 5.54 percentage points as the yield on German bonds fell more.
Bank stocks raise London stocks higher - Financial Times
Last updated: June 15, 2012 5:10 pm
Stocks end wild week at 1-month high - San Francisco Gate
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Stocks recorded their third big gain of the week and closed at a one-month high Friday because of expectations that the central banks of countries around the world will step in to limit the damage from a debt crisis in Europe. The Dow Jones ...Liverpool owner John Henry plays down financial impact of new stadium - The Independent
The lead figure in Fenway Sports Group has suggested a new-build in Stanley Park would most likely lead to increased ticket prices, quoting recent examples taken from the United States.
Henry believes the best way of improving the Reds' ability to compete financially is through worldwide commercial revenue streams and their long-term future is not dependent on the stadium issue, which casts doubt over whether the long-mooted Stanley Park project will ever come to fruition.
"A long-term myth has existed about the financial impact of a new stadium for Liverpool," the American wrote in an email to The Anfield Wrap website.
"A belief has grown that Liverpool FC must have a new stadium to compete with (Manchester) United, Arsenal and others.
"No-one has ever addressed whether or not a new stadium is rational.
"New stadiums that are publicly-financed make sense for clubs - I've never heard of a club turning down a publicly-financed stadium.
"But privately carrying new stadiums is an enormous challenge. Arsenal is centred in a very wealthy city with a metropolitan population of approximately 14 million people.
"They did a tremendous job of carrying it off on a number of levels but how many new football stadiums with more than 30,000 seats have been built in the UK over the past decade or so?
"New stadiums increase revenues primarily by raising ticket prices - especially premium seating."
Henry accepts there is a balancing act to be done when considering the worth of a new stadium against a redevelopment of Anfield, which presents numerous logistical problems.
"We've been exploring a new stadium for the past 18 months. At one point we made it clear that if a naming rights deal could be secured of sufficient size, we would make every effort to build a new facility," he added.
"Liverpool FC has an advantage in being a global club and a naming rights deal could make a new stadium a reality.
"It is something we are working on. There has been interest.
"Going in the other direction, many football clubs have successfully enlarged their seating capacity.
"LFC has had plans to expand the main stand at Anfield but this avenue has been very difficult for the club over the past couple of decades.
"There are homes behind the main stand. Expansion of the main stand would have to be a priority for the city, community and immediate neighbourhood in order for that to occur.
"This issue is vital to the neighbourhood's future but we cannot and will not act unilaterally.
"While a new stadium or an expansion of Anfield is beneficial over the long-term for the club, the financial impact of adding seats and amenities should be put into perspective.
"That's why I say that it is a myth that stadium issues are going to magically transform LFC's fortunes.
"Building new or refurbishing Anfield is going to lead to an increase from £40million of match-day revenue to perhaps £60-70m if you don't factor in debt service.
"That would certainly help but it's just one component of LFC long-term fortunes.
"Our future is based not on a stadium issue but on building a strong football club that can compete with anyone in Europe.
"This will be principally driven financially by our commercial strengths globally."
PA
Easy money won’t sate hunger for real assets - Financial Times
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