Steven's Feed
Feb 11, 2014

Fitch third agency to cut Puerto Rico to junk

NEW YORK, Feb 11 (Reuters) – Fitch on Tuesday became the
third credit rating agency in a week to downgrade Puerto Rico to
junk, citing worries about the cash-strapped U.S. territory’s
weak economy and reduced ability to finance itself in capital
markets.

The move was not a surprise coming as it did after last
week’s downgrades by Standard & Poor’s and Moody’s Investors
Service left the U.S. territory struggling to avoid default.

Feb 7, 2014

Moody’s cuts Puerto Rico’s credit rating to junk

NEW YORK, Feb 7 (Reuters) – Moody’s on Friday cut Puerto
Rico’s credit rating to junk status, citing concerns about the
cash-strapped U.S. territory’s weak growth and ability to access
capital markets.

The agency, which placed Puerto Rico’s rating on notice for
a downgrade late last year, said it now rates the commonwealth’s
general obligation bonds at Ba2, two notches below investment
grade status.

Feb 6, 2014

ECB, U.S. data help buoy euro, global stocks

NEW YORK, Feb 6 (Reuters) – The euro rose against the dollar
on Thursday after the European Central Bank gave no sign of an
imminent rate cut and stocks on Wall Street had their best day
this year as strong jobless data boosted confidence in the
economy.

Relative calm in vulnerable emerging markets such as Turkey
and South Africa also supported riskier assets and drew
investors away from safe-haven U.S. and German government bonds.
Major U.S. and European stock indexes rose more than 1 percent,
as did a measure of world stock markets..

Feb 6, 2014

ECB, U.S. data help buoy global stocks, euro

LONDON/NEW YORK (Reuters) – The euro rose against the dollar on Thursday after the European Central Bank gave no sign of an imminent interest rate cut while better-than-expected U.S. unemployment data helped lift major world stock prices.

Relative calm in vulnerable emerging markets such as Turkey and South Africa also supported riskier assets and drew investors away from safe-haven U.S. and German government bonds.

Feb 3, 2014

China, U.S. drag on global manufacturing revival

LONDON/NEW YORK, Feb 3 (Reuters) – Slower growth in the
Chinese and U.S. factory sectors raised worries about global
growth on Monday, even though European manufacturers enjoyed a
solid start to the year.

Data showed growth in China’s manufacturing sector slowed to
a six-month low, while its service sector grew at its slowest
pace in five years.

Feb 3, 2014

China, France drag on global manufacturing revival

LONDON/NEW YORK (Reuters) – European manufacturers enjoyed a solid start to the year as order books swelled, but slower growth in the Chinese and U.S. goods-producing sectors raised some worries about global growth.

Euro zone factories had their best month since mid-2011 and increased jobs for the first time in two years – a welcome sign for a region where unemployment remained at record highs.

Jan 28, 2014

Emerging market sell-off, Fed moves hit currency carry trades

LONDON/NEW YORK, Jan 28 (Reuters) – A sell-off on emerging
markets is likely to flush out many of the remaining carry trade
investors who went there in search of higher returns, and this
shift should boost more liquid currencies such as the dollar,
yen and Swiss franc.

Some investors fear the U.S. Federal Reserve may slow the
flood of money it has pumped into markets more sharply than
expected. This, along with the likelihood that other major
central banks such as the Bank of England will also tighten
policy as developed economies recover, may spell an end to the
ultra-cheap cash used to fund emerging market investments.

Jan 23, 2014

Euro zone starts 2014 on a high, China falters

LONDON/NEW YORK (Reuters) – China’s vast manufacturing industry shrank for the first time in six months and U.S. factory growth slowed a bit this month, but Europe’s private sector got the new year off to a strong start, surveys on Thursday showed.

The mixed results suggested global growth would remain uneven in early 2014, particularly as China’s economy – the world’s second largest – settles into a slower rate of growth.

Jan 16, 2014

F1 boss Ecclestone to face German bribery trial

MUNICH/LONDON (Reuters) – Formula One boss Bernie Ecclestone has been ordered to stand trial on bribery charges in Munich over the sale of a stake in the motor racing business, forcing him to loosen his long grip on the sport.

Ecclestone, 83, was charged last July with bribing former German banker Gerhard Gribkowsky to smooth the sale of a stake in Formula One to private equity firm CVC eight years ago.

Jan 16, 2014

Motor racing-F1 boss Ecclestone to face German bribery trial

MUNICH/LONDON Jan 16 (Reuters) – Formula One boss Bernie
Ecclestone has been ordered to stand trial on bribery charges in
Munich over the sale of a stake in the motor racing business,
forcing him to loosen his long grip on the sport.

Ecclestone, 83, was charged last July with bribing former
German banker Gerhard Gribkowsky to smooth the sale of a stake
in Formula One to private equity firm CVC eight years
ago.