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Stock Market Set To Sell Off Next Week: Argentina Nearing Technical Default, EU Budget Summit Heading Toward Failure, Black Friday Retail Sales Fell Nearly 2%, 30% of Businesses Had Put At Least Some Projects On Hold, And A Very Bad Fiscal Cliff Idea Is Floated
Argentina Nearing Technical Default
from soberlook:
Based on Argentine government’s belligerent behavior toward the rest of the world (see discussion), the odds of the $1.3bn showing up in the escrow account next month are not great. That, combined with the Appeals Court (as well as whatever other appeals Argentina can come up with – possibly appealing to the US Supreme Court) agreeing with Judge Griesa, will put the nation into default – again. By the way, those who still don’t think Argentina’s government is acting like thugs toward foreigners, just read this story from the Mail.
The market-implied peso exchange rate (the so-called “shadow” exchange rate – see discussion) now puts the peso at 42.3% discount to the official rate as the currency continues to decline. Should the technical default take place, the US will begin freezing Argentine government’s dollar accounts – which will push the shadow exchange rate to new lows.
EU Budget Summit Heading Toward Failure While Demanding 8000 Layoffs At Spanish banks
from spiegel.de:
Despite hours of talks in Brussels on Thursday night, European Union leaders made little progress toward agreement on the bloc’s budget for the years 2014 to 2020. Britain and other countries have remained steadfast in their demands for cuts. A second summit looks to be the only likely outcome.
European Parliament President Martin Schulz began losing his temper as time wore on. It is “extremely irresponsible,” he told the 27 European Union heads of state and government gathered in Brussels, when EU member states deny the bloc necessary funding. The €1.091 trillion budget proposed by the European Commission, he said, is commensurate because it will also stimulate growth.
Europe Demands Nationalized Spanish Banks Fire 8,000 To Transfer First Bank Bailout Tranche
Black Friday Store Visits Climbed 3.5% But Retail Sales Fell 1.8%
from CNN:
ShopperTrak, which measures and analyzes foot traffic at more than 50,000 retail locations nationwide, says Black Friday store visits climbed 3.5% from last year to more than 307.67 million.
But Black Friday retail sales fell 1.8% to $11.2 billion, the firm said.
“While foot traffic did increase on Friday, those Thursday deals attracted some of the spending that’s usually meant for Friday,” said Bill Martin, ShopperTrak’s founder, in a statement.
Heck yeah…bring it finally…let’s get this over with so we can get healthy
Peter, amen brother! Tired of all the sheeple, the leaders of the world seem to be crooks, time to burn the scrub brush an let some nice green grass take root
We certainly seemed poised for something to go off. Nothing war forever won’t fix.
another barracuda fail.