By David Roman
Of DOW JONES NEWSWIRES
MADRID (Dow Jones)--Spain's unemployment rate soared back above 20% in the last three months of 2010 as more than 138,000 jobs were destroyed, casting doubts about the strength of the ongoing recovery in the euro zone's fourth-largest economy, data released Friday by the country's statistics institute INE shows.
Friday, January 28, 2011
Spainish Unemployment Back Above 20%
Wednesday, January 26, 2011
Greece Will Draft a New Tax Bill
Greece has finally unveiled a new draft tax bill’, welcomes analyst Lambros Papadopoulos, ‘beyond the tougher tone on tax evasion there are positive changes in corporation taxes, notably on the dividends front… another important change is the temporary increase in the sales tax on stock market transactions from 15bp to 20bp - a negative for market activity… still, in general, the new bill should boost EPS – rerate parts of the market – in some cases by up to 40%… the net DPS impact will likely be less significant (at 5%)… and, at this juncture, it appears OPAP is the most obvious beneficiary from the new bill’.
Hong Kong Mortgage Applications Decline
HK new mortgage applications declined by 37.5% MoM in Dec-2010 - New loans approved declined by 23.0% to HK$28.9bn. The decline reflected market situation following HK Government's announcement of antispeculation measures on 19-Nov. The outstanding value of mortgages increased by 1.2% to HK$740.3bn. And the proportion of HIBOR-referenced new mortgages fell to 90% from 91.8% a month ago. (HKMA)
Is Bank Lending in China Slowing Down
Mainland regulators set to rein in banks' lending – Mainland authorities are set to use administrative forces to curb bank loans by this month following a two-week lending spree since the beginning of the year, reflecting mounting pressure on Beijing to rein in rising consumer prices. Two banking officials said that the banking regulator was about to embark on the so-called window guidance - a method the authorities use to make company executives follow the government's policy - to rein in easy credit. (SCMP).
Tuesday, January 25, 2011
euro break-up as very low
We see the probability of a euro break-up as very low. However, it may still be worth considering some scenarios of how it could take place. There exist different default and break-up scenarios that vary in terms of how serious an impact they would have on the financial system and economic growth. Common to all of these is that we do not exactly know how they would look as we are entering unchartered water
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