Greece, Ireland and Portugal bailouts, EU rate hike, soaring commodity prices, inflation fears, Japan earthquake, federal budget standoff, Middle East unrest and LA pipe bomb at a Jewish temple! So what's good?Update: The explosion in LA turns out not to be a pipe bomb. That is good!
The fourth spoke in the original wheel of EU PIGS, or countries most likely to require a bailout to remain solvent, is Spain. All eyes as they say are now on that country after Portugal went to the IMF and the EU for a bailout.
In the meantime the ECB (European Central Bank) bumped interest rates 25 basis points to 1.25%. Given the fact that the bonds of some EU countries are already trading like junk, this rate increase should have little impact on their borrowing costs due to a 1/4 point hike in rates.
On another note, U.S. crude oil prices are at $110, gold and silver are setting all-time highs and the basic consumer costs for everyday goods (food and gasoline) are on the rise raising inflation fears.
If anything good happens around the world you will be the first to know!
Subscribe for free email or feed delivery of new articles here:
Subscribe in a reader
0 comments:
Post a Comment