February 24th, 2012 (Source: Bloomberg) -- Euro-area banks may tap the European Central Bank next week for almost as much three-year cash as they did in December in an operation that could prolong a rally in bond markets.Financial institutions will ask the ECB for 470 billion euros ($629 billion) in three-year funds for allotment on Feb. 29,

February 24th, 2012 (Source: Reuters) -- The scars of Greeces debt crisis were laid bare in heavy losses from a string of European banks on Thursday, and bosses warned the regions precarious finances would continue to threaten economic growth and earnings.From France to Germany, Britain to Belgium, four of the regions biggest banks lined up to reveal

February 24th, 2012 (Source: WallStreetJournal) -- The euro rose to multi-month highs against the dollar, yen and pound in European hours Friday as currency traders looked ahead positively to next weeks promise of more liquidity from the European Central Bank, encouraged by the progress made in Greece and by tentative signs of global economic improvement. The single

February 23rd, 2012 (Source: Bloomberg) -- German business confidence rose more than economists forecast to a seven-month high in February as Europe’s largest economy bucks a recession that’s gripping the region’s southern fringe.The Munich-based Ifo institute said its German business climate index, based on a survey of 7,000 executives, climbed to 109.6 from 108.3 in January. That’s

February 23rd, 2012 (Source: BBC) -- The European Commission has predicted that the eurozone economy will contract by 0.3% in 2012. In its previous forecast in November, it said that the economy would grow by 0.5%. The unexpected stalling of the recovery in late 2011 is set to extend into the first two quarters of 2012, the

February 23rd, 2012 (Source: WallStreetJournal) -- China said Thursday that a European Union investigation into Chinese steel products would damage joint efforts to cope with the euro-zone debt crisis, suggesting that Beijing may link its aid to concessions on trade and other matters. China is intensely displeased about the EUs antisubsidy investigation into organic coated sheet steel

February 23rd, 2012 (Source: Bloomberg) -- European stocks declined as the European Commission said the region’s economy will shrink this year, dragged down by Italy and Spain.Commerzbank AG tumbled 5.5 percent after saying it won’t pay a dividend for 2011 and will ask investors to swap some hybrid instruments for shares. Swiss Re Ltd., the world’s second-biggest

February 23rd, 2012 (Source: Reuters) -- Greeces parliament was expected to endorse a debt swap with private bondholders on Thursday that forms the core of its 130-billion-euro bailout, despite new protests against tough budget cuts demanded in return for the rescue deal.The swap, in which private investors exchange their bonds for lower-value debt, will slice 100 billion

February 23rd, 2012 (Source: Bloomberg) -- The International Monetary Fund will seek to keep its exposure to Greece under a new bailout package at 30 billion euros ($39.8 billion), including money still owed from a previous loan, an IMF official said.IMF Managing Director Christine Lagarde has indicated that the fund’s credit to Greece after the second loan

February 23rd, 2012 (Source: Bloomberg) -- Volatility of currencies of Group of Seven nations fell to lowest level since August 2008 amid optimism the global economy is improving, giving investors more confidence to buy assets that appreciate in periods of growth.Implied volatility of three-month options on Group of Seven currencies as tracked by the JPMorgan G7 Volatility

February 23rd, 2012 (Source: Reuters) -- The euro rose to a 10-week high against the dollar and its strongest since November versus the yen on Thursday after better-than-expected German data eased concerns about a bleak euro zone economic outlook.However, the conviction that Greeces latest bailout deal will not draw a line under it or the euro zones

February 23rd, 2012 (Source: Bloomberg) -- Canada’s dollar slackened through parity with its U.S. counterpart for the first time in four days as risk appetite ebbed and stocks dropped on bets global economic growth may stall.The currency weakened for a second day on speculation technical indicators are pointing to a stronger U.S. dollar versus its major peers,

February 22, 2012 (Source: The New York Times) -- Already at odds with the European Union over the quality of its democracy, Hungary found itself fighting on a second front on Wednesday when it was threatened with the suspension of European Union subsidies over the state of its public finances.Budapest and Brussels insisted that the two issues

February 22, 2012 (Source: Reuters) -- Platinum outperformed golds 1 percent gain, rallying 2 percent on the prospect of shortage driven by a labor dispute in South Africa, the worlds top platinum producer.Bullion turned positive late in the session and accelerated upwards once it breached technical resistance near $1,765 an ounce, an important area on price charts

February 22nd, 2012 (Source: Bloomberg) -- Emerging-market stocks fell as the euro-region’s output unexpectedly decreased and a report showed China’s manufacturing may shrink in February, renewing concern that a slowing economy may weigh on global growth.The MSCI Emerging Markets Index fell for a second day, dropping 0.1 percent to 1,063.71 at 10:26 a.m. in New York. European

February 22nd, 2012 (Source: WallStreetJournal) -- U.S. stocks traded around the flatline as European business activity unexpectedly slowed, prompting investors to pause after rising to the cusp of multi-year highs.The Dow Jones Industrial Average slipped 11 points, or 0.1%, to 12954 in morning trading. The Standard Poors 500-stock index shed two points, or 0.1%, to 1360 and

February 22nd, 2012 (Source: Bloomberg) -- Asian currencies fell for a second day, led by South Korea’s won and Indonesia’s rupiah, after fresh financial aid for Greece failed to allay concern Europe’s debt crisis will slow global growth.The won snapped a three-day advance after euro-area finance ministers handed Greece a 130 billion-euro ($172 billion) lifeline to avoid

February 22nd, 2012 (Source: Bloomberg) -- Canada’s dollar weakened versus its U.S. counterpart after data showed retail sales fell in December and currencies of commodity-exporting nations slid on concern a bailout hasn’t resolved Greece’s long-term debt crisis.The Canadian currency fell to within half a cent of parity with the greenback, which fluctuated against the euro on concern

February 22nd, 2012 (Source: Company) -- Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is very pleased to announce that an updated National Instrument (NI) 43-101 compliant mineral resource estimate has been completed by Wardrop, a Tetra Tech Company (“Tetra Tech”) for its 100%-owned Monument Bay Project, located in North Eastern Manitoba. Monument Bay Project - Measured, Indicated Inferred

February 21st, 2012 (Source: Bloomberg) -- Italian and Spanish bonds advanced amid optimism the euro-area debt crisis will be contained after finance ministers agreed on a second bailout for Greece.German two-year note yields reached a two-month high after Greece won 130 billion euros ($173 billion) in aid following overnight talks in Brussels. Investors agreed to losses on

February 21st, 2012 (Source: Bloomberg) -- Greece reached an agreement with its private creditors to secure the biggest sovereign restructuring in history, paving the way for a second bailout of the debt- ridden nation and averting an economic collapse.Investors will forgive 53.5 percent of their principal and exchange their remaining holdings for new Greek government bonds and

February 21st, 2012 (Source: Bloomberg) -- The euro fell from a three-month high against the yen on concern further political action will be needed to resolve the region’s debt crisis even after Greece won a second international bailout.The 17-nation currency erased gains that came as Luxembourg Prime Minister Jean-Claude Juncker said the rescue deal includes a 53.5

February 21st, 2012 (Source: Bloomberg) -- China and Turkey signed a three-year currency swap agreement worth 10 billion yuan ($1.6 billion), or 3 billion liras, the Turkish central bank said.The accord signed with the People’s Bank of China will facilitate bilateral trade in the Turkish and Chinese currencies and may be extended, the central bank in Ankara

February 17th, 2012 (Source: Bloomberg) -- Gold may gain in New York, extending a weekly advance, on speculation that a bailout for Greece will hurt the dollar and boost demand for the precious metal as an alternative asset.Germany wants euro-area finance chiefs to avoid splitting consideration of a 130 billion-euro ($171 billion) Greek rescue and a bond

February 17th, 2012 (Source: Reuters) -- European shares rose to their highest in more than six months on Friday, on optimism that euro zone officials would sign off a rescue package for Greece, helping the country to avoid a messy default.Greek officials say they have done everything asked of them for euro zone finance ministers to agree

February 17th, 2012 (Source: Bloomberg) -- Credit-default swaps insuring Greek government debt may pay out because a proposed bond exchange by the European Central Bank paves the way for losses to be imposed on private investors.Greece will introduce legislation next week that may allow so-called collective action clauses that force bondholders to accept debt writedowns, Naftemporiki reported.

February 17th, 2012 (Source: Reuters) -- China and Japan will begin work this month to promote the direct exchange of their currencies as trade between their two countries grows, the Nikkei newspaper reported on Friday.The bulk of trade between the worlds second-largest and third-largest economies is currently settled in dollars, due in large part to financial regulations

February 17th, 2012 (Source: TheAustralian) -- The Australian dollar was sharply higher today following positive leads from US economic data overnight and a growing consensus that the final detail on a Greek bailout will emerge early next week.The head of Australias Treasury Department, Martin Parkinson, earlier today said the Australian currency would remain strong in the foreseeable

February 17th, 2012 (Source: Reuters) -- World stocks hit a 6-1/2 month peak on Friday and the euro bounced higher from a three-week low against the dollar as hopes Greece will seal a long-awaited bailout deal next week fuelled risk appetite.A strong sentiment boost from Thursdays upbeat U.S. jobs and factory activity data carried over into European

February 16th, 2012 (Source: Bloomberg) -- Kenya’s shilling weakened for the second day as delays in delivering a second bailout to Greece increased concern Europe’s debt crisis will worsen, damping demand for riskier, emerging-market assets.The currency of East Africa’s biggest economy depreciated as much as 0.6 percent and traded 0.2 percent lower at 83.05 as of 7

February 16th, 2012 (Source: Bloomberg) -- Canada’s dollar rose from a February low as risk appetite swelled on bets Greece will receive a rescue package to avoid default and data showing improvement in the U.S. economy.The currency erased losses after initial jobless-benefit claims in the U.S., Canada’s biggest trade partner, unexpectedly slid to a four-year low. It

Februay 16th, 2012 (Source: Reuters) -- Entering the fifth year of recession, Greece is writing its name in the book of unwanted records for one of the deepest economic slumps of modern times.The Greek economy shrank 6.8 percent in 2011, leaving the level of output an estimated 16 percent below its pre-crisis peak. Unemployment has soared to

February 16th, 2012 (Source: Bloomberg) -- Britains unemployment rate edged up to 8.4 percent in the last quarter of 2011, official figures showed Wednesday, as 48,000 people lost their jobs compared with the previous three-month period. The Office for National Statistics said the unemployment rate has not been higher since 1995. It rose from 8.3 percent in

February 16th, 2012 (Source: Bloomberg) -- Czech inflation accelerated to the fastest pace in three years in January, even after the economy entered recession, because of a sales-tax increase.The inflation rate rose to 3.5 percent, the highest since December 2008, from 2.4 percent the previous month, the Statistics Office in Prague said today on its website. That

February 16th, 2012 (Source: Reuters) -- China will continue to invest in euro zone government debt and it remains confident in the euro, the countrys central bank governor said on Wednesday, while calling on Europeans to produce more attractive investment products for China.Zhou Xiaochuan admitted that China and other emerging nations like Brazil, Russia or India were

February 16th, 2012 (Source: BBC) -- The Spanish economy has shrunk for the first time in two years, increasing fears the country could be heading for a recession.The countrys economy shrank by 0.3% in the three months to December, after stagnating in the previous quarter.Household spending fell by 1.1% from the previous quarter, while spending by public

February 16th, 2012 (Source: Bloomberg) -- The cost of insuring European sovereign debt rose for a sixth day on concern delays to Greece’s bailout are increasing the chance of default. The Markit iTraxx SovX Western Europe Index of credit- default swaps on 15 governments climbed 12 basis points to a four-week high of 344 at 3:30 p.m.

February 16th, 2012 (Source: Wall Street Journal) -- The euro traded at a three-week low against the dollar and slipped below the psychologically significant $1.30 level Thursday as Greek confusion and bank-rating fears created a toxic mix for the currency.The euro traded as low as $1.2983, compared with $1.3106 late Wednesday in New York. At A$1.2149, it

February 16th, 2012 (Source: Reuters) -- European shares fell and the euro eased to a 3-week low on Thursday as a delay in deciding on a crucial bailout for Greece unnerved investors and halted the rally for riskier assets like equities that has marked the start of 2012.U.S. stock index futures also pointed to a lower open

February 15th, 2012 (Source: WallStreetJournal) -- The euro slumped against most other major currencies after fresh cracks appeared in pressing efforts to avoid a Greek debt default.The common currency, which had been hovering around $1.3050 all day, rose to $1.31 on comments from the chairman of the euro zones finance ministers group that the euro group can

February 15th, 2012 (Source: WallStreetJournal) -- The U.K. would be eager to have a independent Scotland in a sterling currency union, as its exports of oil, gas and whisky would aid the zones balance of payments and support the pounds value, Scotlands First Minister Alex Salmond said Wednesday.Salmond, who leads the largest party in Scotlands semiautonomous parliament

February 15th, 2012 (Source: Reuters) -- Brent oil kept gains near six-month highs on Wednesday, as fears of supply disruptions from Iran, other Middle Eastern producers and Africa outweighed worries about the global economy.But concerns about the outcome of Greek bailout talks in Brussels among euro zone officials limited the days rises.A denial by Irans oil ministry

February 15th, 2012 (Source: WallStreetJournal) -- The chances of a Greek default, once unthinkable, now loom larger as more European leaders take comfort in the belief that the euro-system is better positioned to absorb the shock that just six months ago. If it comes, the reason will be there were too many moving parts, too many delays

February 15th, 2012 (Source: MarketWire) -- Greek politicians rushed to assure the country’s European partners that they will implement an unpopular round of additional austerity measures, while news reports said euro-zone officials may look to delay a second bailout while avoiding a March default.Reuters on Wednesday reported that European officials are considering ways to delay the 130

February 15th, 2012 (Source: Bloomberg) -- Slovak economic growth unexpectedly accelerated last quarter as exports proved resilient to western Europe’s slowdown, beating the neighboring Czech Republic, whose economy fell into a recession.Slovakia’s gross domestic product grew 0.9 percent in the fourth quarter from the previous three months, compared with 0.8 percent in the third. The Czech economy

February 15th, 2012 (Source: Bloomberg) -- The euro declined after reaching a two-month high versus the yen amid speculation a Greek aid package could be delayed until after April elections. The 17-nation currency erased gains against the dollar after Greek Finance Minister Evangelos Venizelos said Europe’s wealthier nations are “playing with fire” by delaying a decision on

February 15th, 2012 (Source: Bloomberg) -- The cost of insuring European sovereign debt rose for a sixth day on concern the likelihood of a Greek default is increasing after the region’s finance ministers canceled a meeting to finalize a bailout.The Markit iTraxx SovX Western Europe Index of credit- default swaps on 15 governments climbed four basis points

February 15th, 2012 (Source: BBC) -- Two of the eurozones biggest economies have fallen into recession, according to the latest economic figures.Italy and the Netherlands both saw their economies shrink by 0.7% in the fourth quarter, the second consecutive quarter of economic contraction.Germany had its first negative quarter since 2009 with a decline of 0.2%, compared with

February 15th, 2012 (Source: Bloomberg) -- Yields on benchmark 10-year Treasury notes traded below 2 percent for a fourth day as speculation a Greek aid package could be delayed until after April elections added to demand for safe assets. U.S. debt fell earlier earlier as People’s Bank of China Governor Zhou Xiaochun said in Beijing that his

February 15th, 2012 (Source: Bloomberg) -- China said it will “get more involved” in supporting Europe and sustain its holdings of euro assets, spurring gains in the currency and Asian stocks on optimism the debt crisis will be overcome.“China will always adhere to the principle of holding assets of EU sovereign debt,” People’s Bank of China Governor