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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • Angela Merkel And Her Party Celebrates A Big Election Victory 0 comments
    Sep 23, 2013 4:23 AM

    Euro trade stable above 1.35 level as Angela Merkel and her party celebrates a big victory… but signs of correction may come on play…

    Asian shares: Japan's Nikkei close, Hong Kong's Hang Seng -0.72%(07:10 GMT), Korea's Kospi 0.19%, Australia's ASX 200 -0.47% and China's Shanghai 1.33%

    Angela Merkel has urged her party to celebrate "a super result" after exit polls suggested she was set to win a third term as German chancellor.

    German Finance minister Schaeuble saying the CDU has fallen just short of an absolute majority. Adds: CDU will also talk with greens about possible coalition, not just with SPD.

    ECB Liikanen: The European Central Bank is ready to boost liquidity in the credit market by issuing another long-term loan if necessary. The ECB carried out so-called long-term refinancing operations (LTROs) to ease funding strains at the height of the euro zone debt crisis. "I am ready to act, if necessary," Liikanen told, when asked if another such loan was planned. He did not give a timeline for any such move.

    ECB's Asmussen: Ireland should not ease up on austerity in its annual budget next month but stick to a target of 3.1 billion euros worth of spending cuts and tax hikes.

    Moody's changes outlook on Ireland's Ba1 rating to stable from negative.

    Fitch downgrades Malta to 'A' from 'A+', outlook stable.

    Greece's negotiations with its international creditors begin this week amid a difference of opinion in certain spending and revenue projections. Speaking to journalists after a meeting between officials from the EU, the ECB and the IMF and Greece's Finance Minister, Yannis Stournaras, the official said that the Troika initially agrees with the ministry's projections of a smaller recession for this year, with GDP is expected to contract by -3.8% instead of the official target of -4.2%, but the differences between the groups remain.

    Italian Economy Minister Fabrizio Saccomanni will resign if the fragile coalition government flouts European Union deficit spending limits in favor of tax cuts, he told Corriere della Sera newspaper on Sunday. Italy's accounts are heading toward overshooting the EU deficit limit this year, Saccomanni said on Friday, just months after the country was taken off a black list for running excessive budget gaps in the past. "Promises must be kept, otherwise I'm not staying," Saccomanni was quoting saying in an interview with Corriere. "I must defend my credibility, and I have no political ambitions." To meet the EU deficit target, Saccomanni needs 1.4 billion euros and he indicated a one-percentage-point increase of the main sales-tax rate of 21 percent scheduled for October 1 cannot be cancelled without worsening the public accounts.

    A Chinese manufacturing index rose to a six-month high at 51.2 in September, adding to signs of a rebound in the world's second-largest economy after a two-quarter slowdown.

    Australian Treasurer Joe Hockey says "he prefers to take a glass "half full" approach to the rising property market and urged state governments to contribute to increasing the supply of new homes": "As prices increase there is an opportunity for builders to get out there and make projects that were previously marginal," also cautioned against making "knee-jerk" responses to last week's US Federal Reserve surprise decision. From the Australian Financial Review Hockey says house prices opportunity, not bubble.

    Watch today: EU PMI, US Chicago Fed, US PMI.

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