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ProShares Ultra Euro ETF (ULE)

  • Apr. 20, 2011, 7:24 AM
    Spain has no issues selling €3.4B of longer term paper, with demand a bit stronger than the last auction. After widening in recent days, the gap between Spanish and German 10 year debt narrows 8 ticks to 215 basis points. Spain +1.7%.
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  • Apr. 19, 2011, 3:55 PM
    Greece "plainly needs restructuring" for its economy to recover, write Nicholas Economides and Roy Smith. The professors cite the example of 18 distressed countries whose swapping of debt with U.S.-backed Brady bonds helped turn things around in the 1990s. (previous)
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  • Apr. 19, 2011, 11:29 AM
    The next likely PM of Finland attempts to put the kibosh on talk of dissent from his country for Portugal's bailout. Despite a strong showing in Sunday's elections, the True Finns don't look to have the votes to block passage of an EU rescue, but have the power to cause quite a bit of horse-trading.
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  • Apr. 19, 2011, 7:14 AM
    The eurozone PMI unexpectedly rises, inching to 57.8 in April (though the month is only 1/2 complete) from 57.6 the previous month. The price index falls a bit, but still remains elevated at 79.6. Shares and the euro are bouncing from yestereday's drubbing. Stoxx 50 +0.5%. Euro +0.3%.
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  • Apr. 18, 2011, 4:41 PM
    Forget the S&P rating action, says Cullen Roche; the only news that matters today is an FT article that the Fed will soon signal the end of QE. The price action - stocks down, bonds up, dollar up - is exactly what one would expect for the end of the QE trade.
  • Apr. 18, 2011, 2:08 PM
    In a visit to London, PM Enda Kenny says Ireland has no intention of causing "mayhem" in the markets by defaulting, and works overtime to differentiate his country from Greece. The yield on the Irish 2 year note soars 56 basis points, back near a post-EMU record of 9.59%.
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  • Apr. 18, 2011, 10:34 AM
    A new Y-axis is necessary to chart Greek bond yields, the 2 year now higher by a whopping 161 basis points to 20.1% and the 10 year jumping 71 basis points to 14.5%. Perhaps more worrisome is the creep over to Spain, its 2 year yield up 26 clicks to 3.58%.
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  • Apr. 18, 2011, 9:01 AM
    The euro continues lower after Reuters reports a high-level German source saying, "decisive voices within the (German) government" do not expect Greece to be able to avoid a restructuring before summer's end. Euro -1.1% at $1.4249.
  • Apr. 18, 2011, 8:51 AM
    Likely to boost the euro on any other day, a number of ECB members hit the wires with  hawkish remarks. Ewald Nowotny preps the market for at least another 50 basis points in hikes, saying "we are no longer in crisis mode." Premarket: FXE -1.0%.
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  • Apr. 18, 2011, 7:27 AM
    The anti-bailout True Finns make huge gains in Sunday elections, picking up enough seats to possibly be part of the governing coalition, and forcing Finland to vote 'no' on any future rescues. As currently constructed, EU bailout operations require 100% approval from member states to move forward.
  • Apr. 18, 2011, 7:19 AM
    The worry in Europe isn't so much a Greece default, as it's been clear for a while it has to happen. Spain, which recently had seen its fortunes diverge from the periphery, takes a hit, its 2-year yield up 26 basis points to 3.58%, the 10-year up 17 to 5.58%. Shares -1.4%. Premarket: STD -2.4%, BBVA -3.1%.
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  • Apr. 18, 2011, 7:15 AM
    Greek bond yields blow out again after a newspaper reports the government has asked the EU and IMF to begin talks on restructuring its debt. The Greek 10 year yield is up 27 basis points to 14.1%, the 2 year up 89 basis points to 19.39%. The euro -0.9% at $1.43. Stoxx 50 -1.4%.
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  • Apr. 17, 2011, 8:23 AM
    Finns are voting in a national election today and big gains are expected for the True Finns party, which opposes immigration and rescue funds for what it calls Europe's 'squanderers.' However, the Greeks, Irish and Portuguese should be able to breath easy - the True Finns remain unlikely to join the next government.
  • Apr. 15, 2011, 11:26 AM
    "Buy the buck now, not later," says Thomas Flury of UBS who says the stars are aligned for "short term strength." Among his many reasons are extreme levels of short dollar positions and the possible re-up of a 2004 law that cut taxes for companies repatriating their overseas greenbacks. UUP +0.2%.
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  • Apr. 15, 2011, 10:22 AM
    Greece fights back against default talk, announcing it will raise €50B by 2015 selling government stakes in a power company, telco operator, and bank. Privatizations have always been part of the original bailout agreement, but locals think €50B is "optimistic."
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  • Apr. 15, 2011, 8:53 AM
    A quiet day in EU bond markets is shattered after German European Minister Hoyer, noting deficit cutting may not be enough, says Germany would back voluntary Greek restructuring, i.e. default. Greek 10 year yields shoot 55 basis points higher to 13.82%. The euro drops 40 pips to $1.4416.
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ULE Description
ProShares Ultra Euro seeks daily investment results, before fees and expenses, that correspond to twice (200%) the U.S. Dollar price of the Euro.
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