Short Term Trading News!
In what could be a precedent-setting case, a public pension fund - the Northern Mariana Islands Retirement Fund - has filed for bankruptcy protection. The plan is just 38.8% funded due to benefits that kept going up while funding and returns didn't. Lawyers representing beneficiaries have filed a dismissal motion, pointing out that the fund is a governmental unit.
Future of other pensions?
Record high unemployment for the 17 countries that use the euro is set to increase the pressure on Europe's leaders to switch from a focus on austerity to a pro-growth strategy to stop the region from moving deeper into recession.
Unemployment across the 17-member eurozone rose by 169,000 in March, official figures showed Wednesday, taking the rate up to 10.9 percent in March - its highest level since the euro was launched in 1999.
Half the World is Good Half Isn't
Euro zone factories sank further into decline last month but manufacturers in Asia upped their tempo to meet growing demand from the United States and China, exposing a widening gulf between Europe and the rest of the world.
Worryingly for European policymakers, a downturn that is hitting Italy and Spain hard, now appears to be taking root among core members France and Germany.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.