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News You Should Know
The Greek government could collapse today and aid for the debt ridden country is being withheld. Greece could face disorderly bankruptcy in December.
European leaders are looking outside of their borders for additional funding for the EFSF. Funding for the EFSF provided by outside nations would help to calm investors. Still it is unlikely to resolve the debt crisis (solvency crisis).
Italian bond yields reached a euro-era record yesterday as investors question the solvency of Italy.
Last month Canada lost the most jobs since 2009.
European factory orders and services P.M.I. declined. The U.S. added 80k jobs and the unemployment rate declined. The decline in the unemployment rate is probably due to people dropping out of the labor force. Average hourly earnings is up 1.8% y/y. The jobs data suggests low and stable growth and inflation.
World leaders failed to agree on increasing the resources of the IMF.
Summary: These aren't feel good stories unless you are a bear or a long-term investor waiting for a dip to buy.