The second half.

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Here is the BBC market data:

Dow Jones 15 min delay value change % 12411.23 -142.97 -1.14 Top winner and loser Verizon Communications Inc. 42.56 +0.12 +0.28 Hewlett-Packard Co. 21.41 -0.90 -4.03 Nasdaq 15 min delay value change % 2809.73 -48.69 -1.70 Top winner and loser Micronetics Inc. 14.59 +7.10 +94.79 Finisar Corp. 13.47 -1.41 -9.48 S&P 500 15 min delay value change % 1308.93 -16.73 -1.26 Top winner and loser Valero Energy Corp. 21.85 +0.58 +2.73 AK Steel Holding Corp. 4.99 -0.81 -13.97 BBC Global 30  value change % 5945.41 -3.31 -0.06 Market reports London Paris Frankfurt Wall Street Tokyo FTSE 100 15 min delay value change % 5432.37 -2.71 -0.05 Top winner and loser Lloyds Banking Group 28.50p +0.49 +1.73 Eurasian Natural Resources Corp. 406.80p -17.00 -4.01 Dax 15 min delay value change % 6141.05 +10.23 +0.17 Top winner and loser Sap AG 46.22 +0.71 +1.56 Thyssen Krupp AG 11.70 -0.34 -2.83 Share Prices Summaries: London | NYSE | Nasdaq | Paris | Frankfurt Search share prices by name or symbol*: View London's top shares by sector * In London, New York, Paris, Frankfurt and on Nasdaq. View London's top shares by alphabet 3i  - Bum | Bun - Fil | Fir - Jup | Kaz - Pro | Pru - Tal | Tal - Yul | Popular shares Currencies More currencies   £ $ € ¥ £ - 1.5496 1.2398 123.2810 $ 0.6452 - 0.8004 79.5520 € 0.8066 1.2500 - 99.4350 ¥ 0.0080 0.0126 0.0101 - Commodities More commodities   price change   %   Brent Crude Oil Futures $/barrel 96.80 -2.98 -3.0   West Texas Intermediate Crude Oil Futures $/barrel 81.61 -2.84 -3.4   Forex Gold Index(pm fix) $/oz 1584.00 +7.50 +0.5   Coffee "C" Futures US cents/pound 155.10 -0.50 -0.3   Copper 3mo Unofficial Confirmed $/m tonne 7387.50 +95.00 +1.3

http://www.emptywheel.net/2012/06/11/scotus-kills-habeas-corpus/

The Guardian on the financial crisis:

• 

  Greek elections: Alexis Tsipras – kingmaker or deal breaker?

  11 Jun 2012: The young, leftist leader of Syriza is rallying support ahead of the election rerun, but there are fears about his ambitious plans 84 comments

• Hurried Spanish banking bailout fails to calm market nerves

  11 Jun 2012: Spain's borrowing costs rise closer to levels considered unsustainable – dragging Italy towards danger zone
  253 comments

• France: François Hollande's opportunity

  11 Jun 2012: Editorial: French Socialist leader will have some real room to manoeuvre if his party get majority in the national assembly 10 comments

• The euro crisis is happening in Britain too

  11 Jun 2012: Aditya Chakrabortty: Areas of Britain are suffering just like Spain – to get an idea, visit Kirkby in Merseyside 81 comments

• Spanish bailout stock market rally fizzles out

  11 Jun 2012: Shares in London and major European markets moved sharply higher in early trading – but the euphoria was short-lived 241 comments

• Q&A: Spain's banking bailout

  11 Jun 2012: Who is providing the €100bn, how does the Spanish government get the money and where does this leave the eurozone?

• Spain's bailout: is the crisis now over?

  Poll, 11 Jun 2012: PM Mariano Rajoy has lauded the €100bn bailout for Spain as a triumph for the eurozone
  

• Spain bailout lifts Asian markets and euro

  11 Jun 2012: Announcement that eurozone will lend Spain up to €100bn is followed by jump in shares, commodities and euro currency
  

• Spain and the euro crisis: when €100bn doesn't fix much

  10 Jun 2012: Editorial: Whatever Mariano Rajoy or the IMF might say, the deal that was announced on Saturday evening settles very little 159 comments

• Time to stand with Spanish miners

  10 Jun 2012: Letters: British miners owe an enormous debt of gratitude to the Spanish miners for their solidarity and financial support during 1984-85. It is now time to stand with them as they resist austerity

• Conservative backbencher criticises George Osborne's eurozone claims

  10 Jun 2012: Chancellor said crisis was 'killing off' Britain's economic recovery as markets poised to react to €100bn bailout of Spain
  88 comments

• Spanish PM claims bank bailout 'triumph' amid eurozone crisis

  10 Jun 2012: Mariano Rajoy puts gloss on €100bn loan but 'bailout lite' could prompt reaction from hard-hit Ireland, Portugal and Greece

• Martin Rowson on George Osborne's remarks about UK economy and euro crisis - cartoon

  Cartoon, 10 Jun 2012: Chancellor says eurozone leaders face 'moment of truth' that could determine future of entire continent
  247 comments

• Spain breathes a sigh of relief over bank bailout, for its economy and its pride

  10 Jun 2012: Spanish bank bailout prompts an air of triumph among politicians but confusion among ordinary Spaniards 

   

And the Telegraph:

Barroso urges EU to back plans for a banking union

 

Britain and the rest of the EU should back plans for a banking union that would hand a single authority the power to wind down ailing banks without the approval of national governments, according to the president of the European Commission.

11 Jun 2012

| 14 Comments

Treasury is in danger of being 'swamped'

 

The Treasury is in "danger of being swamped by the pressures placed on it" and should consider receiving funding from the financial services industry, the former Cabinet Secretary said last night.

11 Jun 2012

| 63 Comments

Debt crisis: as it happened, June 11, 2012

 

Spain faces supervision by international lenders after a €100bn bailout for its banks agreed at the weekend, EU and German officials said, contradicting Prime Minister Mariano Rajoy.

11 Jun 2012

| 997 Comments

This latest euro fix will come apart in less than a month

 

Another day, another sticking plaster solution from beleaguered eurozone policymakers.

11 Jun 2012

| 255 Comments

Cyprus bail-out looms

 

Cyprus looked poised to be the next eurozone economy to be bailed out, as its finance minister warned just days remain to meet a key deadline to shore up its banks.

11 Jun 2012

| 15 Comments

Greek vote keeps markets guessing

No sooner has one eurozone crisis been apparently dealt with than another rears its head again.

11 Jun 2012

| 9 Comments

Debt crisis: Spain deal poses more questions than answers

After the fiesta, comes the hangover. Still, the inevitable headaches and handwringing over Spain surprised with the speed of their arrival.

11 Jun 2012

| 18 Comments

Debt crisis: €100bn bailout could backfire on Spain

Global markets suffered on Monday as early optimism over Spain’s €100bn (£80bn) bail-out proved short-lived, amid fears over the strings attached to the international effort to save its banks and concerns about its mushrooming sovereign debt.

11 Jun 2012

| 159 Comments

S&P warns India facing downgrade

India is on the verge of losing its investment grade credit rating and becoming the first of the high flying Bric countries to suffer a eurozone-style downgrade.

11 Jun 2012

| 1 Comment

Debt crisis: 'The bailout is nothing to celebrate'

Equities across Europe fell fell back and bond yields rose in the afternoon as doubts began to emerge about the weekend's €100bn Spanish bank bailout.

11 Jun 2012

| 8 Comments

Debt crisis: Spain will be supervised, says Germany, EU

Spain faces supervision by international lenders after a bailout for its banks agreed at the weekend, EU and German officials said, contradicting Prime Minister Mariano Rajoy who had insisted the cash came without such strings.

11 Jun 2012

| 30 Comments

Cyprus could ask for bailout within days

Eurozone member Cyprus has strongly hinted that it may have to apply for an international bailout before the end of this month, both for its banks and its general coffers.

11 Jun 2012

| 17 Comments

China and India 'heading for economic slowdown'

Economic activity indicators in emerging China and India are showing signs of slowing as sluggish activity in France and Italy continues to drag down the eurozone, the OECD has said.

11 Jun 2012

| Comment

Relieved markets soar as eurozone shores up Spain's banks

Equities across Europe have powered higher today after eurozone finance ministers agreed to lend Spain up to €100bn to shore up its ailing banks.

11 Jun 2012

| 4 Comments

Spanish rescue package creates 'bailout bounce'

David Jones from IG Index says markets have reacted well to the £100bn Spanish bailout but warns it is only a temporary fix.

11 Jun 2012

| 2 Comments

Billions wiped onto markets after Spanish bank rescue

Billions of pounds were wiped onto European markets on Monday after eurozone finance ministers agreed to lend Spain up to €100bn to shore up its struggling banks, relieving markets that had feared a fiscal collapse in the country.

11 Jun 2012

| 91 Comments

Eight in ten 'want referendum on Europe'

Voters believe there should be a referendum on Britain's relationship with the EU, according to an opinion poll.

11 Jun 2012

| 97 Comments

Spanish government and banks 'propping up each other'

Europe's plan to lend money to Spain to heal some of its banks may not work because the government and the country's lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.

11 Jun 2012

| 20 Comments

http://hat4uk.wordpress.com/

June 11, 2012

At the End of the Spring

I have some travelling to do, and it’ll take at least two days. So apologies, but I’ll be off the air for that time.
There should be a post by Thursday. I have no doubt that Armageddon can wait until then.

He has a house and a bank account in France.


Bank running.

 

Credit Suisse Explains "The Real Issue", And Why There Is Two Months Tops Until France Is In The Bulls Eye

Submitted by Tyler Durden on 06/11/2012 - 19:12  "It’s all about Spain”, so now we are cutting to the chase. Recapitalization of the banks versus funding the sovereign is of course a semantic issue given the nature of the interplay. But it enables the attempted finesse we describe below. Given the market’s adaptive learning behaviour, we suspect that this finesse might last two [months]. The eventual denouement should be flagged by symptoms of the failure of  the credit of EFSF/ESM and/or France."
 
Goes here:

"It’s all about Spain”, so now we are cutting to the chase. Recapitalization of the banks versus funding the sovereign is of course a semantic issue given the nature of the interplay. But it enables the attempted finesse we describe below.

"Portugal cannot rescue Greece, Spain cannot rescue Portugal, Italy cannot  rescue Spain (as is surely about to become all too abundantly clear),  France cannot rescue Italy, but Germany can rescue France.” Or, the credit of the EFSF/ESM, if called upon to provide funds in large size, either calls upon the credit of Germany, or fails; i.e, it seems to us that it probably cannot fund to the extent needed to save the credit of one (and probably  imminently two) countries that had hitherto been considered “too big so save” without joint and several guarantees.

The issue can be finessed for a while by addressing the issues as bank issues and recapitalizing the banks by bond transfer. This hides from the  (primary) market and is simply another manifestation of the “Sarko trade” given by the LTRO. That rally lasted four months. Given the market’s adaptive learning behaviour, we suspect that this finesse might last two. The eventual denouement should be flagged by symptoms of the failure of  the credit of EFSF/ESM and/or France.

The bold face is from zerohedge.  They think Germany will make the big loan.
Germany cannot act.

The 6am Cut London

Posted by Kate Mackenzie on Jun 12 05:35. Comment | Share Asian markets joined the post-euphoric slump over Spain’s bank bailout on Tuesday, reports the FT. The MSCI Asia Pacific index lost 0.8 per cent with Japan’s Nikkei 225 Stock Average off 1.7 per cent and South Korea’s Kospi Composite index down 1.3 per cent. Hong Kong’s Hang Seng index shed 1.1 per cent while China’s Shanghai Composite index lost 0.6 per cent.
José Manuel Barroso called for an EU-wide banking union in an FT interview, saying it could be achieved without a treaty change.
Cyprus makes five: the country’s need for financial aid for a bank recapitalisation is “exceptionally urgent”, says the finance minister, in the WSJ.
Some top JP Morgan executives and directors discussed risky practices in the company’s CIO unit two years before the group’s trades lost more than $2bn, the WSJ says, citing people familiar with the situation.
Several US banks want to tap the value of ‘intangible’ assets such as intellectual property held by their borrowers as a way of meeting higher capital requirements. The FT reports the unnamed banks “seek deals in which an insurer agrees to buy a borrower’s intellectual property – anything from a mobile phone patent to a logo or recipe – for a fixed price in case of default.” The banks and insurers are haggling over the prices; banks believe they should be lower than that of CDS. However one deal is close to being submitted to the Fed for approval.
Apple will integrate Facebook features into its operating systems, bolstering both companies’ efforts to compete with Google, reports the FT.
Goldman Sachs is re-hiring Mark Schwartz as chairman of Asia Pacific region and a global vice chairman, says the WSJ. Schwartz is a former partner who left Goldman in 2001.
Nomura may face “severe action” by Japanese regulators after employees leaked insider information, the country’s financial services Minister Tadahiro Matsushita said. Bloomberg.
Shareholders at Evercore Partners have voted against a board proposal to increase the amount of equity that could be awarded to employees under the company’s incentive plan, reports the FT.
Berkshire Hathaway-owned Netjets is spending $9.6bn on buying new aircraft from Bombardier and Cessna, reports Bloomberg.
Eastman Kodak is having difficulties with a planned sale of 1,100 patents and has setup a confidential auction, says NYT Dealbook.
COMMENT AND CURIOS
- The PBoC may cut interest rates twice more this year, says a former economist at the central bank. (Bloomberg)
- The demands on Germany are politically unrealistic and dangerous, says Gideon Rachman. (Financial Times)
- The new chief of ENRC will today seek to convince shareholders and analysts of ‘a new era of openness’. (Financial Times)
- You probably haven’t heard of the likely second-biggest IPO this year. (Wall Street Journal)
- Remember what happened to bond investors the last time Treasury yields were at 1.5%, in 1946, says Burton Malkiel. (Financial Times)
- Yesterday was the biggest day so far this year for European corporate bond issuance. (Financial Times)



 http://krugman.blogs.nytimes.com/2012/06/11/latvia-and-the-romney-record/

June 11, 2012, 3:32 pm

Latvia and the Romney Record

OK, not a connection you expected anyone to make. But there’s something there.
You see, there has been some back and forth over Romney’s job creation record as governor of Massachusetts. The truth is that governors don’t have much impact on such things, but for what it’s worth, MA job creation was lousy. The response of the Romney people has been to cite the state’s low unemployment rate when he left office; the response to the response is that this was due to people leaving the state.
Now, there’s nothing wrong with labor mobility; but driving down unemployment by getting people to move someplace else isn’t exactly a recipe for national recovery.
Which brings us to Latvia, where unemployment, though still very high, has come down. But this has a lot to do with a huge fall in the labor force, driven to an important extent by emigration. From Eurostat:

Again, nothing wrong with labor mobility — but if Latvia is supposed to be a role model, somehow having all of Europe move to someplace else in Europe doesn’t quite seem like a sustainable proposition …

Cassandra.

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