Economy & Markets
The important economic and stock market news that advisors need to know.
Greek Rescue Plan Sends European Bank Stocks Skyrocketing
By Gil WeinreichEuropean bank stocks skyrocketed Thursday on news that an EU emergency summit meeting has crafted a plan to aid Greece without any new taxes on banks.
July 20, 2011
Bond Experts Warn of Danger of Debt Ceiling ‘Turmoil’Failure to raise the U.S. debt ceiling, warn fixed-income experts, including Chris Shayne of BondDesk, could mean catastrophes including a sudden rise in interest rates and a crisis among institutional investors who are mandated to invest in triple-A rated bonds.
July 20, 2011
China Pushes U.S. to Resolve Debt Ceiling DisputeChina's currency regulator on Wednesday urged the U.S. to take steps to keep confidence in the dollar and avoid default. The message, posted on the regulator's website, was a response to questions about whether Beijing would be unloading Treasuries in the event of a downgrade of U.S. Treasuries.
July 20, 2011
EU Says Banks Must Boost Capital or Be FinedThe head of financial services for the European Union said Wednesday that banks failing to abide by new and stronger rules regarding liquidity and capital will be subject to fines of as much as 10% of turnover.
July 19, 2011
Random thoughtsThere's lots of talk about giant corporations taking over the U.S. farming business, and so I was surprised to discover, in this month's Fortune, that there are about 6 million members of 4H clubs.
July 19, 2011
In Senate, Battle Over New Consumer Protection Agency ContinuesTwo days before the agency is set to open its doors, GOP says it will block confirmation of CFPB chief until it gets a more ‘accountable’ structure.
July 19, 2011
FPA, Flexing Advocacy Muscles, Presses Congress to Raise Debt CeilingExecutive Director Marv Tuttle says the financial planning community needs to be heard on this and similar issues 'in a much larger way.'
July 19, 2011
Q2 Earnings: BNY Mellon Profits Rise Nearly 12% as Pershing Revenue Stays FlatBank of New York Mellon reported profits of nearly 12% in Q2 2011, but the Pershing RIA custody unit's revenues were flat.