TOP
STORIES:
Shanghai
stocks slump to three-year low - (www.ft.com)
The Chinese stock market has
slumped to levels last seen near the depths of the global financial crisis as
fears build about waning economic growth and uncertainty reigns over the
prospect for central bank support from Beijing and Washington. Weakness in the
Shanghai Composite index, which on Friday fell 1 per cent to its lowest close
since March 2009, is reflected in a mild risk averse mood across asset classes.
Top Merkel MP says Greek deal can't be renegotiated - (www.reuters.com) Angela Merkel reassured Greek
Prime Minister Antonis Samaras on Friday that she wanted his country to stay in
the euro zone,
but gave no sign of ceding to his pleas for more time to meet the tough terms
of Athens' international bailout. Samaras, who made clear he was asking Berlin
and Paris for more "air" to implement the reforms rather than going
cap in hand for more cash, promised to get results and to narrow Greece's
"fiscal deficit and the deficit in confidence". "We're not
asking for more money. We're asking for breaths of air in this dive we are
taking," Samaras told a joint news conference with Merkel.
German finance ministry studying "Grexit" costs:
paper - (www.reuters.com) A working group led by Germany's deputyfinance minister is studying the
possible economic impact of a Greek exit from the euro zone, a newspaper
reported on Friday, as Chancellor Angela Merkel prepared for talks with
Greece's prime minister. Merkel says she wants Greece to stay in the common currency
despite increased German impatience with the repeated failure of Athens to meet
reform targets under its two multi-billion euro bailout packages. The Financial
Times Deutschland newspaper, citing finance ministry sources, said the decision
to set up the working group showed that Merkel and Finance Minister Wolfgang
Schaeuble wanted to be fully prepared for a possible "negative
scenario".
Analysts fear euro-zone capital flight might snowball - (www.washingtonpost.com) Insurance giant AIG startled
markets last week when it signaled its waning faith in the euro by moving tens
of millions of dollars worth out of the currency zone, reducing its holdings in
banks in Germany, France, Spain and Italy. The news came on the heels of a
similarly unsettling announcement by International Airlines Group, the parent
company of British Airways, which said Aug. 3 that it had reduced its exposure
to Spain and formed a committee to prepare for the worst-case scenario of Spain
exiting the euro zone. The one-two punch is the latest in a series of efforts
by corporations, central banks and individuals to move money out of crisis-stricken euro-zone countries as
the debt crisis envelops an ever-larger
part of the continent.
Dennis
Gartman Just Dumped All Of His Stocks – (www.businessinsider.com) Back in February when the DOW
crossed the 13,000 mark, Dennis Gartman said he had made a
mistake reducing the size of his long position. He said, "you make it
sound like I'm short of equities. Not on your life. Not right now" Now
Gartman, publisher of the Gartman Letter, who cut
his long position by half earlier this week, has exited stocks entirely.
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