This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A Look At Economic Developments Around The Globe

A look at economic developments and activity in major stock markets around the world Wednesday:

____

DUBLIN â¿¿ A defiant Irish Prime Minister Brian Cowen is vowing to push through Europe's toughest slash-and-tax budget in the face of voter fury, then defy the odds to win re-election despite a debt disaster that has shaken the entire eurozone.

Cowen's vigorous defense of his embattled leadership comes a day after lawmakers narrowly backed a 2011 budget containing euro6 billion ($8 billion) in cuts and tax hikes that will take an estimated euro3,000 ($4,000) per year out of average Irish households. The unprecedented scale of the budget-tightening was a key condition for Ireland's recent agreement of a euro67.5 billion ($90 billion) EU-IMF rescue fund to help Ireland cover its European-leading deficit and revive its debt-struck banks.

Wednesday's yields on 10-year bonds were little changed for the eurozone members rated most at risk of an eventual default, particularly Greece, which in May became the first eurozone member to be saved from bankruptcy. The most significant mover was Germany, whose benchmark bonds suffered a moderate selloff, driving their 10-year yields above 3 percent for the first time since May's Greek crisis.

Traders said the selling reflected investors' increased appetite for higher-risk bonds versus the Germans' top-rated and consequently low-yielding debt securities.

___

LONDON â¿¿ European stocks traded in narrow ranges as bond market investors fretted about Europe's debt crisis and over the scale of U.S. borrowing following President Barack Obama's agreement with the Republicans to extend tax cuts.

In Europe, the FTSE 100 index of leading British shares closed down 13.92 points, or 0.2 percent, at 5,794.53 while Germany's DAX fell 26.04 points, or 0.4 percent, to 6,975.87. The CAC-40 in France ended 21.48 points, or 0.6 percent, higher at 3,831.98.

More dramatic developments are being seen in the dollar and in U.S. government bonds following Obama's tax cuts compromise. Bond investors are worried there is no credible plan to get a grip on the U.S.'s own problems.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs