Topic: Societe Generale SA
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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Photos of the Day: Photos of the Day 10/05
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Editor's Blog
Will the 'European dream' continue?Amid a protracted economic crisis, Europeans are unsure they want greater integration -- but rightly concerned about backsliding into the nationalistic divisions that long haunted the continent.
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The Daily Reckoning
Are ready for this? Time for round two of the Fed's stimulus planMarkets soar when the Fed hints at more money, and crash when it hints that it will sit still. When you operate with an elastic currency, and expand credit 50 times in 50 years, Bill Bonner warns, don't be surprised when the market inevitably falls over.
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Greek political disarray, worries about Spain push euro to three-month low
Greece has still not formed a government, imperiling its bailout and increasing the chances of it being forced out of the eurozone.
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Analysts react to Obama plan for curbing oil speculation
Several industry analysts are reacting to President Obama's announced plan Tuesday to curb oil speculation, which some say has to led to rising fuel prices.
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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Downgrade of France's credit rating dashes uplifting week for eurozone
Unexpectedly successful bond auctions for Spain and Italy and additional lending from the European Central Bank generated speculation about a turnaround – until S&P announced it had downgraded France.
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Greek referendum call stuns EU. Could it topple Papandreou?
European politicians reacted angrily and financial markets slid after Greek Prime Minister Papandreou stunned Europe with the announcement of a Greek referendum on latest aid package.
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Stock prices fall on worries over Greece
Stock prices plummeted in Europe and stock futures were down in the US after EU ministers failed to expand a bailout fund to help Greece. Bank stock prices led the decline in Europe.
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Stock prices in Europe hit two-year low
Stock prices in Europe fall sharply after G7 finance ministers fail to come up with new measures. Bank stock prices, in particular, tumble over concerns of spreading euro debt crisis.
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Global markets drop sharply on US, Europe outlook
Global markets reflect worry about rising interest rates for eurozone's weakest nations and possibility of a US recession. Among global markets to tumble most: Germany, down 5.3 percent and France, down 4.7 percent.
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US sues biggest banks over risky mortgages
Government lawsuit claims 17 banks, including Bank of America, Citigroup, and JP Morgan, misrepresented the value of $196 billion worth of mortgage-backed securities when it sold them to Fannie Mae and Freddie Mac.
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Short-selling banned in 4 European countries
Short-selling of certain stocks is now forbidden in France, Italy, Spain, and Belgium. The ban on short-selling comes as concerns about Europe's debt worsen.
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Efforts to calm European markets mount, but fail
Markets had rebounded by late in the day, but they're still fragile, economists say. Leaders of France and Germany have announced plans to meet next week to discuss Europe's financial troubles.
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'Eurobonds' anyone? Officials call for EU-wide fiscal policies to ease debt crisis
But that hasn't dampened calls from critics who worry that centralizing European Union fiscal policy would impinge on national sovereignty – and possibly even worsen the crisis.
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Stocks sink after S&P downgrades US outlook
Standard and Poor's cut its outlook for long-term US credit on Monday, sending US stocks downward
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Oil prices near $83 a barrel
Oil prices move up a day after EU, IMF announce bailout for Ireland.
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Photos of the Day: Photos of the Day 10/05
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Will Jerome Kerviel's hefty sentence check rogue trading in France?
Rogue trader Jerome Kerviel was sentenced Tuesday to three years in prison and ordered to repay Société Générale nearly $7 billion in a verdict many see a strong warning to French bankers.
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The Reformed Broker
The new buzz word: alternative yieldIs alternative yield the answer to terminally low interest rates for those who are tired of being punished for high cash balances and risk aversion?
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The Daily Reckoning
V-shaped recovery, where art thou?This period of price deflation and debt destruction could be more dramatic than we expected.
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The Daily Reckoning
Economic recovery awaits the housing marketThe housing market hasn’t yet been corrected: there are still millions of homeowners who paid too much and whose houses are now worth less than what they owed. It’s a matter of time until they default or their debt is restructured.
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Global News Blog
Paris trial of Société Générale trader: Who's responsible for $6 billion loss?The Paris trial of Jérôme Kerviel, a young futures trader at No. 2 bank Société Générale, got under way this week. Did he make unauthorized trades without his superiors' knowledge?
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The Daily Reckoning
Wall Street snubbed in European sovereign bond salesUS banks are losing the opportunity to earn fees on the roughly $500 billion in planned European debt offerings this year.
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Greek debt crisis: High stakes game of financial chicken
The European Union is pushing Greece into deep economic reforms as a way to end the Greek debt crisis and stabilize the weakening euro.
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Global News Blog
France tries to rein in $85,000 bonusesFrench President Nicolas Sarkozy seeks international front to reduce global banking bonuses ahead of next month's G-20 meeting.
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