Today’s markets round-up from the FT: “Global equity markets rebounded on rising hopes for fresh stimulus measures to promote growth, as G7 officials discussed the eurozone debt crisis during an emergency conference call. But risk sentiment remained cautious, ensuring only modest gains for US and European equities and commodities. The dollar advanced against most major currencies, while the euro resumed declines after Spain’s budget minister warned that the country was effectively shut out of capital markets.” (Financial Times) Read more
A chart from Pew’s big new Trends in American Values: 1987-2012 report (page 64):
More grim details via Reuters, emphasis ours:
All of the euro zone’s major economies are now in various states of decline, according to business surveys that heaped more pressure on Europe’s leaders to stop the region becoming the center of a new global crisis. … Read more
It’s probably inevitable (for such a prolific writer) that Michael Lewis sometimes lapses into stereotyping and simplistic description in the service of telling a good yarn.
And it’s long bothered this blogger, and not a few others, more than it really should: the tradeoff between nuance and storytelling vigour is often a fact of life, and frequently difficult to measure. Read more
Via Barry — click through for more:
Among the “financial arms races” that Andy Haldane described in his April paper was the race for safety by financial institutions.
Since the start of the US crisis of 2007, the race for safety has replaced one of the other two races that Haldane discussed: the race for returns, a catchy way to describe individual firms trying to maximise profits while setting the stage for the collective market failure that followed. (The other race, for speed, continues.) Read more