- Apple
- Barack Obama
- Bear Stearns
- China
- Consumer Prices
- CPI
- Deutsche Bank
- European Union
- Eurozone
- Federal Reserve
- France
- Germany
- Greece
- Gross Domestic Product
- Hungary
- Insurance Companies
- Italy
- Motorola
- Non Farm Payrolls
- Paul Volcker
- Portugal
- ratings
- recovery
- Reuters
- Russell 2000
- Securities and Exchange Commission
- Unemployment
- United Kingdom
- Verizon
- White House
- BOJ Adds to Monetary Easing After Contraction (Bloomberg)
- EU to punish Spain for deficits, inaction (Reuters)
- Obama, China's Xi to tread cautiously in White House talks (Reuters)
- Global suicide 2020: We can’t feed 10 billion (MarketWatch)
- Greece rushes to meet lender demands (Reuters)
- Obama Budget Sets Up Election-Year Tax Fight (Reuters)
- Foreign Outcry Over ‘Volcker Rule’ Plans (FT)
- Moody’s Shifts Outlook for UK and France (FT)
- France to Push On With Trading Tax (FT)
- No Magic Wand For Small Business From Merlin (FT)
- US, DPRK Envoys to Hold Talks in Beijing (China Daily)
WSJ
* U.S. President Barack Obama called on Congress Monday to enact new taxes on the wealthy, restructure the tax code and approve short-term spending measures as part of an election-year budget plan aimed at boosting job growth and helping the middle class.
* European Union negotiators have yet to settle key elements of a complex bailout and debt-restructuring package for Greece ahead of a pivotal meeting this week.
* McDonald's is pushing its pork suppliers to stop confining sows in small pens known as gestation stalls, moving to address concerns raised by animal-welfare advocates-and catch up with some competitors.
* Foreign governments and financial-industry giants lined up Monday to throw one last roundhouse punch at a proposed rule that aims to limit risk-taking by U.S. banks.
Dozens of international banks, foreign officials, insurance companies, law firms and money managers petitioned U.S. regulators ahead of a midnight-Monday deadline to delay or water down the pending restrictions on banks' trading activities. The rule, which is to go into effect in July, is called the Volcker rule after a leading proponent, former Federal Reserve Chairman Paul Volcker.
* Deutsche Bank AG is closing in on an agreement to pay about 800 million ($1 billion) to settle decade-old claims that a former chief executive helped drive German media company Kirch Group into bankruptcy, according to people familiar with the negotiations.
* Verizon Communications Inc and AT&T Inc will sell a version of the coming iPad that runs on their newest fourth-generation wireless networks, according to people familiar with the matter, as the battle to cash in on big investments in mobile broadband heats up.
* Two former Bear Stearns Cos hedge-fund managers agreed with the Securities and Exchange Commission to settle civil-fraud charges for a total of $1.05 million.
* The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history.
NYT
* Regulators in charge of writing the Volcker Rule, which would ban banks from trading with their own money, were inundated with complaints and suggestions on Monday, the deadline to comment on a draft proposal. More than 200 letters were expected to be filed by the midnight deadline on the rule, which regulators outlined in October.
* The Russell 2000 index, which tracks stocks with a small market capitalization, is nearing its record high with a rise of about 11 percent in the year to date. The surge in the so-called small-cap stocks - companies whose total share value is $3 billion or less - indicates that investors' appetite for risk is growing as signs of recovery persist in the United States and euro zone leaders make progress in containing the debt crisis, market participants say.
* Responding to a growing outcry over conditions at its overseas factories, Apple said Monday that an outside organization had begun to audit working conditions at the plants where the bulk of iPhones, iPads and other Apple products are built, and that the group would make its finding public.
* Moody's Investors Service cut the debt ratings on Monday of six European countries, including Italy, Spain and Portugal, and became the first big ratings agency to switch Britain's outlook to negative.
* American and European antitrust regulators on Monday approved Google's acquisition of the cellphone maker Motorola Mobility without formal conditions.
* The McDonald's Corporation said on Monday that it would begin working with its pork suppliers to phase out the use of so-called gestational crates, the tiny stalls in which sows are housed while pregnant.
* Two former Bear Stearns hedge fund managers have agreed to pay about $1 million to settle a civil lawsuit brought by the Securities and Exchange Commission, avoiding a second trial over whether they defrauded investors.
European Economic Summary
- UK Rics House Price Balance -16% - higher than expected. Consensus -17%. Previous -16%.
- Sweden PES Unemployment Rate 4.8% - lower than expected. Consensus 4.9%. Previous 4.7%.
- France Non Farm Payrolls -0.2% q/q – in line with expectations. Consensus -0.2% q/q. Previous 0.0% q/q.
- Hungary Consumer Prices 2.1% m/m 5.5% y/y – higher than expected. Consensus 1.7% m/m 5.0% y/y. Previous 0.2% m/m 4.1% y/y.
- Hungary Industrial Production -7.4% m/m 6.7% y/y. Previous -7.4% m/m 6.7% y/y.
- UK CPI -0.5% m/m 3.6% y/y – in line with expectations. Consensus -0.5% m/m 3.6% y/y. Previous 0.4% m/m 4.2% y/y.
- UK RPI -0.6% m/m 3.9% y/y – lower than expected. Consensus -0.4% m/m 4.1% y/y. Previous 0.4% m/m 4.8% y/y.
- Eurozone Industrial Production -1.1% m/m -2.0% y/y - lower than expected. Consensus -1.2% m/m -1.2% y/y. Previous -0.1% m/m -0.3% y/y.
- Eurozone ZEW Survey (Econ Sentiment) -8.1. Previous -32.5.
- Germany ZEW Survey (Econ Sentiment) 5.4 – higher than expected. Consensus -11.8. Previous -21.6.
- Germany ZEW Survey (Current Situation) 40.3 – higher than expected. Consensus 30.5. Previous 28.4.
- Portugal GDP -1.3% q/q -2.7% y/y – higher than expected. Consensus -1.5% q/q -2.8% y/y. Previous -0.6% q/q -1.8% y/y.
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