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The following is a guest post by a buy-side analyst working in a US asset management firm. The only stipulation from the author is that after you enjoy them, provide some feedback in the comments:
Initial Jobless Claims: Survey 460 Actual 454 Prior 472 Revised 475
- Europe’s weakened economy is now the central threat to global recovery, as its countries struggle with heavy debt, banks face a reckoning over their lack of capital and growth is slowing, the International Monetary Fund said Wednesday in its first assessment of the world economy since a crisis over government borrowing in Greece. – Washington Post
- The percentage of investors who are bullish on US equities decreased to 20.94% this week from 24.68% the previous week. – This is the most pessimistic reading since March 5, 2009.
Percentage of Bulls minus Percentage of Bears
- RGE Strategy Flash by Jennifer Kapila: Results from the latest, more comprehensive stress tests administered by the Committee of European Banking Supervisors (CEBS) are expected on July 23. According to the press, Spanish officials are eager to release the results to assuage market concerns about (in) solvency, but others, notably the German contingent, are less keen and UK law may prevent the release of data for their banks. European banks have had low rates for an extended period, and are more likely to see downward than upward earnings revisions and are perceived as having been slow to take realistic marks on books. Sovereign rating risks and uncertainty over the details of ongoing ECB liquidity support do not help. Additionally, the future of the euro and the EU has been questioned as never before. – RGE Monitor
- Washington reaches out to business community – Geithner tells major US execs that White House is a fan of business…embarks on “charm offensive” – Fox Business
- Geithner tells L Kudlow in CNBC interview that White House hopes to keep cap gains and dividend tax rates @ 20% - “We’re going to make sure that we keep at 20 percent the existing rates on dividends and capital gains,” Geithner said. “We think that’s good policy.”
- An index of mortgage applications in the US rose last week to the highest level since October as more Americans took advantage of lower interest rates and refinanced. – Bloomberg
- The end may be near for the runaway gulf oil well, according to the most optimistic statement yet from a BP executive. The long-anticipated “bottom kill” of the well — a massive dose of mud and cement shot through a relief well now being drilled in order to stop the gushing of oil from the well that exploded nearly three months ago — could take place before the end of July. – Washington Post
- LeBron James leaning towards the Heat according to ESPN; the announcement will come tonight in a 9pmET 1hr special on ESPN; the special will be shot at the Boys and Girls Club of Greenwich, CT (ESPN).
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