DJIA: 17,730.11  -27.80 (-0.16%) | NASDAQ: 5,009.214  -3.91 (-0.08%) | S&P 500: 2,076.78  -0.64 (-0.03%) Markets status unavailable

  • Show Article Details

    China has suspended new initial public offerings in effort to stabilise falling stock markets, the Wall Street Journal reported on Saturday, citing unidentified sources. The decision was made at a meeting held earlier in the day involving officials from the cabinet, the central bank, the securities regulator and other financial agencies, the report said.

  • Show Article Details

    It is easy to dismiss China's stock market as nothing but an old-fashioned speculative bubble. But the government's direct involvement in pumping it up, and its failure to keep it aloft, should have investors concerned about China's ability to control even more consequential markets. Chinese stocks crumbled another 6% Friday, despite the government throwing everything but the kitchen sink at engineering a rebound.

  • Show Article Details

    * TSX index up 44.40 points, or 0.3 percent, at 14,682.39. * Energy shares drop on lower oil prices. By Leah Schnurr. Canada's main stock index rose on Friday, recording its third straight daily gain, as strength in financials as defensive plays as the Greek crisis rages helped overcome a decline in oil and gas shares.

  • Show Article Details

    * Canadian dollar at C$1.2560 or 79.62 U.S. cents * Bond prices higher across the maturity curve By Leah Schnurr OTTAWA, July 3 - The Canadian dollar weakened modestly against the greenback in a quiet session on Friday as oil prices slipped and data showed service-sector activity slowed in China, giving the loonie its biggest weekly decline since May. Investors were treading cautiously heading ...

  • Show Article Details

    Canada's main stock index rose on Friday, recording its third straight daily gain as strength in financials helped overcome a decline in the energy sector. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 44.40 points, or 0.3 percent, at 14,682.39. Six of the 10 main sectors on the index were higher.

  • Show Article Details

    On Sunday, Greek voters will head to the polls to decide whether to endorse an austerity program that Europe demands the country put in place in exchange for continued financial assistance. If Greek voters say "yes," the bailout will continue and Greece's ruling party, Syriza, which strongly opposes the program, will likely step down from power. If voters say "no," the bailout will end and Greece will may very well leave the euro zone, a bitter milestone in the currency union's short history.The referendum is the culmination of years of tussling between Greece and Europe, though when we say Europe, we really mean Germany, the euro zone's economic behemoth. Despite a crisis that has sometimes threatened the global economy — and maybe today, still does — Greece and Germany have just not been able to get along. Both certainly understand the ramifications: for Greece, years more of what has already become a Great Depression; and for Germany, its reputation as the linchpin of Europe.The Germans insist on a tough austerity program in order to continue aiding Greece. Syriza says it understands the need to get the country's financial house in order, but demands the flexibility to do so in a way that it feels is right. Whether Greece's voters have truly had enough of Germany's mandates will be revealed Sunday. Here's a guide to the data on why Germany and Greece are such different countries, among the factors that have made it difficult for them to see eye-to-eye on the most important questions facing Europe.Two vastly different economies To start off, an important thing to know is Germany is just a much bigger country. Germany has the biggest population of any country in Europe — eight times as large as Greece's — in part the result of West and East Germany reunifying in 1990, after the end of the cold war.Despite the difference, both countries share a troubling trend: a shrinking population. Europe is experiencing a demographic time bomb as the continent ages and birth rates fall, leading to questions about whether there will be enough workers to power a dynamic economy in the decades to come. Not only is Germany much bigger population-wise, but it is also far richer. It has the largest economy in Europe and produces more economic output per person than all but a handful of other, smaller nations on the continent. Greece produces far less . Its gross domestic product per capita looks more like that of developing countries in Eastern Europe.In recent years, Germany has gotten richer, continuing decades of growth. But Greece has become much poorer.Work opportunities in Germany are far more plentiful than in Greece. Greece is suffering a terrible job market unlike virtually anything else in the Western world. While Germany's labor market has healed since the financial crisis of 2008, Greece's has gotten much worse with the highest unemployment rate on the continent.The future gap seems even worse because the youth unemployment rate in Greece is sky-high. Being unemployed while young tends to stick with workers, depressing their wages and opportunities for years. As a result, the future of employment in Greece looks extremely bleak.A philosophical interlude Both Greece and Germany have a fair claim to some of history's greatest philosophers. But by one subjective measure — the prominence of Plato vs. Nietzsche — Greece has the advantage. Plato has 997,000 citations in Google Scholar and 503 books in the Library of Congress. Nietzche has 702,000 citations in Google Scholar and 127 books in the Library of Congress.Why Germany is prosperous and Greece isn't We saw that Germany is far better off than Greece, but that doesn't explain why. Well, Germany has a fundamentally stronger economy than Greece. It is more competitive and productive, which allows it to export substantially more goods and services. Greece, by contrast, isn't competitive, paying workers historically high wages, and so it has a relatively small share of exports compared to Germany.Its biggest export is tourism, but that also makes it vulnerable. Since Greece is on the euro, it can have trouble competing with other European tourist destinations. That's one reason some argue that if Greece leaves the euro and returns to its old currency, the drachma, it will be good for the country: The drachma will certainly plunge in value, and it'll be much cheaper for foreigners to come visit Athens and the Greek islands, making the country more competitive.This comparison may say more about the difference between Germany and Greece's situations than any other. Germany has fewer outstanding tax debts than any other country in Europe, while Greece has more than any other. In other words, Germany has had almost no problem when it comes to taxpayers paying their bills due to the government, while Greece has had an unparalleled challenge.That difference not only helps Germany enjoy a far more fiscally sound position than Greece, but it offers a stark contrast between a disciplined government and one that historically has been hardly disciplined at all. In an interesting sign of its economic advantages, Germany is also a far more technologically connected country than Greece. Wireless broadband adoption has been increasing at a steady clip over the past five years in Germany. By contrast, Greece saw a rise, but it has already started to decline as the economy has swooned. It is another reminder of how Greece, once firmly a member of the wealthy nations, has been taking a step backward.A safe-haven and a hotspot For much of this century, the German and Greek governments had to pay about the same to borrow money. That was remarkable, in many ways: Greece had more debt, as a percentage of GDP, but the two countries were part of a monetary union, the euro, and that gave investors about equal confidence in both countries' debts.In recent years, however, Greece's debt ballooned. Now that it is facing a crisis, it has to pay far more to borrow money. Meanwhile, investors treat German debt as nearly risk-free.A sports interludeWhile Greece may have a philosophical advantage, at least to some degree, Germany has long dominated in soccer, hosting one of the best teams in the world. The Greeks have had their high moments, placing among the top 10  in certain years, but generally have struggled in the bottom rungs of FIFA rankings.Shades of gray in two economies In many portrayals of the European debt crisis, Greece comes off as the profligate neighbor and Germany as the disciplined spender. And in many ways that is true. But that is not the full picture. Over the past few years, Greece has taken significant steps to cut its spending. It hasn't been enough to stem the crisis or appease Germany, which hasn't cut spending. But there's no doubt that Greece has done a substantial amount of work to hold to its side of the bargain. While the Greeks have struggled to reclaim a prosperous economy, by no means are their workers not trying. In fact, Greeks work longer hours than the Germans. That's a mixed blessing: Given that they produce less output, it means they are less productive. But Greeks aren't sitting at home living off government-subsidized pensions, a stereotype that some critics might enlist to push for more austerity in Greece.While Germany has the stronger economy, it doesn't have an advantage when it comes to a more educated population. That may be because Germany has an education system more focused on placing people in jobs and apprenticeships than sending people off to university regardless of their career prospects. But the Greeks aren't hurting for a lack of education.Two nations, two different experiences Both Germany and Greece have relatively little pollution, and beautiful Greece produces even less in harmful carbon dioxide emissions per person than Germany. That may be because it has less of a resource-intensive economy — it doesn't manufacture as many cars — and generally has less economic output per person. But while Germany may be the land of fast driving, Greece has a far higher rate of road fatalities. Given that Greece is much less developed in many areas than Germany, that isn't too much of a surprise.In any case, the good news is both countries have made progress in reducing fatalities over the past decade.






  • Show Article Details

    U.K. stocks fell Friday, locking in a weekly loss as bank stocks came under pressure and as Greek-crisis uncertainty weighed on European assets. The FTSE 100 fell 0.7% to 6,585.78, with all sectors ending lower. The benchmark fell 2.5% for the week, its worst weekly loss since mid-December, FactSet data showed.

  • Show Article Details

    * Euro STOXX 50 in biggest weekly drop since Dec. * Sunday's Greek referendum a major focus for investors. * Banks under the spotlight after more regulatory issues emerge. * Europe bourses in 2015: http://link.reuters.com/pap87v. * Asset performance in 2015: http://link.reuters.com/gap87v. By Alistair Smout and Liisa Tuhkanen.

  • Show Article Details

    * All yields down before Sunday's referendum. * New poll shows slim lead for 'Yes' vote. * Strategists say consequences unclear. * Moves modest in dramatic week for Athens. By Emelia Sithole-Matarise and John Geddie.

  • Show Article Details

    European stocks fell Friday, closing out their worst week so far this year with investors cautious ahead of Sunday's referendum over Greece's bailout. The Stoxx Europe 600 fell 0.5% to 383.42, with all sectors trapped in the red. The pan-European index for the week fell 3.4%, the sharpest weekly pullback since mid-December.

  • Show Article Details

    By Walter Brandimarte RIO DE JANEIRO, July 3 (Reuters) - The Brazilian real weakened more than 1 percent on Friday, underperforming its Latin American peers after the central bank reduced its forex intervention by slowing the rollover pace of currency swaps. Also weighing on Latin American markets were fears about the future of Greece in the euro zone. Trading was slow as U.S. markets were closed for the Independence Day holiday. Brazil's central bank offered on Friday as many as 6,000 swaps, derivatives that provide investors with protection against currency losses, to roll over similar contracts that mature early in August. In the first two days of the month, the central bank had auctioned as many as 7,100 contracts to roll over the $10.7 billion worth of swaps maturing in August. If it keeps the new pace until the end of the month, as usual, policymakers will roll over about 60 percent of the expiring swaps. "The central bank felt comfortable to make such a move after the real recently gained past the level of 3.10 per dollar," Ricardo Gomes da Silva, a trader with Correparti brokerage, said in a note to clients. The real last traded at 3.1270 per dollar, after closing at 3.095 on Thursday. In Mexico, the peso was little changed at 15.6746 per dollar after hitting a record low earlier this week due to fears of higher U.S. interest rates and the possibility of a Greek euro zone exit. Mexican central bank Governor Agustin Carstens said the currency's recent slump was "exaggerated" by global volatility and forecast the peso would bounce back. Benchmark Latin American stock indexes were also in negative territory as investors awaited a Greek referendum on bailout terms to be held on Sunday, which may determine Greece's future in the euro region. Key Latin American stock indexes and currencies at 1500 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 964.12 -0.76 1.59 MSCI LatAm 2487.48 -1.25 -7.65 Brazil Bovespa 52491.67 -1.16 4.97 Mexico IPC 45019.7 -0.35 4.34 Chile IPSA 3852.88 -0.06 0.05 Chile IGPA 18796.1 -0.06 -0.39 Argentina MerVal 11814.369 0.04 37.71 Colombia IGBC 10225.21 0.19 -12.11 Venezuela IBC 13321.68 0.17 245.23 Currencies daily % YTD % change change Latest Brazil real 3.1310 -1.15 -15.12 Mexico peso 15.7135 -0.33 -6.17 Chile peso 637 -0.39 -4.80 Colombia peso 2645.5 -0.51 -9.73 Peru sol 3.1711 -0.02 -6.06 Argentina peso (interbank) 9.0950 0.03 -5.99 Argentina peso (parallel) 13.42 1.42 4.32 (Additional reporting by Bruno Federowski in Sao Paulo; Editing by Alan Crosby)

  • Show Article Details

    Canada's main stock index was little changed in thin trading on Friday with gains limited by a decline in energy shares as oil prices softened. Volume was expected to be muted through the session due to the U.S. Independence Day holiday, and investors were also wary of taking aggressive bets heading into Sunday's Greek referendum on the country's bailout terms with lenders.

  • Show Article Details

    The euro was modestly higher against the dollar Friday, ahead of Sunday's bailout referendum in Greece. The euro was buying $1.1105 on $1.1086 late Thursday in New York. Momentum appeared to be tilting toward a "yes" vote on the referendum on the bailout proposal from Greece's creditors, although the result from lies within the margin of error and suggests a tight result.

  • Show Article Details

    Canada's main stock index was little changed shortly after the opening bell on Friday as energy and mining shares declined and as investors were cautious ahead of Sunday's referendum in Greece on whether to accept bailout terms. At 9:32 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index was down 11.43 points, or 0.08 percent, at 14,626.56.

  • Show Article Details

    * Canadian dollar at C$1.2584 or 79.47 U.S. cents * Bond prices higher across the maturity curve OTTAWA, July 3 - The Canadian dollar weakened against the greenback on Friday as oil prices slipped and as data showed service sector activity slowed in China, a major consumer of commodities.

  • Show Article Details

    The iron-ore market is discovering why the archenemy of high commodity prices is, well, high commodity prices. The benchmark price of iron ore has fallen 15% in the past three weeks after hitting its highest level since January, which in turn has sent shares of Australia's pure iron-ore producer Fortescue Metals (FSUMF) tumbling 27%. Signals of high shipments from Australia and poor steel appetite from China suddenly reminded traders of the gulf that exists between supply and demand in...

  • Show Article Details

    Greece hasn't been the only topic of conversation among eurozone finance ministers recently. Little noticed among the crisis hoopla, Jeroen Dijsselbloem, who leads the group, noted a discussion the ministers probably relished far more: the possibilities presented by savings from ultralow interest rates. Take Germany, the country with the lowest eurozone bond yields.