29 mai 2008
Fed's Fisher: Rate hikes could come sooner vs later
source: Reuters
SAN FRANCISCO (Reuters) - The Federal Reserve would likely
increase interest rates "sooner rather than later" if inflation
worsens, even if the U.S. economy remains weak, Dallas Federal
Reserve Bank President Richard Fisher said on Wednesday.
Avec Mishkin qui se barre :Mishkin to Leave Fed in August, Return to Columbia (Update4), on aurait le droit à un revirement de strategie ?
US and European debt markets flash new warning signals
source: Telegraph
The debt markets in the US and Europe have begun to flash warning
signals yet again, raising fears that the global credit crisis could be
entering another turbulent phase.
Willem Sels, a credit analyst at Dresdner Kleinwort,
said the banks are beginning to face waves of defaults on credit cards,
car loans, and now corporate loans. "We believe we're entering Phase
II. The liquidity crisis has eased a little, but the real credit losses
are accelerating. The worst is yet to come," he said.
Spain's Inflation Rate Rises to Highest in 11 Years (Update1)
source: Bloomberg
May 29 (Bloomberg) -- Inflation in Spain accelerated in May to the fastest pace in at least 11 years as oil prices rose to a record, boosting energy costs.
Consumer prices gained 4.7 percent from a year ago using the European Union's calculation method, after a 4.2 percent increase in April, the Madrid-based National Statistics Institute said in an e-mailed press release today.
The Fading of the Mirage Economy
source: The Washington Post
But the thing to remember is that it's not just residential real estate. The same factors that were behind the housing bubble were also at work, to varying degrees, in the auto bubble, the commercial real estate bubble, the travel bubble, the college tuition bubble, the retail bubble, the Web 2.0 bubble and most recently the commodities bubble. Unlike housing, which began losing steam two years ago, these other sectors have just begun the painful process of repricing and finding a new balance between supply and demand.
House prices Through the floor
source: The Economist
America's house prices are falling even faster than during the Great Depression
House prices: Welcome to the bust
source: Guardian
Judgment Day. That's the only possible description for the news from the Nationwide Building Society that house prices in the UK fell by 2.5% in May. Any suggestion that Britain's overblown, over-hyped and over-valued property market is set fair for a gentle soft landing after the excesses of recent years has just been exploded. We've had the boom: welcome to the bust.
Myth number 1 is that the problems in the US real estate market would never spread across the Atlantic. This was always a dubious proposition.....Myth number 2 is that there is no possibility of a repeat of the crash of the early 1990s....Myth number 3 is that the pain will be contained to the housing market.....Finally, there's Myth number 4: that this is disastrous news
L'augmentation du brut va vraiment faire sentir ses effets
source: La Croix
Après avoir absorbé la hausse du pétrole,
l'économie mondiale pourrait bien trébucher et l’on évoque aujourd’hui
un «troisième choc pétrolier»
La France ne serait pas à l’écart du ralentissement mondial. « Nous
prévoyons que la croissance va très fortement ralentir dès le second
trimestre, affirme Laure de Batz, à la Société générale. La facture
énergétique va aussi très fortement s’alourdir. »
La nouvelle donne énergétique
source: Le Point
Avec un baril de pétrole culminant à près de 135 dollars, le monde affronte un troisième choc pétrolier. Pour autant, des différences majeures existent avec les crises de 1973 et de 1979
Natixis: 850 suppressions d'emplois en interne, 800 chez les prestataires
source: AFP
PARIS (AFP) — La banque d'affaires française Natixis, touchée par la crise des crédits immobiliers à risque, va supprimer 850 emplois, sur un effectif total de 22.000, auxquels s'ajouteront selon un syndicat 800 autres suppressions d'emplois chez les prestataires extérieurs.
Pourquoi la finance craque
source: Les Echos
Il y a des moments où l'économie ressemble à une tragédie grecque : chacun des acteurs a sa propre logique, ils sont tous conscients du danger qui s'approche, mais la combinaison de leurs ambitions, de leurs intérêts et de leurs passions les conduit fatalement à la crise.