Your forexlive

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• Analysis: Bank Stress Test “Pass” Doesn’t Mean Clear Sailing
• ForexLive US wrap: Stress tests pass with a mild flurry
• Treasury still juggling to get to August 2
• Obama: There Is Still Time For A ‘Big Deal’ To Reduce Deficits
• S&P puts Fannie/Freddie on review for downgrade
• IMF: Europe still has work to do on banks
• Five Spain Banks Fail EU Stress Tests
• EU Leaders To Discuss Greece At Emergency Summit On Thursday
• Two Greek Banks Fail; Two Others Barely Pass Test
• EBA Chief Enria: Sov Crisis Worsened Since Test Scenario Set
• US DATA: Grubb & Ellis Q2 U.S. Industrial Market…..
• Portugal’s Banks Pass EU Stress Tests; Two To Do More: BoP
• S&P says may downgrade 125 AAA rated obligations guaranteed by FDIC
• Update: EBA: Mainly Domestic Banks Exposed To EMU Sov Risk
• Euro zone leaders to hold summit next Thursday: Van Rompuy
• EBA: Largely Domestic Banks Exposed To EMU Sovereign Risk
• Schaeuble: Germany’s Bank Sector Needs No Further Adjustments
• ECB Text: Welcomes Publication Of EU-Wide Stress Test
• US DATA: Grubb & Ellis Q2 Office Market Look says a..
• Irish Central Bank Text: Irish Banks Meet Stress Requirements

Analysis: Bank Stress Test “Pass” Doesn’t Mean Clear Sailing Posted: By Peter Koh BRUSSELS (MNI) – The fragility of Europe’s banks and the sovereign debt crisis are firmly intertwined. First, collapsing banks strained government budgets; now, the poor fiscal health of governments is weighing down the banking sector by raising funding costs. Today’s bank stress test results — in which eight banks, including five Spanish [...]

ForexLive US wrap: Stress tests pass with a mild flurry Posted: Nine European banks fail stress test; 16 others narrowly pass; only EUR 2.5 bln in capital set to be raised EU to hold special summit on July 21 on financial stability and Greece S&P puts Freddie/Fannie and other US government-linked borrowers on review for downgrade US CPI falls 0.2%; core rise 0.3% in June US [...]

Treasury still juggling to get to August 2 Posted: They have suspended reinvestment in the Exchange Stabilization Fund today, the last trick up their sleeve to get the government to the August 2 drop-dead date for raising the debt ceiling. Also crossing the wires is news that the CME is closing the pork-belly contact. How I will hedge by bacon needs is beyond me…

Obama: There Is Still Time For A ‘Big Deal’ To Reduce Deficits Posted: By Ian McKendry and Yali N’Diaye WASHINGTON (MNI) – There is still enough time to get a “big deal” done to reduce the U.S. deficit and stabilize the country’s finances for a decade or two, President Barack Obama said Friday. During a press conference, the President reassured investors and the U.S. public alike, saying the [...]

S&P puts Fannie/Freddie on review for downgrade Posted: Makes sense. If Uncle Sam is vulnerable to a downgrade, all he surveys is as well…

IMF: Europe still has work to do on banks Posted: Must further strengthen capital buffers in light of current euro zone turmoil

Five Spain Banks Fail EU Stress Tests Posted: BRUSSELS (MNI) – Five Spanish banks have failed the EU’s stress tests even after mitigating measures put in place this year are taken into account, data released by the European Banking Authority (EBA) showed Friday. The core tier one ratios of Banco Pastor and four Spanish savings banks — Grupo Caja3, Caja de Ahorros del [...]

EU Leaders To Discuss Greece At Emergency Summit On Thursday Posted: BRUSSELS (MNI) – EU leaders will meet on Thursday in an attempt to hammer out a deal on a second bailout package for Greece. President of the European Council, Herman Van Rompuy, called the meeting today, his official spokesperson confirmed. Eurozone finance ministers meeting in Brussels on Monday failed to hammer out a convincing plan [...]

Two Greek Banks Fail; Two Others Barely Pass Test Posted: –Greek Authorities Say All Banks Pass If Additional Measures Considered ATHENS (MNI) – Two of Greece’s banks, ATEbank and EFG Eurobank, failed Europe-wide stress tests published Friday, while two others barely exceeded the minimum threshold for core tier one capital, according to data released by the Bank of Greece and the European Banking Authority. However, [...]

EBA Chief Enria: Sov Crisis Worsened Since Test Scenario Set Posted: –Says Regulators Should Call On Near Fails To Bolster Capital –Says EU Banks Under Severe Strain LONDON (MNI) – The EU-wide stress tests released today should help reduce market uncertainty, European Banking Authority Chairman Andrea Enria said here today. The EBA chief, however, admitted that the sovereign debt situation had deteriorated in recent weeks and [...]

US DATA: Grubb & Ellis Q2 U.S. Industrial Market….. Posted: US DATA: Grubb & Ellis Q2 U.S. Industrial Market Look: sees 32 million square feet of positive net absorption; 3.5 million square feet of total completions; 9.8 percent national vacancy rate; 13.2 percent national availability rate; Net asking rents retreated by 0.2 percent.

Portugal’s Banks Pass EU Stress Tests; Two To Do More: BoP Posted: LISBON (MNI) – Portugal’s four largest banking groups, accounting for nearly two thirds of total banking assets, passed the capital requirements in the EU-wide stress tests, the Bank of Portugal said Friday. However, two banks with levels of capital between 5% and 6% in 2012 in the adverse scenario — Banco Comercial Portugues and Espirito [...]

S&P says may downgrade 125 AAA rated obligations guaranteed by FDIC Posted: With the US sovereign rating in play, any other ratings guaranteed by the US government are now in play…We’ve seen it all play out in Europe.

Update: EBA: Mainly Domestic Banks Exposed To EMU Sov Risk Posted: –16 EU Banks Pass Tests By Narrow Margin, Including Two German LONDON (MNI) – The European Banking Authorities data show it is very much domestic, rather than foreign banks, that are exposed to sovereign risk in the troubled peripheral eurozone countries. The EBA broke down Greek sovereign exposures by counterparty countries. Its figures show 67% [...]

Euro zone leaders to hold summit next Thursday: Van Rompuy Posted: Agenda will be financial stability of euro area and future financing program for Greece

EBA: Largely Domestic Banks Exposed To EMU Sovereign Risk Posted: LONDON (MNI) – The European Banking Authorities data show it is very much domestic, rather than foreign banks, that are exposed to sovereign risk in the troubled peripheral eurozone countries. The EBA broke down Greek sovereign exposures by counterparty countries. Its figures show 67% of Greek sovereign exposure is for Greek banks and it is [...]

Schaeuble: Germany’s Bank Sector Needs No Further Adjustments Posted: BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble said Friday that no further adjustment in the country’s banking sector is necessary after the stress test results released today. All twelve German banks that took part in the EU’s stress test passed, German financial watchdog Bafin and the German Bundesbank said in a joint statement earlier [...]

ECB Text: Welcomes Publication Of EU-Wide Stress Test Posted: FRANKFURT (MNI) – The European Central Bank welcomes the release of the EU-wide stress test results carried out by the European Banking Authority and national supervisory authorities, and published on Friday, the central bank said in a release. The following is the verbatim text of the ECB press release: The European Central Bank (ECB) welcomes [...]

US DATA: Grubb & Ellis Q2 Office Market Look says a.. Posted: US DATA: Grubb & Ellis Q2 Office Market Look says “market took a modest and – considering the poor economic news of late – an unexpected turn for the better. Vacancy rate fell by 40 basis points, which is a pace more in line with a typical market recovery than with the numbers posted in [...]

Irish Central Bank Text: Irish Banks Meet Stress Requirements Posted: FRANKFURT (MNI) – The Irish banks participating in the European Banking Authority’s EU-wide stress test exercise — Allied Irish Bank, Bank of Ireland and Irish Life and Permanent — “meet the stress requirements”, the Central Bank of Ireland said in a press released issued on Friday. The following is the verbatim text of the press [...]