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Tuesday, December 6, 2011
Monday, November 28, 2011
Global stocks recover on euro rescue proposals (AP)
LONDON ? Global stocks advanced Monday as further proposals to get a grip on Europe's debt crisis were touted amid signs that the U.S. Christmas shopping season has started off strongly.
The advance came despite denials that the International Monetary Fund was readying a euro600 billion ($794 billion) rescue package for Italy and that the eurozone's six triple-A rated countries were preparing to float bonds together and use the proceeds to provide assistance to some of the single currency bloc's indebted members, such as Italy and Spain.
Investors are clearly hoping that the recent signs of deterioration in the debt crisis will finally get Europe's leaders to agree on a package of measures that can ease market concerns over whether the euro currency itself can survive. Anecdotal evidence that the U.S. enjoyed a strong day for retailing on Friday after Thanksgiving Day has eased concerns that the world's largest economy will slide back into recession.
"While positive news provides a welcome relief for the markets, it cannot detract from the fact that the future of the eurozone is hanging in the balance," said Jane Foley, an analyst at Rabobank International.
In Europe, the FTSE 100 index of leading British shares was up 2.1 percent at 5,272, while Germany's DAX rose 2.9 percent to 5,653. The CAC-40 in France was 3.6 percent higher at 2,961.
The euro, meanwhile, was 0.7 percent higher at $1.3385.
Wall Street was poised for a strong open, too ? Dow futures were up 2.3 percent at 11,445 while the broader Standard & Poor's 500 futures rose 2.9 percent to 1,187.
Many in the markets think that the euro project, as currently designed, is at a crucial turning point. With more and more governments finding it prohibitively expensive to borrow money to finance their debts, there's a groundswell of opinion that says the euro's days are numbered. Belgium, Italy and France all have big bond issues this week. More failures on that front following last week's disappointing auction from Germany could stoke further turmoil.
"The success or otherwise of these auctions may determine the future of the EU," said Gary Jenkins, an analyst at Evolution Securities. "We do seem to be moving slowly towards more of a fiscal union but at a pace that may result in all the components being put in place after a complete meltdown of the financial system."
Credit rating agency Moody's issued a similar warning Monday. It said the "rapid escalation" of Europe's financial crisis is threatening the creditworthiness of all eurozone governments, even the most highly rated. Only six of the eurozone's 17 countries have the top rating ? Germany, France, Austria, the Netherlands, Luxembourg and Finland.
And the Organization for Economic Cooperation and Development said policy makers around the world must "be prepared to face the worst," as the economic impact of Europe's debt crisis threatens to spread around the developed world.
The Paris-based OECD says in its latest Economic Outlook that continued failure by EU leaders to stem the debt crisis that has spread from Greece to much-bigger Italy "could massively escalate economic disruption" and end in "highly devastating outcomes."
The biannual report released Monday recommends urgently boosting the EU bailout fund and calls on Europe's central bank to do more to stem the crisis.
Oil prices tracked equities higher, too. Benchmark crude for January delivery was up $3.53 to $100.30 per barrel in electronic trading on the New York Mercantile Exchange.
____
Pamela Sampson in Bangkok contributed to this report.
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Arab League approves Syria sanctions
BEIRUT?? The Arab League overwhelmingly approved sanctions Sunday against Syria to pressure Damascus to end its deadly eight-month crackdown on dissent, an unprecedented move by the League against an Arab state.
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Before the vote, Damascus slammed the vote as a betrayal of Arab solidarity. Besides punishing an already ailing economy, the sanctions are a huge blow for a Syrian regime that considers itself a powerhouse of Arab nationalism.
At a news conference in Cairo, Qatari Foreign Minister Hamad bin Jassim said 19 of the League's 22 member nations approved the sanctions, which include cutting off transactions with the Syrian central bank and halting Arab government funding for projects in Syria. Iraq and Lebanon abstained.
"We aim to avoid any suffering for the Syrian people," bin Jassim said.
Story: UN: 'Numerous' reports of child torture by Syria's security forcesThe sanctions are the latest in a growing wave of international pressure pushing Syria to end its violent suppression of protests against President Bashar Assad, which the U.N. says has killed more than 3,500 people since March.
Arab League Secretary General Nabil Elaraby said the bloc will reconsider the sanctions if Syria carries out an Arab-brokered peace plan that includes sending observers to the country and pulling tanks from the streets.
"We call on Syria to quickly approve the Arab initiative," he said.
The state-owned Al-Thawra newspaper ran a front-page headline Sunday saying the Arab League is calling for "economic and commercial sanctions targeting the Syrian people." It said the measure is "unprecedented and contradicts the rules of Arab cooperation."
Video: Inside Syria: Underground network of cyber activists keeps revolution alive (on this page)Since the revolt began, the regime has blamed armed gangs acting out a foreign conspiracy for the bloodshed.
It is not clear whether Arab sanctions will succeed in pressuring the Syrian regime into ending the violence that has killed dozens of Syrians, week after week. Many fear the violence is pushing the country toward civil war.
Until recently, most of the bloodshed was caused by security forces firing on mainly peaceful protests. Lately, there have been growing reports of army defectors and armed civilians fighting Assad's forces ? a development that some say plays into the regime's hands by giving government troops a pretext to crack down with overwhelming force.
On Sunday, activists reported fierce clashes in the flashpoint city of Homs, in central Syria, pitting soldiers against army defectors.
The death toll from violence in Homs and elsewhere across the country was mounting Sunday. The Local Coordinating Committees, a coalition of Syrian activist groups, put the toll at 26, but the figure was impossible to confirm.
Syria has banned most foreign journalists and prevented independent reporting inside the country.
Many of the attacks against Syrian security forces are believed to be carried out by a group of army defectors known as the Free Syrian Army.
The Arab League's recommendations for sanctions specified that the Arab bloc will assist Syria with emergency aid through the help of the International Red Cross and Red Crescent, working with local civilian groups to deliver goods.
There have been widespread concerns that the unrest in Syria could spill outside its borders, sending unsettling ripples across the region.
Video: Start of a civil war in Syria? (on this page)Syria is a geographical and political keystone in the heart of the Middle East, bordering five countries with whom it shares religious and ethnic minorities and, in Israel's case, a fragile truce. Its web of allegiances extends to Lebanon's powerful Hezbollah movement and Iran's Shiite theocracy.
Also Sunday, Jordanian Foreign Minister Nasser Judeh acknowledged that 100 Syrian military and police deserters have taken refuge in the kingdom during the uprising. It was the first official public confirmation that Jordan hosts Syrian defectors.
In September, officials said privately that Jordan had received 60 Syrian army and police deserters, who ranged in rank from corporal to colonel.
Judeh told The Associated Press that the Syrian soldiers and policemen, whom he claimed were conscripts rather than officers, had arrived in batches over the last eight months.
Many Syrians fleeing Assad's crackdown have also sought refuge in neighboring Turkey.
The Gulf nations of Qatar and Bahrain on Sunday warned their citizens to avoid travel to Syria and called on those already there to leave immediately. The foreign affairs ministries of both countries cited concerns about the security situation in issuing the travel alerts. They did not mention the planned Arab League vote.
The calls come two days after the United Arab Emirates issued a similar warning to its citizens.
The embassies of the UAE, Qatar and Saudi Arabia were targeted by pro-Assad regime demonstrators in Damascus earlier this month.
___
Associated Press writers Maamoun Youssef in Cairo and Adam Schreck in Dubai, United Arab Emirates, contributed to this report.
? 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: http://www.msnbc.msn.com/id/45451537/ns/world_news-mideast_n_africa/
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