We get the weekly U.S. jobless claims report today (a day early due to Thanksgiving tomorrow) at 8:30 am EST. Last week?s report spiked up to 439,000. The Bloomberg consensus estimate is for 415,000 this week, within a range of 380,000 to 500,000. We could see a market impact, although volume is expected to be light today.
Bloomberg: Europe Fails to Seal Greek Debt-Cut Deal in IMF Clash
Greece is like a bad cold that won?t go away:
European finance ministers failed to agree on a debt-reduction package for Greece after battling with the International Monetary Fund over how to nurse the recession- wracked country back to fiscal health.
With creditors led by Germany refusing to put up fresh money or offer debt relief, the finance chiefs were unable to scrape together enough funds from other sources to help alleviate Greece?s debt burden, set to hit 190 percent of gross domestic product in 2014.
Greece?s fiscal woes have defied three years of rescue efforts, rekindling doubts about Europe?s crisis-containment strategy and maintaining a cloud over the euro, postwar Europe?s signature economic accomplishment. More than 11 hours of talks broke up early today in Brussels without an agreement. That leaves the next aid payment, which has been held up since June, frozen until at least another emergency ministers? meeting on Nov. 26.
?We have a series of options on the table on how to close the financing gap,? German Finance Minister Wolfgang Schaeuble told reporters. ?We discussed the issue very intensively, but since the questions are so complicated we didn?t come to a final agreement.?
?A bloc of top-rated creditors led by Germany continues to resist debt forgiveness, telling their taxpayers that the Athens government will pay back in full the 240 billion euros in loans doled out or promised in two rescue packages since 2010.
For some reason, the words of Yoda come to me here: ?Do or do not. There is no try.? Europe is making a lot of effort that seems to go nowhere, and that is because they aren?t committed to what it will take to fix Greece. Until Greece defaults on ALL of their existing debt, they won?t be able to fix their problems. As long as Europe and the IMF won?t let them, this will continue to drag out far longer than is necessary.
Jerusalem Post: Terror attack on Tel Aviv bus injures 23 people
So much for Israel?s cease fire agreement with Hamas:
Terrorists blew up a bus on Tel Aviv?s Shaul Hamelech Street around noon Wednesday.
A total of 23 people were injured the attack, according to police.
?Palestinian media reports said the Fatah-linked Al-Aqsa Martyrs Brigade took responsibility for the attack, although that was unconfirmed.
Hamas spokesman Sami Abu Zuhri praised the bombing, but stopped short of claiming responsibility.
?Hamas blesses the attack in Tel Aviv and sees it as a natural response to the Israeli massacres? in Gaza,? he told Reuters.
According to Kitco, oil is up 1.27% as I write this.
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Source: http://edstalkingstock.wordpress.com/2012/11/21/eds-daily-notes-for-november-21st/
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