Hard hitting global and local news
Yet moments ago, the Financial Times reported Greece to Delay IMF Repayment as Tsipras Faces Backlash . Greece has notified the International Monetary Fund that it will not make a scheduled €300m loan repayment on Friday after opposition to a bailout compromise with creditors erupted inside the governing party.
Let’s take a peek inside today’s Census Bureau report on International Trade in Goods and Services for April.
Visit site: Factory Orders Down 8th Time in 9 Months; Durable Goods Inventories Highest Since 1992
First Quarter GDP -0.7%; GDPNow Second Quarter Forecast +0.8%; Economists Get Zero Accolades; Smoothed Recession Odds First quarter GDP came in at -0.7% pretty much in line with the Bloomberg Consensus estimate of -0.8%. First-quarter GDP was revised down about as expected, to minus 0.7 percent vs expectations for minus 0.8 and compared with an initial reading of plus 0.2 percent. Updated source data made for a bigger negative contribution from net exports as imports spiked 5.6 percent from an initial gain of 1.8 percent.
See the article here: Chicago PMI Unexpectedly Crashes: New Orders, Production and Employment Down by More Than 10%
See original article: Introducing the Zero Labor Factory (90% Free Actually); Robots at Chili’s, Applebees, Panera
The ECB is attempting to stem the flow by not upping emergency liquidity assistance (ELA) as noted yesterday in Run on Greek Banks Accelerates; ECB Halts Emergency Funding Hike; Untangling the Lies Everyone Prepared? When the ECB and Germany say they are prepared for Grexit, do they include taxpayers who will have to foot the bill for default? My friend Lars from Norway pinged me with this observation today…
Taken from: "Bond Girl" on Chicago and the Quality of Credit Analysis in the Municipal Bond Market
CNBC reports Greek Bank Outflows Accelerate, Reached 5 Billion Euros in April . Greek banks have seen deposit outflows accelerate over the past week as fears rise that the euro zone country will default on debt, two banking sources said on Wednesday. The spike follows a steady outflow of money from Greek lenders this year as Athens and its creditors struggle to agree an aid-for-reforms deal before Greece runs out of money
Taken from: Greece Says Creditor Agreement Deal Close, Senior Eurozone Official Says "I Wish it Were True"