As stocks churn, financial maneuvers trump economic data

May 11, 2015 MONEY (MSM)

Greece says deal will be 'difficult' at Eurogroup meeting

Finance Minister Yanis Varoufakis acknowledged that a deal to ease Greece’s cash crunch was not likely at a meeting of euro zone finance ministers later on Monday despite progress in talks with lenders on some issues. A 750 million euro debt repayment to the IMF falls due on Tuesday but Varoufakis said a deal that would provide some liquidity relief for Greece was more likely in the coming days. “The

May 11, 2015 MONEY (MSM)

Goldman Again Sees China Rebound

As gloom gathered over China’s economic outlook in March last year, Goldman Sachs Group Inc. economist Song Yu declared growth likely had “troughed” and a rebound would follow. The top forecaster on China’s economy was proven right, and sees a repeat this year. “Now it’s very similar to this time of last year in terms of having a combination of monetary, fiscal and administrative loosening,” said Beijing-based Song, ranked the

May 11, 2015 MONEY (MSM)

Oil falls towards $65 on signs of U.S. shale oil recovery

Oil slipped towards $65 a barrel on Monday as signs that U.S. shale oil production was recovering after a recent price rally renewed concerns of a growing global supply glut. China’s latest move to bolster its economy offset some of the losses as it raised hopes that the world’s top energy consumer would help absorb supplies. Brent crude for June was down 30 cents at $65.09 (£42.02) a barrel by

May 11, 2015 MONEY (MSM)

Citigroup says could plead guilty to settle forex probe

Citigroup Inc said it could plead guilty to an antitrust charge to resolve a U.S. Department of Justice investigation of its dealings in foreign exchange markets. In a regulatory filing on Monday, the company also said the Justice Department had advised that it did not intend to prosecute the bank in a separate investigation into the setting of interest rates between banks. Citigroup is one of six major banks that