*Italy, France need policy action to fix economies. BRUSSELS, March 5- The European Commission put Italy on Wednesday on its watch list because of the country's very high public debt and weak competitiveness and warned France that will miss agreed budget deficit reduction targets unless it takes action.» Read More
CNBC's Guy Johnson reports from Budapest as European finance ministers meet to discuss the EU's debt crisis. And the country's travel forecast and a look at Augusta.
Discussing the budget showdown, who benefits, and the reasons why it's taking so long to pass a spending agreement. The EU financial watchdog will unveil bank stress tests today and back position limits on commodity trades. And Sony suspends production at two plants after yesterday's aftershock, as the Nikkei hits its highest level since the March earthquake and tsunami.
Spain has avoided a costly run on its debt even as its closest neighbor, Portugal, has been forced to ask the European Union for help to help fund its debt burden. But one analyst remains skeptical the Spanish are out of the woods just yet.
The Misery Index is a simple calculation that became a political hot potato in the late 1970s and early 1980s. By adding the unemployment rate and inflation together, the index gave policy makers a tool by which to measure economic misery. As President Barack Obama prepares for his re-election run, the index stands at just 11 percent, some 10 percent lower than Carter faced 31 years ago.
What Mervyn King, governor of the Bank of England, called the Nice (“non-inflationary, consistently expansionary”) decade has vanished. In its place, we see what I would now call the Nasty (“nightmare of austere and stagflationary years”), the Financial Times reports.
Rumors of a failed Asian art auction drive down shares of Sotheby's, and the Fast Money traders call the close. Hint: Avoid the Euro.
ECB President Jean-Claude Trichet announces a rate hike of a quarter point, which he attributes to rising oil prices. CNBC's Steve Liesman discusses the impact the hike is likely to have. Also, is Bernanke falling behind the curve, with Steven Ricchiuto, Mizuho Securities USA, and Zane Brown, Lord Abbett.
Democrats and Republicans in Washington trade barbs in the budget battle. CNBC's John Harwood discusses the excuses behind the lack of an agreement as well as the American public's response.
The US government is careening towards a shutdown as Democrats and Republicans can't agree on a 2011 budget plan. I believe a shutdown will occur.
The companies most impacted by a potential government shutdown, with Paul Hickey, co-founder, Bespoke Investment Group, LLC. Hickey says more troubling for these companies is the likely budget cuts coming down the road.
CNBC's John Harwood gives an update on the budget negotiations, and says they're being held up by some unlikely issues.
Discussing whether the ECB is jumping the gun and the Fed is lagging, with Keith McCullough, CEO, Hedgeye Risk Management. For places like Portugal, Greece and Ireland, he says, things will end badly.
Headlines, comps and CNBC's Silvia Wadhwa discusses the ECB's decision to raise interest rates by a quarter point.
Discussing the European Central Bank's decision to raise rates by a quarter point, with CNBC's Steve Liesman. U.S. economists don't necessarily agree it's a good decision, but others question whether Bernanke and the U.S. Fed are actually behind the curve. MIT Sloan School Dean David Schmittlein also weighs in.
Stephen Roach, Morgan Stanley Non-Executive chairman & Yale senior lecturer, discusses this recovery and why it's different. He also talks about the possibility of an ECB rate hike, and the role of the Fed in the financial crisis.
Tres Knippa, LotusBrokerage.com, discusses whether the Fed should follow the ECB and raise interest rates, or whether the ECB is jumping the gun. He also discusses the possible government shut down and offers advice on how to trade a rate hike.
CNBC's Silvia Wadhwa reports from Frankfurt on the expected rate hike by the ECB. Many see it as a warning that countries have to be responsible for getting their own fiscal houses in order. And John Harwood reports on a new NBC-Wall Street Journal Poll. Also, a look at the weather forecast for The Masters in Augusta, Georgia.
A roundup of the day's news with CNBC's Joe Kernen & Becky Quick. Including a rally in Portuguese bank stocks after the country asks for a bailout, Moody's warning it could cut UK banks senior debt ratings and another strike in Greece. Also, Libya accuses the British of striking an oil pipeline.
Portugal has finally gone cap in hand to the European Union, the European Central Bank is about to raise rates and the market is obsessed by Fed speak and looking for clues on when the second round of creating money — or quantitative easing — will come to an end.
After months of speculation, Portugal last night accepted what many had claimed has been inevitable since the fourth quarter of 2009 and went cap in hand to the European Union as its borrowing costs became unsustainable following another big jump in yields.