November 15th – Top Stories
- Message From Yellen Is Full Speed Ahead on the Stimulus - NYT – By NELSON D. SCHWARTZ
The stock market reversed an early loss and moved steadily higher in the morning as Ms. Yellen, President Obama’s nominee to head the Federal Reserve, testified at her Capitol Hill confirmation hearing.
Despite the run-up, Ms. Yellen also said that she did not believe that the trillions in stimulus money the Fed has injected into the financial system since the near collapse of the global economy had created a bubble, another very good sign of her supportive views as far as Wall Street is concerned.
- China Stocks Surge on Policy Optimism While Bond Yields Increase - Bloomberg – By Bloomberg News
A 20,000 word document approved at the plenum lays out 15 areas of reform and 60 “concrete tasks,” the Communist Party’s People’s Daily newspaper reported today. Speculation on the contents was fueled by photographs circulating online of portions of an unidentified document referring to topics such as requiring state-owned enterprises to pay larger dividends, encouraging more private investment in state projects, and offering farmers more property rights.
Policy changes may be announced over the next seven to 10 days, Jonathan Garner, the Hong Kong-based chief Asia and emerging-market strategist at Morgan Stanley, said in an interview from Singapore yesterday. Investors will regain some confidence in China’s structural reforms next week, Lu Ting, a Hong Kong-based economist at Bank of America Corp., wrote in an e-mailed note.
3/ Eurozone & UK
- Greece must step up efforts, to unlock funds – Eurogroup head - Reuters – By Jan Strupczewski and Martin Santa
Euro zone finance ministers pressed Greece on Thursday to speed up structural reforms and continue fiscal consolidation and privatisation to unblock more of the international loans that keep it afloat.