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German Government Spokesman: Merkel Plans EFSF Speech In Parliament Wednesday

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10:00 AM

BERLIN -(Dow Jones)- The German government expects that a European Union summit of leaders planned for next Wednesday will be able to make decisions about plans to resolve the euro-zone debt crisis and restructuring Greece’s debt.

Steffen Seibert, the German government spokesman, told a routine news conference that EU leaders would first meet Sunday in Brussels for discussion but that no decisions would be made. Then, Chancellor Angela Merkel would return to Germany to consult with the German parliament, which must approve the EFSF guidelines before Merkel can give her approval in the European Council. Merkel now plans to speak to parliament Wednesday about the EFSF and the euro-zone debt crisis and then return to Brussels to meet EU leaders Wednesday evening to decide on the EFSF and other matters related to the euro-zone debt crisis.

Fed’s Lacker: Uncertainty Holding Back Economy

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11:31 AM

SALISBURY, Md. -(Dow Jones)- Federal Reserve Bank of Richmond President Jeffrey Lacker Monday said it is likely to take “some time” to settle uncertainty over regulations, taxes and other policies that are holding back the economy.

“I think it’s going to take time to achieve greater clarity on regulatory and tax policy. And I think that the sooner we settle on a sustainable trajectory for the federal fiscal account the better,” Lacker told reporters following an economic development forum on Maryland’s Eastern Shore.

EU Close To Deal For Curbs On Naked Sovereign CDS: Sources – Bloomberg News

fxbom.com
11:29 AM

The EU is nearing an agreement to include an optional ban on naked credit default swaps on sovereign debt into a draft law on short selling, Bloomberg News reported Monday on its website, citing unnamed sources.

Officials and lawmakers from the Polish government are scheduled to discuss the ban in a two-hour meeting later Tuesday, according to the report. The draft law would also ban naked short selling of stocks and government bonds, the report said.

Full Story: http://www.bloomberg.com/news/2011-10-17/eu-said-to-be-close-to-deal-for-curbs-on-naked-sovereign-cds.html

(END) Dow Jones Newswires

US Jobless Claims Stay High; Trade Gap Remains Wide

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10:46 PM

WASHINGTON -(Dow Jones)- The number of people filing for unemployment benefits in the U.S. stayed high last week and the nation’s trade deficit remained large in August, highlighting the challenges faced by President Barack Obama in turning around the weak economy.

New jobless claims fell by only 1,000 to a seasonally adjusted 404,000 the week ended Oct. 8, the Labor Department said Thursday. That’s above the 400,000 level under which economists generally believe the jobs market is really starting to improve.

UK Cameron: Must Tackle Deficit To Keep Interest Rates Low

fxbom.com
05:01 PM

MANCHESTER, England -(Dow Jones)- The U.K. government has to tackle the country’s debt and budget deficit to keep interest rates low, Prime Minister David Cameron said Tuesday.

“Those that say abandon your spending plan, spend more money, they’ve got to understand that you could be risking much higher interest rates,” he said in an interview with BBC television.

Cameron also said he didn’t think the country wanted a referendum on whether to remain members of the European Union, but acknowledged there were differing views on European policy between his party, the Conservatives, and junior coalition partner, the Liberal Democrats.