Fidelity Select Fundranker

Fundranker Blog—November 2011 Archive

Greek Referendum

Prime Minister George A. Papandreou of Greece surprised the world by announcing that he would put Europe's latest rescue package for Greece to a referendum vote of the people. After being called to the carpet by European leaders, he announced on November 2 that the referendum would be held sooner rather than later, on December 4 or 5.

Prime Minister Papandreou's coalition government faces a no confidence vote on Friday that will be very close. His razor thin majority seems to be holding and even firmed up some recently after Papandreou's cabinet unanimously upheld his call for referendum. Even if Papandreou's coalition wins the no confidence vote, however, it is not clear whether the Greek parliament will pass the referendum.

World markets celebrated the announcement of the latest rescue package with large upswings, but the Greek referendum through a monkey wrench into its quick implementation. Investors now are faced with weeks of uncertainty in the European debt crisis. World markets reacted badly and promise to be roiled for some time.

Posted 11/3/11 11:05am ET in Market | Permalink | Comments (0)

New Private Sector Jobs

The new ADP National Employment Report released November 2 shows an improvement, albeit small, in the jobs picture. Private U.S. employers added 110,000 jobs in October, higher than the 101,000 jobs that economists expected. In addition, the number of private sector jobs added in September was revised upward to 116,000 from 91,000 previously reported. A separate report showed that planned layoffs decreased significantly in October. These three positives are small in comparison to the overall dismal jobs picture, but they are at least a move in the right direction and a welcome sign that points toward an improving economy.

Posted 11/2/11 6:25pm ET in Economy | Permalink | Comments (0)