rental World stocks, euro fall on Greek selective default - Yahoo!
rental
was a live possibility, raising concerns about implications for the banking sector. A survey showing the euro zone' s private sector grew at its weakest pace in almost two years and nervousness surrounding U. S. debt talks also sapped investors' tolerance for risk.
Ahead of a crisis summit of euro zone leaders, said a short- term or selective default for Greece, previously opposed by , was now a possibility. EU sources said the European Central Bank is willing to let Greece slip into temporary default. Germany and France will later present details of the accord they thrashed out over seven hours on Wednesday to their fellow leaders, who are trying to prevent fears of a Greek default from poisoning access to the bond market for bigger euro zone states such as Italy and Spain. " The market was long and is quite nervous.
This talk of the possibility of a default and the package not being quite as neat as people expected from a banking point of view is not helping, " said Sebastien Galy, FX strategist at Societe Generale. The MSCI world equity index fell 0. 1 percent on the day, having hit a 1- 1/ 2 week high earlier. European stocks fell 0. 1 percent while emerging stocks lost 0.
2 percent. S. stock futures were unchanged on the day, pointing to a steady open on Wall Street later.
Growth in the euro zone' s manufacturing sector virtually ground to a halt in July while its dominant service sector grew at its slowest rate in 22 months as demand from abroad fell and the region' s debt crisis weighed on minds at home. A separate survey showed activity in China' s manufacturing sector shrank for the first time in a year in July, although the figures had little sustained impact after the latest GDP report showed overall growth remained robust. S. crude oil fell 0.
4 percent to $ 98.
02 a barrel. Bund futures fell 20 ticks while ten- year Italian and Spanish bond yields nudged higher on the day. The euro fell 0. 4 percent to $ 1.
4170, erasing earlier gains. " Anything that comes out ( from the summit) needs to be really convincing to limit the risk of contagion to Italy and Spain which has materialized in the last few weeks, " said Derek Halpenny, currency strategist at . The dollar gained across the board, having earlier come under pressure on concerns about the debt talks in Washington. S. lawmakers and the White House are struggling to reach a deficit- reduction deal to raise the government' s $ 14.
3 billion debt ceiling and avoid a default. The dollar was up 0. 3 percent against a basket of major currencies. There have been glimmers of hope in Washington this week for a compromise based on a broad deficit- cutting proposal from a bipartisan group of senators that could stave off default and salvage America' s triple- A credit rating.
But the stakes are so high and the divide so wide between President Barack Obama and his Republican rivals that negotiations could go down to the wire early next month.
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ira Grave-digging, riots at Australia immigration centre - Yahoo!
ira
Inmates at Australia' s Christmas Island immigration centre buried themselves in shallow graves in a symbolic gesture, a spokesman representing them said Friday, as riots erupted for a third night. Immigration officials said there had been " another significant incident" involving up to 100 detainees at the remote island facility, but there were varying accounts of the latest protests among the asylum seekers. said some were digging shallow graves and burying themselves up to their necks in a show of their growing desperation. " Asylum seekers in the Green compound have dug shallow graves in the courtyard of their compound, " said Rintoul, who keeps in regular telephone contact with detainees at the centre. " Some asylum seekers have already staged mock burials and buried themselves up to their necks in a symbolic protest that detention is killing their bodies and their minds. " A police spokeswoman told AFP that " the detainees used improvised weapons and lit a number of fires in a number of locations within the centre. " There was " cause to deploy a range of use of force options, including less- lethal munitions, " she added, confirming tear gas, flash grenades and " bean bag" bullets were fired to quell the unrest.
It is the third consecutive night the centre has been rocked by violence and fires as detainees protest against delays in processing. An immigration spokesman refused to comment, saying " there' s been all sorts of claims made by all sorts of people" . " We wouldn' t be going into those details, " he said. " All we are saying is that there' s been some unrest. " Rintoul said police had raided the centre' s compounds early Friday searching for the protest' s ringleaders and some detainees had been beaten or dragged away, presumably to the maximum- security unit. The police spokeswoman said the force " strongly denies any mistreatment of any detainees" and had not received any official complaints.
The immigration department could not immediately confirm that anyone had been moved and said it did not " generally go into details of operational things like that. " Australia has a mandatory detention policy for asylum seekers arriving by boat and a record influx of some 7, 000 last year has placed the system under strain, with some detainees locked up for 18 months or more. Rintoul said the protesters wanted human rights and media representatives allowed into the centre to witness conditions and had told him " we cannot get justice from the Australian government or immigration.
We want international observers to give us protection. " Canberra recently beefed up the asylum character test so that detainees convicted of offences can be deported and the immigration spokesman said anyone found guilty over this week' s riots had put their visa at risk. at a separate facility in Queensland, officials said, and were holding up protest banners in an outside area. The unrest comes as Australia prepares to finalise an agreement to send 800 asylum seekers to Malaysia in exchange for 4, 000 registered refugees living in the Asian country.
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