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U.S. Initial Jobless Claims Tumble To 43 Year Lows and Italian Banks Crash To New Lows

Thursday, July 7, 2016 15:26

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While nonfarm and ADP payrolls data starts to roll over, along with The Fed’s labor market conditions indicator, initial jobless claims re-plunged back to its lowest since 1973. A significant drop of 16k to 254k is the lowest – except for a brief April dip – in 43 years…

Closer to the next recession…

Have no fear, Banco Popolare has run its own stress test (on itself) and has stated that it is “resilient to shocks.” However, it appears investors do not believe them as Italian banks, led by Monte Paschi (which as a reminder is under a short-sale ban) plunged to new record lows.

Banco Popolare SC said stress tests using the same criteria as the European Banking Authority’s review later this month show the Italian lender’s “resilience” to adverse shocks.

The company said it can’t communicate the results of the European Union-wide stress tests, which will be disclosed July 29, according to a stock exchange statement Thursday.

*BANCO POPOLARE SAYS IT’S CONDUCTED INTERNAL STRESS EXERCISE
*BANCO POPOLARE: IT’S INTERNAL STRESS TEST APPLIES EBA CRITERIA
*BANCO POPOLARE: INTERNAL TEST CONFIRMS RESILIENCE TO SHOCKS

So everything is awesome then?

Hhmmm…

“It’s probably nothing…”

The headline-maker in Italy is Monte Paschi which has seen CDS soar post the regulatory ban on short-selling stock. At over 1700bps, this implies a 67% chance of default… crushing the hopes and dreams of 100s of thousands of mommas and poppas and Renzi’s dream of reelection…

Credit to zero Hedge

http://nunezreport.blogspot.com/

Source: http://nunezreport.blogspot.com/2016/07/us-initial-jobless-claims-tumble-to-43.html

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