Have a Good NEWS

. David Cameron, discussing eurocrisis NOW

. Bank of England left rates unchanged and QE

yields rise again, but sold more debt than expected aa . Outrage as spokesman of the attacks of the Golden Dawn members on TV

. George Osborne: Spanish near a solution

. Today, the agenda

3:14 p.m.:.

prepared testimony, Ben Bernanke, is online here

It does not seem to be noted that the third round of quantitative easing is near, and said only:

The Committee reviews the size and composition of their portfolios regularly and is prepared to adjust operations if necessary, to promote stronger economic recovery in a context of price stability.

Bernanke warned that U.S. policymakers must avoid crushing economic recovery to address the "urgent matter" of fiscal sustainability:

In fact, a severe tightening of fiscal policy at the beginning of next year, which is integrated in the existing law - the so-called fiscal cliff - which, if allowed to occur, are a threatens significant recovery.

Bernanke speaks now. He said that Europe remains a concern and the "situation in Europe poses significant risks to the U.S. financial system and economy and should be closely monitored."

14:55: in Washington, Ben Bernanke, is about to start being asked about the status of the U.S. economy, by The U.S. Congress My American colleagues are live-blogging the full story here.

2:37 p.m.:

aa stock markets are roaring

. On Wall Street the Dow opened 119 points higher at 12,537, adding to yesterday's session jovial.

In London, the FTSE 100 is up 104 points in 5489, an increase of nearly 2%. The European indices are also posting solid gains, with Germany's DAX 1.8% higher.

the trigger? Cut interest rates in China (see 24:08), despite warnings that may indicate a slowdown in China (see 13:40).

There is speculation that the move could herald some stimulus coordinated by central banks around the world, despite the Bank of England has not announced anything new TODAY ' Today at noon.

Aa> aa

2.26pm:

The Economist cover this week (tomorrow at all good newsagents), pins the blame for the weakening economy world firmly on a woman:

"Please, we can now start the engines, Merkel?" - The Economist twitter.com / FGoria / State / ...

- Fabrizio Goria (@ FGoria) June 7, 2012

My perspective is not the best, but supertanker look a bit like a submarine?

coincidence ...

2:16 p.m.:

Our colleague

Kate Connolly

has reflections of

David Cameron

and

Merkel

eurocrisis discussions, the City Council meeting to be held in Berlin.

Merkel: We strive to make more sustainable currency. Impossible to fight against a country's debt, not the other. Nec for competitiveness

- Kate Connolly (@ connollyberlin) June 7, 2012

Merkel money injected in Greece = 1.5 times its GDP. Marshall Plan was 3 pieces of EU GDP, against great effort v

- Kate Connolly (@ connollyberlin) June 7, 2012

Merkel: probs the euro was 10 years in the making. It will take years to correct

- Kate Connolly (@ connollyberlin) June 7, 2012

1:40 p.m.: Interest

China

surprise rate cut (see 24:08), which was announced shortly before noon UK time generated speculation that the Chinese economy may be in worse shape than previously thought.

This

. At a time when it was feared that the crisis in the euro area could cause serious economic slowdown in the world

Ken Peng, economist at BNP Paribas in Beijing, said (via FT):

Reduce interest rates shows that they are concerned about the risks to the economy.

economist Michael McDonough noted that the rate cut indicates that the economic data due this weekend (including retail sales and inflation) is likely to be "very bad ". McDonough also expects a further rise of China to stimulate its economy:

The measure now as likely to involve is the first of several important steps to support growth.

- Michael McDonough (@ M_McDonough) June 7, 2012

Chief Economist
World, Jeremy Cook, also fears that weak economic data from China this weekend:

Issue

many Chinese data soon (retail sales, inflation, industrial production). Shear rate is a harbinger of bad May

- First (@ World_First) June 7, 2012

1:26 p.m.:

Meanwhile, David Cameron, has played in the "town hall" meeting in Berlin (at 24:34 in below below), in other parts of the city German politicians have been pushing forward in one of their biggest nightmares - a Tobin tax or tax on financial transactions

Our European publisher Ian Traynor

explains:

German newspapers are reporting a breakthrough in negotiations between the coalition of Merkel and opposition in the Bundestag.

German government's plans to shape their proposals on stamp duty in the UK have been removed, according to reports, and it does not seem to agree on a large scale TLC Berlin is likely to grow, with France, Cameron promised to try to block the tax base that will stimulate business in the city of London.

Francois Hollande in Paris is a champion of tax. Merkel government was playing with him halfway. However, the opposition needs a backup to ensure a two-thirds parliamentary majority to ratify the pact Merkel eurozone budget. The opposition of the Tobin tax prerequisite for voting for the fiscal pact.

government and opposition is expected to close on Monday proposed talks in the office of Chancellor.

Cameron is not alone in its resistance. There are many dissidents in Europe Tax. The French and Germans are inclined to ignore the British and push for a Tobin tax euro area, although at present only 9 of the 17 euro countries are expected to support it. That, however, is sufficient for countries wishing to proceed under "enhanced cooperation" rules of the Lisbon Treaty without being blocked by other Member States.

If Cameron was looking good news, in Berlin, it certainly was not.

Live Blog Our policy also included travel to Berlin Cameron, by the way.

24:53: David Cameron

asked about his current eurocrisis " town hall meeting in Berlin (my colleague Kate Connolly reports).

The United Kingdom, the Prime Minister stated that Europe's problems are partly because:

times have you tried to run before you learned to walk.

Cameron also said Britain certainly has a future within Europe, but in a "practical point of view," not simply to follow bureaucratic rules.

reports that Kate Merkel also called for more direct democracy at EU level. David Cameron, however, said that some people were reluctant to vote because they believed it would change anything.

Merkel said that if Europeans had a direct vote, Greece could be more afraid of their future. "Now they are able to exclusively blame politicians

- Kate Connolly (@ connollyberlin) June 7, 2012

voters to recapture # Cam: just vote is not enough. Are other things that go with it. People do not vote cos I do not think that makes the difference

- Kate Connolly (@ connollyberlin) June 7, 2012

24:34:

Heads-up - David Cameron and Angela Merkel held a public meeting style "town hall" Now, with Prime Minister of Norway, Jens Stoltenberg.

is broadcast live here, although food continues to fail me ...

Here is a picture of the event:

Cameron and Merkel, with students at the meeting at the Chancellery in Berlin twitter.com / jamesmatesitv / ...

- James Mates (@ jamesmatesitv) June 7, 2012

Our Berlin correspondent Kate Connolly is also there, and reports that Cameron and Merkel had a warm welcome:

warm Merkel # a # w red carpet Cameron, kiss her cheek, thkyous, you are welcome and one of the terms of missing names b4 Euro talk

- Kate Connolly (@ connollyberlin) June 7, 2012

24:15:

Here are some early reactions to the decision of the Bank of England to leave interest rates unchanged in the UK to 0 , 5% and resist pressure for further quantitative easing.

Anna Leach, head of economic analysis of the IWC

official and survey data continue to show a mixed picture of the economy, so this decision was a difficult question.

seems that a "wait and see" position has been adopted yet. The current crisis in the euro area will continue to put pressure on the fragile condition of the company for the foreseeable future.

Ranvir Singh, president of market analysts RANsquawk

There is a very real danger that the decision to hold off on more QE come to regard as a missed opportunity.

The only thing that the crisis in the euro area has taught us is that inaction can now store up big problems in the future.

Howard Archer of IHS Global Insight:

The Bank of England has resisted the temptation to go for more quantitative easing at the June meeting, MPC, but we think it may have been a very close call. Of course, there is a very real pressure on the MPC to boost EQ - sooner rather than later

24:08:

great news: China has cut interest rates in an attempt to stimulate its economy and avoid the effects of the crisis, the economic slowdown.

While the Bank of England has resisted a cut borrowing costs, China's central bank cut its benchmark interest rate and deposit, in what appears to be the first step of this type since 2008.

aa

UPDATE: Here are the details (via Bloomberg)

rate at one year deposits will fall to 3.25 percent from 3.5 percent, effective tomorrow, the People's Bank of China said on its website now days. The rate of one-year loans will fall to 6.31 percent from 6.56 percent. Banks can offer a discount of 20 percent of the benchmark interest rate, the Fed said, extending a 10 percent previously.

24:00:

Latest News

- The Bank of England left interest rates unchanged in the UK to 0.5% and maintained its quantitative easing program to £ 325bn.

Therefore, no change, despite some speculation that the Monetary Policy Committee would release more QE. Reaction to follow

11:53:.

few minutes until the Bank of England announces its decision on monetary policy

While a rate cut seems unlikely (especially after heavy this morning the service sector), some analysts believe that the Monetary Policy Committee could announce further quantitative easing. Unlikely, but ....

just over 5 minutes to the Bank of England # QE announcement. Well services PMI numbers he has put the brakes on this, but you never know

- Shaun Richards (@ notayesmansecon) June 7, 2012

was calm today. Too quiet. Suddenly concerned about the BOE will drop a blunder and ruin my afternoon.

- Katie Martin (@ katie_martin_FX) June 7, 2012

11:24:. bad economic data for Ireland - the unemployment rate rose to 14.8%, its highest level since the beginning of the crisis

This is much higher than the eurozone average of 11% (also a record).

The announcement came after the Greek unemployment rate also reached a record 21.9% in March.

11:06 pm:

aa European stock markets posted gains

stable today, continuing optimism that central banks can implement new stimulus measures soon, and a deal could be the Spanish bank a hit in June

FTSE 100: up to 37 points in 5421, up 0.7% German DAX : up 31 points in 6125, + 0 , 5% aa French CAC: up 20 points in 3078, 0.61% IBEX: up 69 points in 6489, +1.09%

FTSE MIB: up 80 points at 13,508, the 0.6 +

The attack follows yesterday's trading on

aa Wall Street

, where

Dow Jones

closed 286 points higher -. his best performance this year

Chris Beauchamp

IG Index

find it ironic that now traders are obsessed with Ben Bernanke and Mervyn King, Sir

force

do:

is a little disturbing comment in the State of Western capitalism that markets the UK and U.S., the countries that pioneered the free market economy, now considered the intervention of the central bank to be vital to their survival.


10:24:

... but Spiro Nicolas

holds that record low yields could encourage Holland to pursue an expansionary fiscal policy, if he thinks the market will bear it:

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