Thursday, August 4, 2011

Morning Brief: Concerns continue to grow over Eurozone debtor nations; Premiere League and the press wrangle over restrictions to game coverage

Not to beat a dead horse, but ... the U.S. stock market opened sharply lower morning. Sharply. Although the U.S. markets actually were able to close flat to slightly higher yesterday, markets have been in free fall in Europe for the past week, while the U.S. markets have been mostly down.

Right now all the major European markets are down over one percent – better than the past few days where the German DAX has given back over two percent a day, but still not good.
Jobless claims were not significantly better, as reported by the Labor Department this morning.

But, for the most part, the eyes of investors are on Europe, where both Italy and Spain have had their government bond rates dramatically rise, leading to both countries being forced to pay more money to service their national debts.

"We're back to worrying about the future of the eurozone and the sovereign debt crisis, and the generally stuttering economy," the Guardian quotes Will Hedden, a sales trader at IG Index.

Here in the U.S. negotiations between the team owners of the National Football League and the players successfully concluded, preventing a possible postponement of the regular season.

But in the U.K. they have a different problem: talks involving the Premiere League have broken down. The dispute revolves around how matchs will be covered by the national newspapers and the wire services.

The league wants to prevent the news media from publishing pictures of the games quickly and to restrict real-time live blogs of the match – something that the Guardian loves to put on its website home page.

The media coalition put out a statement outlining the restrictions the league wants to put on the press.

"They run to 16 pages of legal constraints, which among other things include league controls on how and when news can be published online – and how news material can be distributed to fans at home and overseas," the media coalition, which is led by the Newspaper Publishers Association, said in its statement. "In many instances they also require users of content to obtain and pay for permission from the Leagues for their coverage."