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'Government Motors' No More: GM Comes Full Circle

General Motors being added to the S&P 500 at the close on June 6th (replacing Heinz ) is more good news for GM, as the stock orbits a two year high in early Wall Street dealings. GM May sales were up 3.1 percent. May light vehicle seasonally adjusted annual rates are now at 15.3 million, well above last year's numbers (13.9 million). and even better than April's 14.9 million.

European economic daily news round-up

At market close: bonds sell, stocks up, inflation down

Yesterday's late breaking news that Standard & Poor's was downgrading the European Financial Stability Fund from AAA in line with its earlier downgrade of France hardly made a ripple in today's bond action.

The EFSF, once promoted as one of the main tools for preventing the spread of the debt crisis to the euro zone's bigger economies, held an auction of short term bonds today and sold 1.5 billion euros ($1.9 billion) worth of them.

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European economic news round-up

Quiet day in the financial markets but heating up elsewhere
Ocupy davosEnlarge
The Occupy movement has begun setting up Camp Igloo in Davos in advance of next week's annual World Economic Forum meeting. (Sean Gallup/AFP/Getty Images)

Update: S&P has just announced it is making one more downgrade, to a critical issuer of European debt: the European Financial Stability Fund has lost its AAA rating. In parallel with France, it has gone from AAA to AA+.

Last Friday, Standard & Poor's downgraded several euro-zone countries credit ratings, most notably France, which went from AAA to AA+. The headline the next day Britain's Guardian newspaper was  "Friday the 13th" with its attendant implications of misfortune.

Today, there was no sign of Jason Voorhees ripping up Europe.  The financial markets shrugged everything off. The CAC 40 in Paris finished up 0.9 percent while the DAX 30 in Frankfurt closed up 1.25 percent. The FTSE in London was up 0.4 percent. Not exciting but not negative.

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