Anyone wondering what President Obama will face when he arrives in South Korea on Wednesday for a global financial summit meeting need look no further than an announcement by China’s leading state-endorsed rating agency, which downgraded the United States’ credit rating on Tuesday — and provocatively questioned American leadership of the global economy. The New York Times reports.
Stocks continued to stall after last week's broad market rally and closed lower across-the-board Tuesday as the dollar rose. Bank of America and Kraft fell, while Exxon rose. .
Stocks extended losses as the closing bell neared, pulling back from last week's rally to two-year highs, as the dollar rose. BofA fell, while Exxon rose.
Stocks fluctuated Tuesday despite largely upbeat earnings releases, and news of corporate acquisitions, as the dollar rose slightly. Chevron and Kraft fell, while Exxon rose.
Stock index futures pointed to a higher open for Wall Street on Tuesday, tracking gains in Europe where upbeat company statements lifted shares.
When the Federal Reserve announced last week that it would buy $600 billion in Treasury bonds to help bolster the economy, it quickly came under attack from Germany, Brazil and China. But the Fed’s plans earned a hearty endorsement from at least one foreign trade partner — India. The NYT reports.
Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank. The FT reports.
An unusually broad coalition of business groups in North America, Europe and Asia has sent a letter to the heads of state of the Group of 20 major economies, asking them to make a commitment at their meeting this month in Seoul that trade in crucial rare earths will not be interrupted because of industrial policies or political disputes. The New York Times reports.
Given the high market expectations, the US Federal Reserve had no choice but to announce a second tranche of quantitative easing, nicknamed QE2. But the measure is an inevitably blunt instrument for the difficult task of restoring growth and generating jobs.
Credit Suisse changed its outlook on the stock market and now is overweight stocks, Giles Keating, head of research at Credit Suisse, told CNBC Monday.
The dollar's slump could get far worse if the dollar index takes out last year's low, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
The agreement by G20 finance leaders over the weekend to move towards market-based exchange rates and commit to reducing external imbalances was a "surprise," analysts told CNBC on Monday, considering the markets were not expecting much from the meetings.
Nicolas Sarkozy on Wednesday set out his agenda for France’s forthcoming presidency of the G20 group of leading economies, proposing measures to reduce currency fluctuations, curb commodity speculation and speed up reform of international institutions.
Emerging and other international markets took a beating during the second quarter of 2010, led by a 20% decline in China's Shanghai Composite. The global decline was driven in part by uncertainty around the world, leading investors to unwind risky positions.
Stocks ended lower Monday after a yo-yo session as investors digested some mixed consumer data, a drop in oil prices and news that the Supreme Court struck down a key part of the Sarbanes-Oxley law, which regulates corporate accounting.
Stocks bounced back Monday in a yo-yo session as investors digested some mixed consumer data, a drop in oil prices and news that the Supreme Court struck down a key part of the Sarbanes-Oxley law, which regulates corporate accounting.
Stocks turned higher Monday after the Supreme Court struck down a key part of the Sarbanes-Oxley law, which regulates corporate accounting.
US stock futures remained positive after economic news showed gains in income doubled those in spending and consumer saving hit its highest level since September 2009.
Carl Weinberg and the team over at High Frequency Economics did not like what they heard in Toronto over the weekend.
President Barack Obama is appealing to the world's major economies not to waver in their efforts to support a sustained rebound from the near collapse of the global economic system in the fall of 2008.