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Japanese industrial production fell less than expected in February, but the second monthly decline in a row did little to disperse clouds building over the economy.
Stocks closed lower Friday after a profit warning from J.C. Penney, which renewed fears about slower consumer spending. Financials and techs caved in after earlier attempts to rally.
The dollar edged higher against the euro and Swiss franc Friday, marginally supported by improving money market conditions that helped ease the impact of generally bleak U.S. economic data.
Stocks advanced Friday, boosted by benign inflation data and an upgrade on Lehman Brothers.
Stocks rose at the opening bell as the market weighed benign inflation data with a weak outlook from J.C. Penney.
Euro zone price pressures are "alarmingly high," threatening medium-term price stability, and first quarter growth in the bloc could exceed expectations, European Central Bank officials said on Friday.
Consumer spending hit a 17-month low in February, hit by the credit crisis, job cuts and soaring energy costs. But a key inflation gauge remained tame.
Japanese annual inflation hit a decade-high 1.0 percent in February, but the credit crisis and a stalling Japanese economy mean the Bank of Japan is still seen as more likely to cut interest rates this year than raise them.
As food prices surge, America’s supermarkets are also feeling the pain. While consumer food prices are up five percent, wholesale prices have soared a whopping 20 percent.
The U.S. economy seems to be slipping into recession and the Federal Reserve must cushion the pain and make it as brief as possible, two Fed policymakers said.
The dollar rallied Thursday after suffering steep losses in the last two sessions, rising on data showing the U.S. economy grew in the fourth quarter in line with market expectations.
French President Nicolas Sarkozy and British Prime Minister Gordon Brown called on Thursday for banks to declare the full extent of the damage to their operations caused by the credit crunch.
I mean, about inflation for you and me and Bobby McGee. Not inflation as bankers see it, as economists see it, as central bankers see it. Not about CPIs and PPIs and HICPs. Not about price-adjusted, calendar-adjusted and average-workday-weighted statistics, which economists so fondly call "real" inflation.
French President Nicolas Sarkozy will ask British Prime Minister Gordon Brown for help in getting Washington to prop up the ailing dollar, but Britain has usually shunned managing exchange rates.
The Bank of Japan still has its sights set on higher interest rates in the future, although it will pursue a flexible policy looking at developments in Japan's economy and global markets, two members of the central bank's policy board said on Thursday.
Unrealized losses on Japan's $1 trillion foreign currency reserves amount to about 18.5 trillion yen when the dollar is around 100 yen, Finance Minister Fukushiro Nukaga said on Thursday.
Some of the top universities in the country are slashing or eliminating tuition costs, expanding financial aid and generally rethinking the affordability equation.
Chicago Federal Reserve Bank President Charles Evans said on Wednesday that U.S. interest rates are now "accommodative" and should help to support stronger growth in the second half of 2008.
The steadily rising costs of higher education – roughly twice the inflation rate – makes it a permanent part of the iron cross of American worries, joining concerns about retirement, health care and jobs.
The dollar fell for a second straight session Wednesday after an unexpected drop in durable goods orders heightened worries about the health of the U.S. economy and backed expectations of further interest rate cuts.