CNBC's Bob Pisani and Art Cashin, of UBS, discuss why copper prices have tumbled lately; weather's impact on retail stocks, and Janet Yellen's Fed policy versus nominee Stanley Fischer. It's going to be a bumpy couple of days, predicts Cashin.» Read More
According to what's billed as an "Exclusive" on the Jerusalem-based English-language website, DEBKA, the Bush Administration is "closer than ever before to ordering a limited missile air bombardment" on some Iranian Revolutionary Guard installations.
It is too soon to declare turmoil in financial markets over and while the U.S. economy should gradually recover, this outlook faces big risks, a top Federal Reserve policy-maker said Monday.
European shares fell on Monday, driven by the banking sector after British mortgage lender Bradford & Bingley reignited fears about the impact of the credit crunch on the broader economy.
This comes to mind ahead of debate over landmark climate legislation that the Senate will take up this week. The sparks that fly will be fueled by dueling studies about the economic consequences of the cap-and-trade program envisioned by the Lieberman-Warner Climate Security Act of 2008.
Sky-high fuel and food prices crashed the party when finance ministers flocked to Frankfurt to celebrate the inflation-fighting European Central Bank's 10th birthday on Monday, a milestone in Europe's monetary union.
European stocks are set to stay range-bound this week as the subprime crisis continues to take its toll on confidence and rising inflation means investors do not expect the European Central Bank to cut rates any time soon.
U.S. Treasury Secretary Henry Paulson on Monday defended the dollar's status as the world's reserve currency and said its recent decline was only a small factor behind a surge in oil prices.
Australian retail sales suffered a surprise fall in April as consumers cut spending on food and recreation in the face of surging living costs, but also perhaps lessening the need for a further increase in interest rates.
Indonesia cannot rule out further hikes in fuel prices ahead of the 2009 presidential elections, Energy Minister Purnomo Yusgiantoro said on Sunday, due to the impact of fuel subsidies on the budget.
Malaysia's plan for a showpiece economic zone in its south is in doubt because of the uncertain fate of the country's prime minister and a lukewarm response from big investors in nearby Singapore.
The European Central Bank turned 10 years old on June 1 and the euro's rise against the dollar seems to be proof of its success. But criticism from some of the euro-zone members that the strength of the single currency stifles growth by putting a lid on exports may cast a shadow over the party.
China's manufacturing sector slowed last month for the first time since January as export orders and domestic investment both weakened, an official survey showed on Sunday.
If the jobs report and other data confirm the past week's decent numbers and if oil doesn't throw a wrench in the works, stocks could start June on a strong note.
Following my blog earlier this week asking you to tell me who is to blame for GM's problems, I received the following e-mail from the automaker. Give it a read and let me know what you think.
For the week ending Friday, May 30, 2008, the markets finished up, with all major indices increasing ~1.3% or higher for the week. Only the Dow declined for the month, shedding 1.42%. The NASDAQ reached its third consecutive monthly gain , up 4.55% for the month. The markets were encouraged by better than expected earnings from retailers and strong results from Dell. U.S. GDP for 1Q also helped lift stocks up, as it rose 0.9% at an annual rate , better than the previous estimate. Crude Oil also retreated to lower levels.
Oil prices rose to more than $127 a barrel on Friday as a drop in the dollar drew in investors seeking to hedge against the weaker greenback.
The Fed probably will stay in a holding pattern, with little incentive between now and the November presidential election to move rates either way, analysts say.
With the U.S. economy narrowly avoiding recession and inflation concerns rising, the dollar should advance further next week, though any sign of new job losses will dull its appeal and derail a sustained recovery.
The dollar fell to session lows versus the euro and traded flat against the yen as investors took profits ahead of the weekend after recent strong gains in the U.S. currency, traders said.
European shares extended gains in afternoon trade on Friday after U.S. core personal consumption expenditure (PCE) data met analysts' expectations.
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