U.S.-Japan talks aimed at a trade deal seen as vital to a broader regional pact are in stalemate, Japan's economy minister said.» Read More
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.
Many Americans allowed themselves to fantasize about large-screen TVs, European vacations and other luxuries when they learned of the federal rebates they'd be getting this spring and early summer.
Global food prices could rise further in the short term and keep rising over the longer term as supplies are unlikely to match increased demand, a European Central Bank note said.
U.S. personal spending rose by 0.2 percent in April as forecast and a key measure of inflation moderated, government data on Friday showed.
Would you believe it? It's already 10 years, since Riverdance power-danced the new bank for Europe through its inauguration at Frankfurt's venerated old opera, with great fanfare, festive speeches and "Ode to Joy", Europe's national anthem.
On the verge of the European Central Bank's 10th anniversary, the news on inflation doesn't look good. Against the bank's target of "below but close to" 2 percent, euro-zone prices rose 3.6 percent in May, compared with the year ago, back to a historic high, data showed on Friday.
Asian markets edged up Friday, led by exporters in Japan, as fears of a deep U.S. recession receded, but gains were capped by worries that inflation will cut into growth and lead to higher borrowing costs.
South Korea's current account surplus hit a three-year high in April as exports grew faster than imports, central bank data showed on Friday, helping push the won up sharply to a fresh 3-week high against the dollar.
Japanese annual inflation dipped to 0.9% in April, thanks to a short-lived cut in a gasoline tax, but economists warned this would bring just temporary relief and a new decade high loomed.
Stocks could close out the month of May with a tailwind, particularly if the commodities sell off continues.
Manufacturing activity in Japan fell in May to the lowest in more than six years largely due to declining output and new orders, according to a survey issued on Friday.
Bulls and bears are engaged in a furious fight today--bulls are emboldened because oil traders sold off oil, despite a bullish drawdown in inventory, and stock traders did not sell off the market when those bullish oil numbers came out.
New York City's financial sector might only slice 15,000 to 25,000 jobs in the current downturn, which could prove shorter than the mayor has predicted, the city comptroller said on Thursday.
Soaring inflation will continue to cause policy dilemmas for the Federal Reserve and other central banks as the global demand for commodities remains strong, Bill Gross, chief investment officer at PIMCO, told CNBC Thursday.
European stocks rose on Thursday, driven by a rally in energy shares as the price of crude oil broke back above $130 a barrel, while gains in the broader markets were tempered by fresh worries about the banking sector.
Get the best of CNBC in your inbox