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
The European Central Bank kept rates on hold at 4 percent, as expected, on Thursday, sticking to its mandate to fight inflation at any cost. Economists now think the possibility of monetary easing is more likely as late as the fourth quarter.
The US trade deficit widened unexpectedly in February as imports of consumer and other goods set a record and grew faster than exports, which hit a record for the 12th consecutive month, a government report showed on Thursday.
The Federal Reserve will stop cutting interest rates once it is assured that the economic contraction is limited to the financial sector, PIMCO CEO Mohamed El-Arian told CNBC.
The Bank of England cut interest rates by 25 basis points to 5 percent on Thursday, amid continuing weakening in the housing market and as fears of an economic slowdown increased.
Asian markets closed mixed Thursday while the U.S. dollar remained weak on concerns about the impact of a credit crisis on the global economy and as record oil prices fuel inflation worries.
Wall Street banks are the first to be blamed for the credit crunch. Central banks come a close second, but as the Federal Reserve's image is suffering, the European Central Bank looks as solid as a rock.
Major Chinese banks expect sharply higher first-quarter earnings due to higher interest on consumer lending as Beijing grants lenders more flexibility in pricing loans, executives from three banks said on Thursday.
Japan's core machinery orders fell 12.7 percent in February after an unusually strong previous month, in an expected decline that is unlikely to alter the view that the Bank of Japan will sit tight on interest rates for now.
Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.
Overseas demand for oil has picked up so dramatically that it's now the driving force behind what we pay at the pump.
Oil jumped to a closing record close to $111 a barrel after a government report showed a sharp drop in U.S. inventories.
With oil prices topping $112/barrel and some analysts predicting the next stop to be $120, will OPEC finally step in and add crude to the market to tame prices? I doubt it will happen.
European shares closed down 0.75 percent on Wednesday, pressured by concern that financials may have to reveal more credit crunch-inflicted damage to their earnings.
The dollar extended its fall against the yen Wednesday, dropping to session lows as U.S. stocks deepened losses after a surge in oil prices.
When the 2008 presidential race began in earnest last year, no one could have imagined the Iraq war as a change of subject. But that’s what it was when Congressional testimony took John McCain, Hillary Clinton and Barack Obama away from the top campaign issue--the slumping economy.
U.S. wholesale inventories jumped 1.1 percent February, which was more than twice what analysts had expected, while sales fell 0.8 percent in the biggest drop in a year, according to a Commerce Department report released Wednesday.
The Federal Reserve is mulling further steps to address liquidity problems in financial markets should measures taken to date fail to gain traction, a Fed official confirmed Wednesday.
The Bank of England will probably cut interest rates to 5 percent Thursday, in the hope of alleviating the impact of the credit crunch, but inflation expectations are on the rise, adding to the central bank's dilemma, analysts told CNBC.com.
The European Central Bank's mission to fight inflation prevents it from worrying about economic weakness. But an abrupt slowdown could anger politicians and endanger the central bank's very mandate.
Asian markets took a turn into negative territory while the U.S. dollar stayed weak Wednesday as worries resurfaced about the economy and a global financial crisis. Japan closed 1.1% lower.
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