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The dollar dropped to record lows against the Swiss franc Thursday as U.S. stocks fell following comments from Federal Reserve Chairman Ben Bernanke suggesting the possibility of more U.S. bank failures.
Oil rose towards $102 a barrel Thursday, trading within sight of its record high, as the U.S. dollar sank to a new low and after militant attacks cut supply from Nigeria, Africa's top exporter.
European stocks closed sharply lower Thursday, matching declines on Wall Street as Federal Reserve Chairman Ben Bernanke hinted that bank failures are around the corner.
A Bay Area suburb grappling with declining revenue and ballooning employee expenses may become the first city in the state to declare bankruptcy.
Fed Chairman Bernanke said some small U.S. banks might go under during the current housing market problems, but the U.S. bank system overall remained solid.
The world's financial market system remains fragile and the European Union should regulate if the private sector fails to make changes quickly enough, a draft report for next week's meeting of EU finance ministers said.
The U.S. economy is in a slowdown but not headed into a recession, President Bush said Thursday after new data showed slow fourth-quarter growth and a bigger-than-expected jump in unemployment claims.
The portion of U.S. junk bonds trading at distressed levels rose to 16.9 percent in February, up from 11.1 percent in January in a sign that defaults are headed higher, Standard & Poor's said on Wednesday.
US economic growth in the fourth quarter was unrevised at an annual pace of 0.6 percent, slowed by a collapse in spending on new homes and a slump in inventories.
Asian markets ended mostly lower Thursday as worries about the sickly U.S. economy were exacerbated by a falling dollar, which could prop up U.S. firms at the expense of Asia's exporters.
French consumer confidence fell to its lowest in more than two decades in February as accelerating inflation made households less inclined to make big-ticket purchases, national statistics office INSEE said on Thursday.
South Korea posted its biggest monthly current account deficit in almost 11 years in January as the goods trade account swung to a deficit while the services account deficit rose, central bank data showed on Thursday.
Japan's industrial production fell twice as much as expected in January, sending stock prices lower on heightening concern that the country's economy may slow down or even contract in the first quarter of 2008.
Oil slipped more than $1 Wednesday as rising inventories in top consumer the United States clipped a record rally past $102 a barrel.
The federal regulator for Fannie Mae and Freddie Mac will lift an investment cap, in a move that will free up billions of dollars for the mortgage finance companies.
Fed Chairman Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal that interest rates will again be lowered.
Market expectations that the European Central Bank will cut interest rates fail to consider the dangers of higher inflation, ECB Governing Council member Axel Weber said on Wednesday.
New US single-family home sales fell 2.8 percent in January to the lowest rate in nearly 13 years while the median sales price slipped and the housing overstock shrank.
Applications for U.S. home mortgages plunged to their lowest level this year, as rising long-term interest rates curbed incentives to refinance, an industry group's data showed on Wednesday.
New orders for long-lasting US-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected.