The WTO ministerial meetings wrap up in Bali later on Friday. CNBC's Lisa Oake reports on the chances of a last-minute deal.» Read More
U.S. consumer confidence deteriorated in August to its lowest in a year on concerns about a softening labor market and market turmoil stemming from the subprime mortgage crisis, a business research group said on Tuesday.
The two weak links in yesterday's market--housing and brokerage stocks--continued to be the weak links today. House prices declined 3.2% in Q2 from a year earlier, according to the S&P/Case-Shiller U.S. National Home Price Index. Home builders like Centex, Lennar and DR Horton down 4%-6% this morning; most builders are at multiyear lows.
It's finally happening: analysts are lowering estimates on investment banks, just a few days before the quarter closes for many of them. Merrill Lynch's Guy Moszkowski downgrades Bear Stearns, Lehman Bros. because of their greater dependence on debt markets; they note that Merrill and Morgan Stanley are more diversified.
Carlyle Group will lend another $100 million to troubled Carlyle Capital, a highly-leveraged fund in which its partners have a minority stake, the Wall Street Journal reported Tuesday.
German business confidence slipped again in August for the third month in a row amid volatility on global financial markets, a closely watched survey showed Tuesday, but the decline was smaller than expected.
China has only limited exposure to problems in the U.S. subprime market, and its commercial banks have set aside adequate provisions for dealing with the problems, an assistant central bank governor said on Tuesday.
Asian stocks mixed Tuesday as fresh fears about the outlook for the U.S. economy offset healthy profits and orders at firms in the region, while the yen firmed as investors trimmed exposure to riskier assets.
Some Bank of Japan policy board members expressed concern in early July about the risks of U.S. subprime mortgage problems spilling over to global financial markets, minutes of the BOJ's July 11-12 meeting showed on Tuesday.
Stocks closed broadly lower at the end of a light-volume trading session as continued weakness in financial stocks brought down the major indexes. The Dow fell 56 points, closing near the lows of the trading session, while the S&P 500 and Nasdaq Composite ended with respective losses of 0.9% and 0.6%, respectively.
The pace of sales of pre-owned U.S homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector.
Asian stocks were stronger in the afternoon session Monday with markets taking cues from a Wall Street rally triggered by surprisingly strong economic data, while the Japanese yen weakened against the U.S. dollar as risk appetite strengthened.
European stocks closed mixed in the afternoon session Monday, after European Central Bank President Jean-Claude Trichet kept the options open for euro-zone rate moves ahead of an ECB monetary policy meeting next week.
European Central Bank President Jean-Claude Trichet said on Monday his remarks on August 2 were made before the current market turbulence, leaving the options open on whether the ECB will raise its key interest rate at a meeting next week.
Stocks start the week on a weak note as investors await existing home sales data at 10 am New York time. A flurry of takeover headlines is getting attention, most importantly the revised deal by three private equity firms for Home Depot's service unit. The three buyers, Bain Capital, Carlyle Group and Clayton, Dubilier and Rice, agreed to buy the unit for $8.5 billion, 18% less than the original price agreed in June.
Economic confidence among U.S. small business owners fell in August as a slowing housing market soured sentiment, and 41 percent said they had recent cash flow troubles, according to a survey released Monday.
Perhaps more than any other comment, the one I hear the most from readers is "when are we gonna see cars and trucks with better mileage?" Typically those comments are followed by questions about hybrids, diesels, or sometimes even electric models. I bring this up because we are at a crossroads in the auto industry. On Friday, GM showed reporters a new engine it's developing that, in theory, will be 15% more fuel efficient.
The risk of massive defaults on subprime mortgages and heavy debts now poses a bigger threat to U.S. economic prosperity than terrorism, a panel of U.S. business economists said on Monday.
Job losses in the U.S. construction sector could top one million if a housing downturntips the economy into recession and tighter access to credit dampens business investment.Strength in nonresidential construction may continue to offset a downturn in housing for now, but recent turmoil in credit markets suggests job losses may accelerate in the sectorin the next few months.
Stocks ended higher at the end of a quiet week of trading, as investors were encouraged by further moves by the Federal Reserve and a vote of confidence for the nation's largest mortgage lender. The Dow Jones Industrial Average posted a weekly gain of 1.8%, the S&P 500 rose 1.7% and the Nasdaq Composite advanced 2.1%.