China on Tuesday began its annual Central Economic Work Conference (CEWC), where policymakers will set out the closely-watched 2014 growth target.» Read More
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%.
Subprime-battered mortgage lenders are shutting down, fewer homes are being built, and even some of the big U.S. retailers are planning conservatively for Christmas holiday sales.
Talk about a recession from a very small group of people need to be balanced against the fact that no major strategist is predicting a recession. Many are trimming their forecasts slightly, but that is a long way from a recession. Even Ben Bernanke maintains a forecast of "moderate" growth of 2.5% in the GDP this year, and a slight expansion in 2008.
Earlier this week I asked you to vote on whether or not you are putting off a new car, and the number of e-mails and votes on our web poll has prompted me to end this week with the reason why many of you are putting buying a new car or truck. The answers might surprise you.
The European Central Bank is not set on raising rates in September, and its recent reference to its Aug. 2 policy statement was intended to keep options open, national central bank officials have told Reuters.
New orders for long-lasting U.S.-made manufactured goods surged a much bigger-than-expected 5.9 percent in July, the biggest gain since September, and a business investment gauge posted the first gain in three months, a Commerce Department report showed on Friday.
France on Friday kept up the pressure on the European Central Bank to take account of global financial market turmoil and economic growth when setting interest rates, and said a September rate rise was not a done deal.