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Covering market meltdowns is tough. Most people are affected in some way when the market plummets as it did Thursday -- and has been doing on a regular basis over the past month. ... For those covering it, it’s difficult to put aside the uncomfortable feeling that your portfolio is taking a major hit, even as you try to make sense of it all for our viewers. My first experience with this phenomenon occurred during the now-infamous crash of 1987.
The yen had its biggest one-day gain versus the dollar in almost nine years Thursday, as investors unwound risky trades financed with borrowed yen, on fears of a global funding crisis. The yen soared against all major currencies and hit its strongest level since November against the euro.
We had a great discussion on "Squawk Box Europe" this morning about clarity of vision -- as in do we now have a good understanding of the depth of this credit event?
Annual inflation in the 13-nation euro zone currency area eased to 1.8 percent in July to stay well within the European Central Bank's target area even though economists expect it to raise interest rates next month.
Consumer prices in Germany rose 0.4% in July from June and were up 1.9% from a year earlier, according to final figures from the Federal Statistics Office.
U.S. stocks closed near the lows of the session as a return of credit market concerns sparked declines. "I think the market is trying to find a bottom, but the psychology is brittle," said Alec Young, equity market strategist at S&P. "There are concerns with the liquidity problems right now, with credit spreads widening out and where is the next shoe to drop."
China has sent the U.S. notices regarding pork shipments that may have contained ractopamine, a swine growth promoter used in the U.S. but banned in China, a U.S. Agriculture Department official said.
Investors fled to the safety of Treasury debt Wednesday but shied away from other government paper, such as those issued by Ginnie Mae and Fannie Mae.
Falling gasoline costs held U.S. consumer prices nearly in check in July and industrial output rose, according to data that suggested the economy was sound despite credit fears in financial markets. Other reports Wednesday showed a slight dip in New York state manufacturing activity this month and a decline in the amount of capital flowing into the United States in June.
The dollar rose against the euro, and the yen rallied on Wednesday after investors cut exposure to carry trades as losses in the U.S. subprime mortgage market widened.
U.S. homebuilder sentiment slid in August to its lowest level since January 1991 as tighter lending standards weighed on builder confidence, the National Association of Home Builders said on Wednesday.
Britain's unemployment rate was 5.4% in the three months through June, down 0.2 percentage points from the previous quarter, the government said Wednesday.
China's industrial output slowed more than expected in July after tax changes made exports less attractive, suggesting to some economists that the country's politically sensitive trade surplus may shrink in coming months.
Stocks closed sharply lower, with the Dow dropping more than 200 points, amid continuing anxiety about the credit markets and a weak earnings outlook from Wal-Mart. "I still feel the market is headed for a lower low," said Byron Wien, chief market strategist at Pequot Capital Management.
The task of watching literally thousands of headlines go by each day in search of breaking news can be mind-numbing. In order to preserve sanity and still do the job well, any good newsperson will develop a mental filtering system. ... But every so often, you find it’s time to readjust the radar.
Oil prices rose on Tuesday as concerns about a newly formed tropical storm in the Atlantic countered fresh troubles in credit markets.
The euro touched a six-week low against a broadly firmer dollar Tuesday as investors shunned the single currency on renewed concerns European banks may face losses related to the U.S. subprime mortgage market.
U.S. producer prices rose by a more-than-expected 0.6% in July, Labor Department data on Tuesday showed, but the gain was driven by energy costs and core inflation facing producers grew only slightly.
Euro zone economic growth slowed far more sharply than expected in the second quarter as industrial production stalled in June, data from the European Union's statistics office showed on Tuesday.
he French economy grew at a disappointing pace in the second quarter, held back by sluggish exports and stagnant business investment, official data showed on Tuesday, raising fears about the outlook for the year.