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Isn't this just like that country-fair game where you use a hammer to beat down characters that pop out of a hole? (Know in the U.S> as Whack-a-Mole.) The harder you beat each one down, the faster they pop up in another location. I doubt this is an original analogy, but it is still a useful one for understanding this credit crisis.
China's wholesale inflation rate unexpectedly slowed in July, showing cost pressures at the factory gate remain in check despite a food-related surge in consumer prices.
China's trade surplus shrank slightly to $24.4 billion in July from a record high of $26.9 billion in June as both exports and imports increased much faster than expected.
U.S. Stocks ended sharply lower on renewed fears about credit markets and global liquidity. "The message of the markets today is that the credit problem is significantly more than what was being forecast or expected by private sector economists and the Federal Reserve," said Hugh Johnson of Johnson Illington Advisors. "This sharp decline is very scary."
Financial stocks got hammered again on Thursday as renewed credit worries scared investors away from the sector. Housing stocks, however, showed surprising strength even with the growing problems in the subprime mortgage market.
U.S. Treasury prices rose Thursday as investors shunned riskier assets for the safety of government bonds on signs that turmoil in U.S. credit markets has spread abroad.
The Federal Reserve pumped $24 billion into the U.S. banking system Thursday in a larger-than-usual daily operation, but analysts said the move did not compare to an effort by the European Central Bank to prevent money markets from seizing up.
The number of U.S. workers applying for jobless benefits rose by 7,000 last week to a level slightly higher than expected but still underscoring steady labor market conditions, government data on Thursday showed.
The European Central Bank injected 94.841 billion euros ($129.74 billion) into euro-zone money markets on Thursday to help calm to jittery markets roiled by credit problems.
Should you be getting ready to buy the dips? Sounds more sensible than trying to forecast shark attacks.
Australian employment revived in July as more people got full-time jobs, holding unemployment near 33-year lows and keeping upward pressure on wages and inflation.
South Korea's central bank surprised markets on Thursday with its first ever back-to-back monthly rise in interest rates, aiming to rein in surging money growth, in a move which sent bond prices plunging but boosted the won.
U.S. stocks powered to a sharply higher close in a volatile final hour of trading after the markets were roiled by rumors and comments from President Bush. "The rollercoaster ride is not over yet," said Stuart Schweitzer at JP Morgan Private Bank. "I think we're in the fourth inning on subprime and credit-related issues, but this economy is resilient."
Treasury Secretary Hank Paulson told CNBC that the U.S. economy remains healthy but troubles in the housing market may take some time to play out. Paulson also said he was not concerned with a recent report suggesting China may retaliate economically if the U.S. imposes trade sanctions to force a revaluation of the yuan.
Investment-grade U.S. corporate bond sales are rebounding following a recent downturn as Merrill Lynch, Citigroup, Kraft Foods and several other companies launched offerings on Wednesday.
The yen fell across the board Wednesday, after a Federal Reserve statement cooled expectations for a near-term U.S. interest rate cut and boosted stocks and other riskier assets.
Oil rose Wednesday, as draws in U.S. crude and gasoline stockpiles overcame wider concerns about the health of the world's largest economy.
In just eight words, the Federal Reserve waded deeper into a touchy debate over whether consumer spending can stand up to a housing market downturn.
The pace of U.S. home sales will fall further this year than earlier expected, but prices will drop less sharply than previously thought, a leading real estate trade association predicted Wednesday.
Inventories on U.S. wholesalers' shelves rose 0.5 percent in June, slightly more than expected, mainly due to larger stocks of automobile and nondurable goods, government data showed on Wednesday.