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
The Japanese government stuck to its view that the economy was recovering despite weak industrial output, while noting weaker consumer confidence in its monthly economic report.
CNBC coverage of our "Trillion Dollar Survey" where Wall Street's top money managers and investment strategists weigh in on stocks, commodities, the credit markets, interest rates, the economy, the presidential election and more.
The Dow Jones Industrial Average closed at a new record high, even as renewed worries about a subprime spillover dragged on the broader market. "I think everything's going really well," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "We think the market is being driven mostly by full employment, low interest rates, low inflation and a reasonably good economy."
The Indian economy will likely grow 9 percent this fiscal year ending in March 2008, down slightly from a year earlier, the prime minister's economic advisory body said Monday. But infrastructure hurdles and a sluggish farm sector threaten longer-term prospects, the group said in an economic outlook report to Prime Minister Manmohan Singh.
The Organization of the Petroleum Exporting Countries said on Monday that world oil demand in 2008 will grow moderately, while supply from rival producers will expand, reducing the need for crude from the exporter group.
The stock market finished the week with the Dow Jones Industrial average and the S&P 500 closing at lifetime highs for a second consecutive day. The Nasdaq Composite shook off earlier weakness to close in the plus column.
The Dow and S&P 500 carved out new record highs after stocks rallied sharply later in the week following strong retail sales data and continued mergers and acquisitions activity. Through Thursday, the Dow Jones Industrial Average posted a weekly gain of 1.8%, the S&P 500 rose 1.1%, while the Nasdaq Composite rose 1.3%.
Proponents of "peak oil" -- the theory that global crude oil production has hit its zenith and is headed for a steep decline -- are steamed with a U.S. oil industry group's findings that the world has plenty of oil.
U.S. retail sales in June posted their biggest drop in nearly two years, according to government data Friday, indicating the housing slump and soaring gasoline costs are depressing consumer spending.
Rating agency Standard & Poor's said late Thursday that it downgraded $6.39 billion of subprime residential mortgage-backed securities after warning earlier this week that cuts were coming.
The Dow and S&P catapulted to new highs following strong retail sales data and a major corporate acquisition. "We started out with better than expected retail numbers and it just went from there," said John Massey, portfolio manager with AIG SunAmerica. "M&A deals came through better than expected and people put a lot of the concerns behind them."
The U.S. trade deficit widened in May as higher oil prices pushed imports to an all-time high, swamping a rise in exports, a government report showed on Thursday.
The Bank of Japan left its key policy rate unchanged for a fifth month at 0.50% on Thursday, a widely expected move that sets the scene for a possible rate hike next month.
The Bank of Korea on Thursday raised its key interest rate for the first time in nearly a year, amid expected strengthening economic growth and possible stronger inflation in the second half of the year.
Australian employment growth slowed in June from the furious pace of previous months while the jobless rate ticked up from 33-year lows, easing pressure for a restraining rise in interest rates.
Stocks closed higher as investors were encouraged by healthy merger activity and encouraging news for the worrisome subprime mortgage market. "There was concern today that there would be selling follow-through, but the markets are hoping earnings will propel things higher," said Peter Dunay, investment strategist at Leeb Capital Management.
A fine old storm we cooked up on the show this morning, and as is often the case the viewers were asking some of the toughest questions. Why had it taken the ratings agencies so long to decide some subprime debt needed reviewing? What else could be out there and are the agencies playing catch up?
U.S. mortgage applications rose last week, fueled by increased demand for home purchase loans even as interest rates hit their highest level in nearly a year, an industry group said Wednesday.
European banking stocks were among the hardest hit in a global selloff Wednesday as investors feared U.S. subprime weakness could spread to European mortgage lenders.
Japan's current account surplus expanded for the fifth straight month in May, rising 31.1% from a year earlier, the Finance Ministry said Wednesday, auguring well for economic growth in the second quarter.