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Stocks are striking a sour note before the open, with market talk focused full force on the Fed.Traders are also watching a Fed report, due at 10 a.m. New York time on the amount of commercial paper outstanding. Second quarter GDP, released this morning, was revised to 4% from 3.4%.
Private equity firm Kohlberg Kravis Roberts is unlikely to make major compromises in talks with banks over the financing of a $24 billion deal to take over electronic payment processor First Data, the Wall Street Journal reported on its Web site on Thursday.
Government officials said Thursday that Finance Minister Jin Renqing resigned for "personal reasons," amid concerns of surging inflation and just weeks ahead of an expected reshuffling of top government positions.
Asian markets mostly finished higher Thursday, but were off their morning highs. Volumes were thin amid a dearth of strong incentives, with many market participants holding back ahead of a long weekend in the United States. Japan and South Korea both closed almost 1% higher.
The U.S. Federal Reserve is not rushing to cut benchmark interest rates because it wants to break investors of the view that the central bank is there to bail them out, an article in the Wall Street Journal said on Thursday.
The Bank of Japan policy board's lone advocate of a rate hike said on Thursday a cut in U.S. rates would change the basis of discussion, as central banks wonder how gyrating markets will affect the world economy.
Retail sales in Japan fell 2.2% in July from a year earlier for their biggest decline in more than two years, hit by a prolonged rainy season and an earthquake, the Ministry of Economy, Trade and Industry said on Thursday.
The 2008 presidential race will produce a sharp debate over tax policy–-on individuals, estates, investments and corporations. But voters will have to wait for the general election to hear it. That’s because there’s substantial agreement on the biggest policy questions within each party’s field of primary candidates. And for now, those broad areas of consensus have left primary rivals to bicker at the margins.
CEOs, politicians and economists are bringing up the "R" word these days. And nearly all of them have a simple solution: the Fed should cut interest rates--and soon.
Stocks ended broadly higher as investors were hopeful the Federal Reserve will lower interest rates next month. "You had more people positive today that the Fed is going to cut rates," said Todd Leone, head of listed trading at Cowen & Co. "A lack of bad news is really the main thing moving the markets today -- as long as you don't hear anything negative, the market does OK."
1st paragraph of story should go here
I blogged yesterday about the possibility that the campaign finance questions kindled by the Wall Street Journal yesterday--which involved a top fund-raiser named Norman Hsu--could get any worse for Democratic front-runner Hillary Clinton. That is precisely what happened today.
Thoughts of a decent rally this week rest largely on the hope that Ben Bernanke will address the slowing economy at his Jackson Hole speech this Friday. They are emphasizing that, since the FOMC meeting August 7th, things HAVE changed, the Fed HAS seen more risk (e.g. they cut the discount rate), and Mr. Bernanke will address those increased risks on Friday.
Carlyle Capital, the troubled mortgage-backed securities fund belonging to U.S. private equity firm Carlyle Group, said the current liquidity shortages are worse than those encountered during the 1998 crisis.
Asian stocks closed lower across the region Wednesday as investors shunned riskier assets on the renewed fears about the health of the U.S. economy. But markets were off their lows with South Korea closing just slightly in the red after plunging as much as 3% at one point during the session.
Fed policymakers in early August acknowledged they might have to ease a growing credit crunch but hoped for "more normal market conditions" without intervention.
House prices across the nation declined by 3.2% in the second quarter from a year earlier, suggesting the housing downturn has deepened, according to the S&P/Case-Shiller Index.
If you think the decline in home prices is bad now, just wait. Two reports out his week show the once high-flying housing market is quicky losing altitude and that prices are likely to head still lower.
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.
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