U.S.-Japan talks aimed at a trade deal seen as vital to a broader regional pact are in stalemate, Japan's economy minister said.» Read More
Investment bank Goldman Sachs has slashed its forecasts for economic growth in the United States, Japan and Europe, joining numerous forecasters who are abruptly changing view since the start of a global credit crunch.
Euro zone inflation rebounded in September above the European Central Bank's target for the first time in a year but market turmoil depressed economic sentiment, making another ECB interest rate rise less likely.
The chief executive of Freddie Mac warned that the U.S. economy faces a 40% to 45% risk of recession induced by the housing market downturn, the Financial Times reported on its Web site.
Asian markets finished the week mixed Friday with Australia setting a new record as the surge in oil and commodity prices boosted shares of resource producers. But Japanese stocks lost steam after yesterday's advance and finished the day weaker.
The U.S. Senate Thursday passed and sent to President Bush a temporary spending measure to keep the federal government running through Nov. 16, giving Democrats and Republicans time to work out budget disagreements.
Tight central bank monetary policies and well-grounded expectations of low inflation are to thank for low inflation in recent years, not globalization, Federal Reserve Governor Frederic Mishkin said on Thursday.
The probability of the U.S. economy slipping into recession has increased recently but is still less than 50/50, former Federal Reserve Chairman Alan Greeenspan said in comments broadcast on Friday.
I am writing this in Munich airport, yet again waiting for another delayed flight. Getting around Europe these days by aircraft is a frustrating business. Planes are full and aircraft movements appear to be overwhelming the ability of both the airlines and the air-traffic controllers to keep schedules. This notwithstanding the 'flexibility' of departure times already built into the timetable.
German lender IKB Deutsche Industriebank, whose near failure amid the subprime mortgage crisis sent shockwaves through Europe's financial sector, forecast its full-year loss could reach almost $1 billion.
German retail sales including vehicles and gas stations fell by 0.1% on the month in August in real and seasonally adjusted terms, preliminary Bundesbank data showed on Friday.
China on Friday unveiled a series of measures to tighten property lending in its latest attempt to cool the country's overheating real estate market and curb mortgage lending risks.
Japanese industrial production jumped in August and is seen rising further despite global market turmoil, while core consumer prices fell from a year earlier for the seventh straight month as expected.
Inflation in Australia accelerated to the top of the central bank's comfort zone in September, a private survey suggested on Friday, keeping the door open for yet another rise in interest rates.
The dollar fell to record lows Thursday, hit by fresh evidence that a weak housing market could crimp U.S. growth and force the Federal Reserve to cut interest rates again.
Stocks ended with modest gains as better-than expected employment data overshadowed negative news from the housing industry. "Jobless claims dropping below 300,000 is a very good sign," said Michael Darda, chief economist at MKM Partners. "It really doesn't look like the labor market is falling off of a cliff here."
Sales of new single-family U.S. homes fell 8.3 percent in August to a 795,000 annual sales pace, its slowest rate in over seven years, while the inventory of homes dropped, a Commerce Department report showed Thursday.
European Central Bank President Jean-Claude Trichet said excessive swings in foreign exchange levels are not good for growth. Meanwhile, the ECB lent $5.5 billion at a punitive rate on Wednesday, figures show.
The credit market squeeze helped to drive growth in euro zone corporate borrowing to a record high in August, figures showed on Thursday, as some firms found that their usual funding channels had dried up.
The economy rebounded with a good head of steam in the spring before a credit crisis raised new fears about longer-term business health.
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