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
"It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy."
The Fed will take the necessary steps to shelter the economy from turmoil in financial markets but will not bail out investors, Chairman Ben Bernanke said.
Traders are expecting lots of volatility in September around the Fed meeting, brokerage earnings reports, triple witching expiration, and an historically poor performance in September. In other words, lots of apprehension and few are expecting any real gains in the month ahead.
A sharp drop in investment and government spending more than halved quarterly euro zone growth for April to June, but this is unlikely to stop further ECB interest rate rises as analysts expect the economy to pick up.
Asian stocks closed mixed in subdued trading on the lack of a lead from U.S. markets which were closed on Monday for a public holiday.
Australia's economy sped ahead last quarter as a boom in business and government spending outstripped all expectations, reviving speculation interest rates could have to rise yet further to curb inflation.
British retail sales picked-up pace in August as weather conditions improved but growth remained weaker than earlier in the year, the British Retail Consortium said on Tuesday.
Asian markets were mixed Monday, as investors stayed cautious in spite of reassuring statements by U.S. President George W. Bush and Fed Chairman Ben Bernanke on sheltering the economy from the turmoil in the markets.
British manufacturing activity surged to a three-year high in August, driven by the strongest production growth since 1994, a survey showed on Monday in a sign that rising interest rates are not stifling industry.
Japanese companies reduced spending on plant and equipment by 4.9 percent in April-June compared with the same quarter a year earlier, a Ministry of Finance surveyshowed on Monday.
Australian businesses added to inventories at a slower pace last quarter amid subdued sales, suggesting stocks subtracted more from economic growth than first thought.
Police tightened security Sunday as senior officials from Pacific Rim nations began meetings to prepare for a summit of regional leaders that will tackle trade and global warming.
President Bush outlined reforms on Friday aimed at helping subprime mortgage borrowers. This marks the administration's first public response to the subprime housing crisis since the problem began gathering in February.
Here are the latest video reports from Jackson Hole, Wyo., where Federal Reserve Chairman Ben Bernanke said that the central bank is prepared to act "as needed" to help provide liquidity to the financial system but won't bail out investors who made bad decisions.
Stocks ended another volatile week on a positive note as investors were cheered by President Bush's plan to help distressed homeowners and Fed Chairman Ben Bernanke's stance that the central bank will act as needed to address credit concerns.
Fred Thompson begins something next week that in most circumstances would seem totally implausible: limping into a presidential race long after competitors set off with a running head start. Smart money isn't betting the ex-Tennessee senator will overtake them. His hope is that the chaotic, shifting 2008 guideposts offer precisely that kind of course that a chaotic, shifting campaign can navigate.
After watching for weeks as the mortgage meltdown roiled the markets and squeezed homeowners, President Bush inserted himself directly into the matter today. It remain unclear how much his intervention will help investors, lenders or homeowners. But there's no mystery about why he did it.
On Friday, Federal Reserve Chairman Ben Bernanke will address the annual monetary conference held in Jackson Hole, Wyo. Amid the U.S. subprime mortgage mess, tightening global credit and a volatile market, everyone is waiting on what Bernanke will say -- and do.
Economic data released Friday showed inflation under control in July while U.S. factories were busier than forecast, portraying a resilient economy in little need of an interest rate cut.
President Bush outlined reforms to help struggling subprime mortgage borrowers. This is the president's first formal response to the subprime housing crisis since the problem began snowballing this past February.
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