Russia said its currency crisis was over despite its forex reserves plunging and inflation surging over 10 percent, in its worst economic crisis since 1998.» Read More
Stocks tumbled after General Motors and Ford reported sharp drops in May sales. Prior to the news, it was a yo-yo session as a $2 drop in oil prices dragged on energy stocks and concerns lingered about financials. The market popped several times after some good news, including a jump in factory orders, GM's restructuring plan and comments from Federal Reserve Chairman Ben Bernanke, but gains quickly fizzled.
Cash-strapped Americans are ringing up more purchases on their credit and debit cards, but there could be a steep price to pay ahead.
If you buy one of Michael Crews Development’s luxury homes, priced at around $1.6m, you get a 2,000 square-foot cityscape row-home worth $400,000 for free. The luxury home is in San Pasqual Valley, the row-home in Escondido. Oh, and the row homes last year were selling for around $529,000.
Stocks opened higher after Federal Reserve Chairman Ben Bernanke gave further indication that the central bank was comfortable with current interest rates and General Motors announced a restructuring plan that will close four North American plants.
Fed Chairman Ben Bernanke issued a rare warning on the risks that a weak dollar poses for inflation, but said U.S. interest rates are "well positioned."
U.S. stock index futures edged higher after General Motors said it would stop production at a truck plant in Canada and three others in North America.
If there are 5 million homes for sale and 660,000 of them are previously occupied, now-foreclosed homes, that means that one in seven homes on the market today is a foreclosed home. One in seven!
European stocks are set to stay range-bound this week as the subprime crisis continues to take its toll on confidence and rising inflation means investors do not expect the European Central Bank to cut rates any time soon.
The Fed probably will stay in a holding pattern, with little incentive between now and the November presidential election to move rates either way, analysts say.
The trouble is that of all those “workouts” 106,000 were repayment plans, while approximately 77,000 were loan modifications. Critics argue that repayment plans don’t always get borrowers out of the total soup, especially if their adjustable-rate loans haven’t even reset yet.
Many Americans allowed themselves to fantasize about large-screen TVs, European vacations and other luxuries when they learned of the federal rebates they'd be getting this spring and early summer.
U.S. personal spending rose by 0.2 percent in April as forecast and a key measure of inflation moderated, government data on Friday showed.
Would you believe it? It's already 10 years, since Riverdance power-danced the new bank for Europe through its inauguration at Frankfurt's venerated old opera, with great fanfare, festive speeches and "Ode to Joy", Europe's national anthem.
On the verge of the European Central Bank's 10th anniversary, the news on inflation doesn't look good. Against the bank's target of "below but close to" 2 percent, euro-zone prices rose 3.6 percent in May, compared with the year ago, back to a historic high, data showed on Friday.
Japanese annual inflation dipped to 0.9% in April, thanks to a short-lived cut in a gasoline tax, but economists warned this would bring just temporary relief and a new decade high loomed.
Soaring inflation will continue to cause policy dilemmas for the Federal Reserve and other central banks as the global demand for commodities remains strong, Bill Gross, chief investment officer at PIMCO, told CNBC Thursday.
The culprit is fears of inflation, thanks to high gasoline prices. But even more troubling is the chance that the Fed will raise interest rates, which don’t correlate exactly to the 30-year fixed, but which will push up rates on some adjustable-rate mortgages and home equity lines of credit.
Two Federal Reserve policy-makers warned on Wednesday that interest rate increases might be needed before too long to curb inflation, even as the United States struggles with a weak economy.
For many many months I’ve heard many many policy-makers, lawmakers, and decision-makers argue for the good of those poor borrowers who were tricked into faulty mortgage products. They paint a picture of not ignorant, but perhaps uneducated folk who truly believed that they were buying into a sound financial scenario.
A rise in fees has led to growing dissatisfaction with retail banks, which may be sacrificing long term growth in favor of short-term gains, J.D. Power and Associates said in a study.