WASHINGTON— Average U.S. long-term mortgage rates continued to slide this week, raising prospects of a wave of consumers refinancing their loans. The 30- year mortgage fell further below 4 percent. Mortgage company Freddie Mac said Thursday that the nationwide average for a 30- year loan declined to 3.92 percent from 3.97 percent last week— the lowest level...» Read More
Stocks are setting a positive tone ahead of the opening even as oil continues its move up. Merger news, real and rumored, dominates the Monday morning headlines.
What a week. The earnings parade arrives, two key reports on inflation are released and Fed Chairman Ben Bernanke makes two appearances before Congress. The stock market's red hot rally at the end of the past week was fired in part on expectation that global growth will continue to pump up earnings, and a slew of corporate report cards will be dealt out next week when banks, techs, airlines and others report quarterly results.
New data this week show the number of foreclosures nationwide continues to surge, while realtors predict home prices will fall further this year and next than they had previously forecast. And with an estimated 2 million adjustable rate mortgages resetting this year, $500 billion worth of subprime alone, the foreclosure numbers have nowhere to go but up.
U.S. stocks are ready to rise at the open after equities markets worldwide set records of their own on the back of Wall Street's big rally.
An explosive bid for Canada's Alcan is giving a positive psychological lift to stocks as traders watch a flood of monthly sales reports from retailers.
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.
Despite anxiety over subprime loans, tightening credit and weak housing, the U.S. stock market seems to keep bouncing back. Why? On "Morning Call," Bill Schultz, chief investment officer at McQueen, Ball & Associates, and David Dietze, president & chief investment strategist at Point View Financial Services, offered their takes.
The U.S. stock market headed toward an indifferent opening with futures bouncing above and below fair value after Tuesday's selloff. A new round of subprime debt fears on Wall Street spurred selling in equities markets around the world.
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.
The market is on Fed watch today as traders await a speech by Fed Chairman Ben Bernanke on inflation. Stocks are weaker ahead of the open this morning after some negative earnings news. European markets are trading lower and Asia was mixed overnight.
With the U.S. economy creating jobs at a steady pace, the Federal Reserve will need several months of softer price gains and evidence wages are not picking up before its anxiety about inflation subsides.
Peter Andersen, portfolio manager at Dreman Value Management, told CNBC’s “Morning Call” that a slight dip in second-quarter earnings won’t kill the rally. “I think [earnings will] probably will slow down a bit,” Andersen said Monday. “We’ve had a phenomenal rate of increase over the past two years. To take a little bit of a breather in one quarter, I don’t think that’s much of a concern.”
Boom! Monday morning and the Chinese markets notch up 3% intra-session. Oil hangs on to $75 a barrel, the dollar is firm and European bourses are fired up to make early gains. If the de-risking trade is on-going into what traditionally should be a Summer slowdown then it is proving tricky finding the evidence.
Britain's Premier Foods Plc said trading had been hit by interest rate rises and its shares slipped more than 5% to a seven-month low after analysts trimmed their earnings forecasts.
British housebuilder Bovis Homes said on Monday its first-half profit met its expectations but struck a cautious note on prospects and reported a slowdown in visitors and reservations.
Jordan Kimmel, market strategist at National Securities, told CNBC’s “Power Lunch” that the U.S. economy is strong and the market will go higher. Elizabeth Miller, managing director at Trevor Stewart Burton & Jacobsen, agreed that economic conditions are good: “I think we’ve got a stool with all three legs: global liquidity, decent earnings growth, and reasonable valuations.”
Michael Darda, chief economist at MKM Partners, told CNBC’s “Morning Call” that Friday’s strong jobs report probably means the Federal Reserve will increase interest rates. John Ryding, chief U.S. economist at Bear Stearns, believes the Fed will stay "on hold for a while " -- and then likely raise rates.
Market pros will be looking closely at the tech sector in the upcoming earnings season, but for investors seeking a quick pop, they need look no further than the energy sector as oil prices remain at record levels.
Current U.S. interest rate policy should promote a further drop in inflation although risks are still skewed toward higher prices, San Francisco Federal Reserve President Janet Yellen said on Thursday.