CNBC's Tyler Mathisen looks back at the week's top business and financial stories. The economy grew at 3.5 percent and gas prices continued their plunge to the lowest levels in 4 years. Consumer spending drops, and Apple's Tim Cook tells the world he's gay.» Read More
Australia's central bank said on Friday it had intervened in foreign exchange markets overnight in an effort to restore some liquidity to the market for the Australian dollar.
Keep an eye on big commercial banks like Citi, JP Morgan and Bank of America: They have extensive retail banking operations and are far more diversified and better at laying off risk (often to foreign banks) than the investment banks
A few hours after that sad alert went up on First Magnus Financial's home page, I received a note from a mortgage broker crony of mine. He forwarded me a note from a local First Magnus contact of his.
The yen had its biggest one-day gain versus the dollar in almost nine years Thursday, as investors unwound risky trades financed with borrowed yen, on fears of a global funding crisis. The yen soared against all major currencies and hit its strongest level since November against the euro.
A friend sent this in... not sure where it came from, but oh how true!!
We had a great discussion on "Squawk Box Europe" this morning about clarity of vision -- as in do we now have a good understanding of the depth of this credit event?
St. Louis Federal Reserve Bank President William Poole said on Wednesday financial market turmoil had not undermined the U.S. economy and there was no need for the central bank to ride to the rescue with an emergency rate cut.
A bruising selloff in world stock markets is about to extract more pain on Wall Street, where stock index futures are pointing to a sharply lower opening.
So we are finally approaching the mythical "correction" phase: the S&P 500 is 9.5% off its historic high of July 19, close to the 10% that is considered a "correction."
I'll admit it; I don't get it. The National Association of Realtors reports that prices in the nation's housing markets are rebounding. They're still in the negative, down 1.5% nationwide in Q2 2007 from a year ago, but apparently fewer markets are in the negative than in the two quarters before. The NAR's economists call it "flat." Not to mention that they show sales are down 10.8% in Q2 2007 from a year ago.
The dollar rose against the euro, and the yen rallied on Wednesday after investors cut exposure to carry trades as losses in the U.S. subprime mortgage market widened.
Wall Street is bracing for a weaker opening, joining a sell off in stock markets around the world. Europe's major markets were lower after a selling spree across Asian markets, sparked by credit fears.
More credit problems surfaced in the financial sector on Tuesday, battering stocks and fueling worries that things will get worse before they get better. "The market is still jittery," said Stephen Porpora, managing floor broker with William O'Neil. "Everybody's looking for the next shoe to drop in this subprime problem."
La Jolla-based DataQuick is out with the latest stats on Southern California, and it's darned near ugly. Home sales are at their lowest since the mid 1990s. Sales in LA, Riverside, San Diego, Ventura, San Bernardino and Orange counties were down 11.4% from last month and down 27.4% from July 2006. READ MORE
I was reading some wire copy on Countrywide this morning, and it left me scratching my head. The company reports that foreclosures and delinquencies among home loans that Countrywide services rose in July to their highest level in several years... delinquencies up a full percentage point and foreclosures up a half point. The company reports it made 14% fewer home loans in July than in June and applications fell 15% to a nine-month low.
The U.S. Federal Reserve took the unusual step of refraining from undertaking an openmarket operation so far Tuesday, in the aftermath of last week's substantial infusions of liquidity into the banking system.
The euro touched a six-week low against a broadly firmer dollar Tuesday as investors shunned the single currency on renewed concerns European banks may face losses related to the U.S. subprime mortgage market.
The European Central Bank lent banks 73.5 billion in extra funds on Tuesday, topping up their coffers for one week to help ease tensions in the euro-zone credit markets.
I was struck today by a comment from Dollie Lenz of Prudential Douglas Elliman. She deals with the highest of the high-end properties; the ones that everyone has been saying are immune to any troubles in the mortgage market. These folks aren't subprimers; in fact, many of them don't even take out mortgages.
The subprime meltdown is spreading to other parts of the mortgage market. So-called jumbo loans--those above $417,000--are getting more expensive and difficult to get.