BRUSSELS, Oct 21- Alerts and a story on a source saying the European Commission was planning to fine three banks for rigging Swiss franc LIBOR interest rates is withdrawn after the Commission said only one of the banks was being fined in that case, while the other two were fined in a cartel case involving spreads on Swiss franc interest rate derivatives.» Read More
Federal Reserve Chairman Ben Bernanke devoted a significant amount of his prepared testimony on the economics of the housing market, mortgage lending and regulation. Here are excerpts of his semi-annual monetary policy report to to House Committee on Financial Services, July 18, 2007.
Federal Reserve decision-makers signaled Thursday that downside risks to U.S. economic growth had diminished in June compared with May, suggesting a housing market downturn would not prompt near-term interest rate cuts.
An interesting email came into the Realty Check mailbox yesterday, an offer really. “Our company, 1-800-CashOffer, is a nationwide network of professional real estate investors. Our investors (including ourselves in our local market) help homeowners in financial trouble by providing them with a quick way to sell their homes for cash, often avoiding foreclosure and the associated damage to their credit rating.
The Bank of Thailand cut its benchmark 1-day repurchase rate by 25 basis points to 3.25% on Wednesday, confounding the majority of economists who had expected no change.
Allen Sinai, chief global economist at Decision Economics, told CNBC’s “Morning Call” that the stock market is not overvalued. ... He also said Federal Reserve Chairman Ben Bernanke gets high marks.
Earnings news is helping set the tone as some big positive reports are countering weakness in stocks ahead of inflation data.
Richard Hastings, senior retail analyst at Bernard Sands, told CNBC’s “Squawk Box” that the buying power of the bottom one-third of consumers is falling.
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.”