The Markit/ CIPS UK Services Purchasing Managers' Index slipped more than expected to 56.7, from 57.2 in January. But survey compiler Markit said wages-- a crucial issue for the Bank of England as it tries to decide when interest rates should rise-- were a "primary driver" behind an increase in costs in the sector. "The combination of relatively robust economic growth,...» Read More
The subprime fall-out continues to claim more victims. Merrill's came as a blow - and in what is now becoming predictable for financial companies trying to get ahead of the news agenda - UBS rushed out 24hrs early the bad news on exposure and trading outlook.
Major European markets ended in positive territory Monday, as anticipation of lower U.S. interest rates helped sentiment.
China will stay the course on monetary tightening and keep a lid on money supply and credit growth, a top central bank official said.
As investors wait with bated breath about whether the fed will cut rates, soaring oil prices were the week’s topic du jour.
The dollar slipped to record lows against the euro and a basket of currencies Friday as investors, faced with a run of weak U.S. economic data, anticipate a Federal Reserve interest rate cut next week.
Another late-day rally, this one not quite as robust as the last few days, but still the Dow was at 13,550 at 2 PM ET, so we rallied almost 125 points from that low to close at 13,671.
I noted this morning that the market seems to be placing a lot of faith in a Fed rate cut. Lowry's has noted that over the past three sessions, the Dow Industrials has gained 50, 53 and 68 points, respectively, in the final hour of trading.
So I'm sure many of you are scratching your heads trying to figure out how, amid the now constant din of the housing crisis, we suddenly get this report from the Commerce Dept. that new home sales and prices bumped up in September?? Well before everyone starts hailing the home builders and calling a big bad bottom to the market, a couple of key points:
Orders for big-ticket manufactured goods unexpectedly fell again in September, raising new worries about how much harm a severe housing slump and credit crunch are causing the overall economy.
Futures trading up as Motorola beat expectations and guided upward while EMC was in line and both are up nicely pre-open. There's strength in Europe, strength in Asia, third Quarter GDP in China rose 11.5%. That was in line with expectations. Chinese stocks are the only major market down in Asia, down 5%, probably on worries that more rate hikes are likely.
American billionaire investor Warren Buffett said Thursday he remains negative on prospects for the U.S. dollar and that problems in the U.S. subprime mortgage sector may continue to cause problems for some time.
New Zealand's central bank held interest rates steady at 8.25 percent on Thursday, as expected, but said rising food prices and increased government spending were adding to persistent inflation pressures.
So there’s a big press conference today to announce how Countrywide Financial is getting together with its harshest critic (until now) NACA, the Neighborhood Assistance Corp. of America.
U.S. mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards.
Underlying inflation in Australia speeded past expectations last quarter to hit the very top of the central bank's target range, sharply lifting the risks of a hike in interest rates as early as next month.
I could say, “What took you so long,” but that would be rude. Today, just three days before the nation’s largest mortgage lender announces its quarterly earnings, Countrywide Financial Corp. sent out a press release announcing a “comprehensive home preservation program to reach out to borrowers at risk of default.” Let’s boil it down:
The U.S. economy still faces pressure from a drawn-out housing-market slowdown but will "probably not" slip into recession as a result, former Federal Reserve Chairman Alan Greenspan said Tuesday.
Chicago Federal Reserve Bank President Charles Evans said on Monday that outside of housing the U.S. economy is "moving forward," and that the Fed could not afford to go soft on inflation.
You may or may not have heard, Rep. Barney Frank (D-MA), the chairman of the House Financial Services Committee, announced his legislation for mortgage lending reform today. This is expected to be the bill that will or will not change the way the mortgage business does business.
Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, thinks the worst is yet to come for the global economy. Appearing on CNBC's "Squawk Box," the economist and managing director of Marc Faber Ltd., explained his bearish outlook -- and offered advice for how to play a glum market.