* Market tests Japan’s willingness to intervene
* Dwindling U.S.-Japan yield gap seen hurting dollar
* Euro hits record low against Swiss franc on risk aversion (Adds detail, updates prices, changes byline, changes dateline, previous LONDON)
The yen rose toward a 15-year high against the dollar on Tuesday as investors shrugged off the Bank of Japan’s latest easing [...]
Archive for August, 2010
FOREX-Yen nears 15-year peak versus dollar; euro rises
August 31st, 2010 by Financial Writer
Tags: bank of japan, currency market, Federal Reserve, financial, investors, wells fargo
more...Japan Yen Intervention May Fail Without U.S., European Union Coordination
August 29th, 2010 by Financial Writer
Any effort by Japan to weaken the yen after it rallied to a 15-year high may fail without help from the U.S. and the European Union, currency strategists say.
Speculation that Japan may intervene in the foreign- exchange market rose after Prime Minister Naoto Kan said Aug. 27 the government is ready to take “bold” action. [...]
Tags: bank of japan, currency market, economic recovery, Global Economy, investors
Bernanke Signals Fed Is Ready to Prop Up Economy
August 27th, 2010 by Financial Writer
The Federal Reserve chairman, Ben S. Bernanke, said Friday that the central bank was determined to prevent the economy from slipping into a cycle of falling prices, even as he emphasized that he believed growth would continue in the second half of the year, “albeit at a relatively modest pace.”
To help sustain the economy, Mr. [...]
Tags: ben bernanke, borrowers, central bank, economists, european central bank, Federal Reserve, IMF, interest rates
China’s top banks face harsh reality after strong H1
August 26th, 2010 by Financial Writer
Top Chinese lenders ICBC (1398.HK) and Bank of China (3988.HK) signaled a peaking of earnings growth after strong second-quarter profits, as they slowed their lending and focused on asset quality.
Chinese banks, which are trying to become more commercial and move away from their policy-based lending past, have benefited over the past year from a jump [...]
Tags: bank of china, Chinese economy, economy recovery, financial system, Global Economy, money, real estate sector
Canadian Stocks Fall as U.S. Manufacturing Data Trail Forecast
August 25th, 2010 by Financial Writer
Canadian stocks fell for a third day after the U.S. reported a smaller increase in durable-goods orders than forecast and an unexpected drop in home sales.
Manulife Financial Corp., North America’s third-largest insurer, dropped 2.9 percent as U.S. new-home sales slumped to their lowest level on record. Canadian Imperial Bank of Commerce, the country’s fifth-biggest bank, [...]
Tags: commerce department, economists, financial system, home sales, housing market, money, stock market, us unemployment
Stocks drop on global economic worries
August 24th, 2010 by Financial Writer
NEW YORK — Stocks retreated Tuesday as worries continue to mount about the pace of a global recovery.
U.S. traders braced for another disappointing report on the housing market later in the day. Overseas markets tumbled.
The Dow Jones industrial average fell more than 100 points in morning trading. Broader indexes also fell more than 1 percent. [...]
Tags: Dow Jones Industrial, economic growth, global recovery, home sales, housing market, interest rates, mortgage rates, Nasdaq composite, stock market, unemployment rate
Hoenig: Big banks may still threaten their smaller rivals
August 23rd, 2010 by Financial Writer
Despite Dodd-Frank Act, community banks face ‘higher costs of capital’: Hoenig
Over 6,500 U.S. community banks may continue to face “higher costs of capital” than their big bank rivals even after a sweeping bank reform law has sought to end the ‘too-big-to-fail’ perception, Federal Reserve Bank of Kansas City President Thomas Hoenig said Monday.
“Because the market [...]
Tags: banking sector, big banks, Capital economics, Federal Reserve, financial institutions, investors, recession, taxpayers
Eight Banks Fail in Four States
August 22nd, 2010 by Financial Writer
Eight banks were shuttered by regulators Friday, bringing the 2010 tally of U.S. bank failures to 118.
Six of the eight failed banks were included in TheStreet’sBank Watch List of undercapitalized institutions, based on second-quarter regulatory data provided by SNL Financial.
The Federal Deposit Insurance Corp. found buyers for the deposits and branches for all of the [...]
Tags: bank of america, Bankruptcy News, banks, business, financial markets, financial system, wall street
Euro Drops Five-Week Low Versus Dollar as Weber Cites ECB Liquidity Plan
August 20th, 2010 by Financial Writer
The euro fell to the lowest level in five weeks against the dollar after European Central Bank council member Axel Weber said the region’s economy may need help from the central bank through the end of the year.
The shared currency dropped to the least since July 1 versus the Swiss franc after Weber told Bloomberg [...]
Tags: businesses, economic growth, economists, economy recovery, european central bank, financial, global economic, home sales, us economy
Bundesbank boosts Germany’s growth outlook
August 19th, 2010 by Financial Writer
The Bundesbank said Thursday that Germany’s economy is on track to generate growth of around 3% for 2010 and that there is little chance of the United States going back into recession.
The assessment in the German central bank’s monthly report for August was credited with temporarily lifting U.S. stock index futures, while European shares extended [...]
Tags: banks, central bank, economists, economy recovery, european central bank, european markets, germany, Global Economy, money