U.S. stocks swung between gains and losses as a bigger-than-forecast rise in consumer spending and a pledge by Group of 20 leaders to cut deficits offset smaller- than-estimated growth in personal incomes.
Transocean Ltd., the company that leased the Deepwater Horizon drilling rig in the Gulf of Mexico to BP Plc, advanced after the British oil [...]
Archive for the ‘Economic Turmoil’ Category
U.S. Stocks Fluctuate on G-20 Deficit Pledge, Consumer Spending
June 28th, 2010 by Financial Writer
Tags: commerce department, consumer spending, debt crisis, Dow Jones Industrial, economic recovery, european economy, financial leaders, Global Economy, us stocks
more...U.S. Growth Is Revised Downward, to 2.7%
June 27th, 2010 by Financial Writer
The government lowered its estimate of how much the economy grew in the first quarter of 2010, noting that consumers spent less than it previously thought.
The country’s gross domestic product rose by an annual rate of 2.7 percent for January through March, the Commerce Department said on Friday. That was less than the 3 percent [...]
Tags: businesses, commerce department, debt crisis, economists, economy grew, european economy, financial system, recessions, us consumer
U.S. economic growth revised lower to 2.7% for first quarter
June 25th, 2010 by Financial Writer
The U.S. economy grew at a 2.7% pace in the first quarter, the Commerce Department said Friday, an annualized rate that came in lower than what government forecasters had previously projected.
Economists have never been too impressed with the composition of growth in gross domestic product in the first quarter. More than half of the GDP [...]
Tags: business investment, commerce department, consumers, economic growth, economists, economy recovery, financial, us economic, us economy
European surveys fuel growth slowdown fears
June 23rd, 2010 by Financial Writer
The durability of Europe’s recovery looked more doubtful on Wednesday after key business surveys showed dimming confidence about the prospects of economies that are pressing ahead with austerity measures.
Euro zone purchasing managers indexes showed private sector firms expanded at a slightly slower pace in June, but beneath the headline figures there was feeble demand for [...]
Tags: businesses, consumers, economists, european economy, financial crisis, financial markets, us treasury, wall street
Existing home sales slip 2% in May
June 22nd, 2010 by Financial Writer
Existing home sales slipped in May and missed estimates but sustained a strong pace as homebuyers who qualified for the expired tax credit moved to close deals ahead of the June 30 deadline.
The National Association of Realtors reported that existing home sales dipped 2.2% last month to a seasonally adjusted annual rate of 5.66 million [...]
Tags: debt crisis, economists, financial system, home inventory, home prices, home sales, interest rates, loans, money, mortgage rates, real estate
Gold prices ease off fresh highs
June 21st, 2010 by Financial Writer
The price of gold surged to a fresh intraday record Monday before pulling back as investors digested China’s decision to allow the yuan to appreciate against the dollar.
What prices are doing: Gold for August delivery rose 40 cents to $1,258.70 an ounce. Earlier, prices climbed to $1,266.50, beating the record intraday high of $1,263.40 set [...]
Tags: bank of china, Chinese economy, financial crisis, Global Economy, gold price, investor, investors, precious metal
Yuan shot heard round the world but quiet in China
June 19th, 2010 by Financial Writer
China’s announcement that it will resume currency reform made waves globally but caused barely a ripple at home on Sunday, with major newspapers merely reprinting the central bank’s statement.
The People’s Daily, the main organ of the ruling Communist Party, put the news on its back page, while the banner headline on the website of the [...]
Tags: bank of china, central bank, China, Chinese economy, economists, european union, financial leaders, Global Economy, global financial crisis, IMF
Spanish Bond Auction Brings Strong Demand
June 17th, 2010 by Financial Writer
PARIS — The Spanish government sold €3.5 billion of bonds Thursday, the maximum set for the auction, easing investor worries that the country will struggle to make ends meet without outside help.
The successful sale, worth about $4.3 billion, helped push European stocks and the euro higher.
The yield on the benchmark 10-year Spanish note fell 5 [...]
Tags: business, economic recovery, euro zone, european economy, european stocks, financial markets, financial stocks, financial system, IMF, wall street
Temasek to invest up to $300 million in AgBank IPO: source
June 14th, 2010 by Financial Writer
Singapore’s state investment fund Temasek plans to invest up to $300 million in the Agricultural Bank of China, ahead of its roughly $20 billion IPO, a source with direct knowledge of the matter said on Saturday.
Temasek’s commitment to China’s third largest bank is a positive step for the offering, though it is less than the [...]
Tags: banks, central bank, China, economy, financial, financial markets, financial system, investors, money
Oil ends down after U.S., China data disappoint
June 12th, 2010 by Financial Writer
U.S. oil prices fell more than 2 percent on Friday as an unexpected fall in May retail sales in the United States and easing industrial output in China revived concerns about the economy and oil demand.
Friday’s slide snapped a three-day string of higher closes, but for the week oil prices still managed a 3.17 percent [...]
Tags: Chinese economy, commerce department, euro zone, investors, oil prices, stock market, us consumer, us retail sales