Obama administration hopeful on clunker extension
The Obama administration expressed optimism on Sunday that the U.S. Senate will extend the federal cash for clunkers auto sales incentive program, but warned it would be suspended at midweek without new funding.
Fed Chairman Alan Greenspan said on Sunday that signs of stabilization and increased confidence in the economy could be dashed if home prices were to take another turn downward.
Wall Street may have momentum on its side this week as the S&P 500 tries to puncture the 1,000 level, but the rally's staying power will depend on whether U.S. data and corporate earnings provide more signs of economic stabilization.
The two suitors for GM's German unit Opel must improve their bids to win government backing, German Economy Minister Karl-Theodor zu Guttenberg said on Sunday before a Monday GM board meeting likely to focus on Opel.
Shares in web retailer eBay could be worth 30 percent more than current prices as a promised turnaround in its core online-auction business begins to yield results, weekly financial paper Barron's reported.
Ford Motor Co will report its U.S. sales for July rose from a year ago on a late-month surge under the federal government's Cash for Clunkers incentive program, senior U.S. executives said on Sunday.
Switzerland's UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported on Sunday.