The International Monetary Fund said on Thursday the U.S. economic recovery has proved stronger than expected but is still vulnerable to high unemployment and a moribund housing market.
High unemployment and a moribund housing market are constraining the U.S. economic recovery, while the public debt looms large on the horizon and needs to be addressed, the International Monetary Fund said on Thursday.
The Obama administration headed to court on Thursday to fight for the moratorium on deepwater drilling it imposed in response to the BP oil spill, while the British oil giant sought to dampen talk it could stop its gushing well this month.
The U.S. apartment vacancy rate in the second quarter fell for the first time in nearly three years, a research report released on Thursday found.
Wells Fargo & Co, the fourth-largest U.S. bank by assets, said on Wednesday it is closing more than 600 Wells Fargo Financial offices and will no longer originate non-prime mortgages.
European supervisors shored up some confidence in the stress tests they are imposing on banks, as markets focused on finding out more detail about the process before delivering a final verdict.
New U.S. claims for unemployment insurance fell more than expected last week, government data showed on Thursday, while the number of people continuing to receive benefits in the final week of June was the lowest in seven months.
The euro hit a two-month high against the dollar on Thursday amid a broad increase in risk appetite after strong Australian data and a larger-than-expected drop in U.S. weekly initial jobless claims.
Stocks rose on Thursday after several top U.S. retail chains reported better-than-expected sales in June and new claims for jobless benefits fell more than forecast.
Gold buying has intensified on the late-June/early July sell offs and capitalising on this fall were the Asian investors, jewelry manufacturers and possibly a few central banks, according to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital.
Stocks opened higher on Thursday after several top U.S. retail chains reported better-than-expected sales in June, and new claims for jobless benefits fell more than forecast.
World stocks rose on Thursday while the euro hit a two-month peak against the low-yielding dollar on rising expectations the forthcoming earnings season would show strong corporate performance.
Stocks were set for a higher open on Thursday after several top U.S. retail chains reported better-than-expected sales in June, and new claims for jobless benefits fell more than forecast.
The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
Oil rose to around $75 per barrel on Thursday, supported by a rally in stock markets and an industry report showing a sharp fall in crude oil inventories in the United States, the world's biggest oil consumer.
Gold held above $1,200 an ounce on Thursday, having recovered from six-week lows after consumers were enticed back into the market, although gains were likely to be tempered by improving optimism over the global economy.
U.S. stock index futures were little changed on Thursday after posting their biggest one-day gains in about six weeks and as investors readied for data on jobless claims and retail sales for clues about the direction of the economy.
In an effort to reassure financial markets about the health of the European Union's banking system, the bloc's countries will stress-test a large number of their banks and publish the results.
BP dampened hopes that it could plug its leaking Gulf of Mexico well sooner than forecast on Thursday, while a battle between the U.S. government and the oil industry over a deepwater drilling ban heads to court.
The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.
BP does not expect to plug its leaking Gulf of Mexico well until August, a spokeswoman for the company told Reuters on Thursday, following press speculation that it could happen earlier.
World stocks rose on Thursday while the euro hit a two-month peak against the low-yielding dollar on rising expectations the forthcoming earnings season would show strong corporate performance.
