Broker views lift Wall St, but retailers retreat
U.S. stocks rose to fresh 13-month highs on Tuesday as upbeat broker views on improving prospects for two Dow components offset disappointing holiday spending outlooks from Target and Home Depot.
Daily Forecast - 18/11/2009
Yesterday's release of the RBA board minutes from the November 3 0.25% interest rate rise cast some doubt as to the scale of the current wave of Monetary Policy tightening. In the minutes the central bank said ...further gradual adjustment in the cash rate would most likely be appropriate over time, though the pace of the adjustment remained an open question. The market had been looking for more aggressive wording given the hikes already priced in for 2010 and were somewhat disappointed by the...
Tax credit to steady, not rescue, shaky U.S. housing
Don't expect the expanded home buyer tax credit to be a permanent cure for the U.S. housing market. It won't.
BofA knew of Merrill pain in November: House panel
A congressional panel accused Bank of America Corp on Tuesday of knowing about Merrill Lynch's huge losses as early as November 2008, suggesting the bank misled investors in saying it did not grasp the depth of the problems until the following month.
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Wall Street flat as retailers' views spark caution
U.S. stocks were little changed on Tuesday as outlooks from Target and Home Depot sparked caution about holiday spending, offsetting upbeat broker views on Microsoft and Exxon Mobil .
GM says 10,000 jobs could go in European shake-up
U.S. carmaker General Motors could cut between 9,000 and 10,000 jobs as part of its restructuring of its European operations, Nick Reilly, interim head of GM's European business, said on Tuesday.
GM says up to 10,000 jobs may go in Europe shake-up
U.S. carmaker General Motors could cut between 9,000 and 10,000 jobs as part of a restructuring of its European operations, Nick Reilly, interim head of GM's European business, said on Tuesday.
Home Depot cautious despite profit beat, stock off
Top home improvement chain Home Depot Inc reported quarterly results that beat analysts' estimates, but made a forecast that suggested weaker results at the end of the year and said a recovery might not take hold until the second half of 2010.
Stocks slip on cautious holiday outlook
U.S. stocks fell on Tuesday after discount retailer Target gave a cautious holiday season outlook, but positive brokerage comments on tech bellwether Microsoft helped limit losses.
Swiss suspect serious fraud among UBS clients
Most of the thousands of rich people whose UBS bank accounts are to be handed over to U.S. authorities are suspected of serious fraud rather than simple tax evasion, Swiss authorities revealed on Tuesday.
Microsoft to launch Azure cloud service Jan 1
Microsoft Corp said on Tuesday it will launch its long-awaited Windows Azure cloud computing system on Jan 1, as it looks to take advantage of the growing interest in internet-based software and services.
Home builder sentiment steady in November
U.S. home builder sentiment held steady at a low level in November, according to a survey taken before the government extended a popular tax credit for first-time buyers.
U.S. labor group unveils plan to tackle joblessness
The head of the largest U.S. labor federation urged President Barack Obama on Tuesday to use the $700 billion Wall Street bailout fund to help cash-starved small businesses as a way to stem rising joblessness.
Fed tightens: Reduces length of primary credit loans from 90 to 28 days
The Federal Reserve is reducing the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days, effective January 14, 2010.
U.S. net overall capital inflows surge in September
Foreign demand for U.S. securities soared in September, the Treasury Department said on Tuesday, as investors grew more confident about a recovery in the world's largest economy.
EU regulators may take speedy action on dark pools
European Union securities regulators will complete their review of dark pool share trading venues by year end and may ask the bloc's executive to take speedy action, a top supervisor said on Tuesday.
U.S. offshore tax amnesty yields big response: IRS
Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.
Retailers lead Wall Street decline
Retail stocks dragged Wall Street lower on Tuesday, a day after it reached a 13-month high, while gains in the U.S. dollar weakened commodity prices and stocks in the materials sector.
EU regulators urge U.S. to implement G20 measures
European regulators on Tuesday urged the United States and Europe to push through measures agreed by the G20 nations aimed at avoiding future financial crises, saying transatlantic relations were at risk if the effort flagged.
EU Commission says still probing Oracle, Sun deal
EU antitrust authorities continue to examine Oracle's plan to buy Sun Microsystems over which there are competition concerns, a senior European Commission official said on Tuesday.
NYSE member firms earnings hit record in first half
New York Stock Exchange member firms earned a record $35.7 billion for their broker-dealer operations in the first six months of this year, which is 1-1/2 times above the previous high-water mark set in 2000, the state comptroller said in a report on Tuesday.
China, U.S. eye pact to help troubled banks: sources
Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.
France may inject up to $6 bln in high-tech, fibre
France might plough up to 4 billion euros ($6 billion) into high-technology projects through its national loan programme, with the largest chunk going to subsidise construction of high-speed broadband telecoms networks in smaller cities and rural areas, according to government sources.
Wall Street profits revive, bank bonuses may jump
New York Stock Exchange member firms earned a record $35.7 billion for their broker-dealer operations in the first six months of this year, which is 1-1/2 times above the previous high-water mark set in 2000, the state comptroller said in a report on Tuesday.
Banks, policymakers spar over new rules
Big banks stepped up warnings on Tuesday that tightening capital rules too soon could stall economic recovery, but policymakers said the bailed out sector cannot rely on taxpayers again in future.
Stocks fall as dollar firm, industrial data weighs
Wall Street fell on Tuesday, slipping from a 13-month high, as a bounce in the dollar weighed on commodity-linked stocks and a report showed U.S. industrial production rose less than expected.
Swiss to hand over U.S. names of wealthy UBS clients
Switzerland will hand over the names of wealthy U.S. clients of UBS suspected of tax evasion or fraud, to settle a bitter row that cut through bank secrecy and threatened to bring the bank to its knees.
GMAC CEO resigns, Carpenter steps in
GMAC Chief Executive Al de Molina has resigned, and will be replaced by Michael Carpenter, the troubled lender said on Monday.
Stock futures dip after Home Depot, stronger dollar
U.S. stock index futures dipped on Tuesday after Home Depot said its markets were under pressure, while commodity prices eased as the dollar bounced higher a day after major indexes hit 13-month highs.
Producer prices point to benign inflation
U.S. producer prices rose more slowly than forecast in October and unexpectedly fell excluding food and energy, a government report showed on Tuesday, pointing to tame inflation pressures.
Producer prices up in October
U.S. producer prices rose more slowly than expected in October despite a rebound in food and energy costs, according to a government report on Tuesday that pointed to tame inflation pressures.
Dollar funding costs ease, Libor hits fresh low
Bank-to-bank dollar funding costs fell on Tuesday with the benchmark rate hitting yet another record low as central banks signalled they were in no hurry to unwind extraordinary stimulus measures
US STOCKS-Futures lower after Home Depot, stronger dollar
U.S. stock index futures fell on Tuesday after Home Depot said its markets were under pressure and commodity prices eased as the dollar bounced higher.
Stock futures lower after Home Depot, stronger dollar
U.S. stock index futures fell on Tuesday after Home Depot said its markets were under pressure and commodity prices eased as the dollar bounced higher.
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