MARKETS / FINANCE

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The U.S. economy appears to have stabilized and may not need all the stimulus the central bank had planned to offer, Richmond Federal Reserve Bank President Jeffrey Lacker said on Thursday.

Wall Street opened little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.

Wall Street was set to open little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.

The number of U.S. workers filing new claims for jobless benefits fell last week to 570,000, and those collecting long-term unemployment benefits dropped to the lowest level since April, government data showed on Thursday.

With the U.S. economy mired in recession, workers are finding themselves stuck in bad jobs with such annoyances as managers who berate employees and bosses who hold meetings in bed.

Richmond Federal Reserve President Jeffrey Lacker was quoted on Thursday as saying the U.S. economy was stabilizing after a painful recession and the shattered housing market will no longer be a drag on economic activity.

Oil fell toward $71 on Thursday, after touching 10-month highs earlier this week, as swollen crude and distillate inventories in the United States, the world's largest fuel consumer, weighed on sentiment.

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Stock index futures edged lower on Thursday ahead of data expected to show that the U.S. economy shrank in the second quarter while the number of jobless claims improved slightly.

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Hedge fund manager John Paulson, who bet against financial companies after foreseeing the credit crisis, has been buying Citigroup Inc shares over the past few weeks, the New York Post reported, citing sources.

Richmond Federal Reserve President Jeffrey Lacker was quoted on Thursday as saying the U.S. economy was stabilizing after a painful recession and the shattered housing market will no longer be a drag on economic activity.

Stock index futures pointed to a slightly higher open for U.S. shares on Thursday, ahead of data expected to show that the world's biggest economy shrank at an annualized rate of 1.5 percent in the second quarter.

Oil fell to $71 on Thursday, extending losses by more than $3 after touching a 10-month high this week, as rising crude and diesel stocks eclipsed healthy economic data from the United States and Europe.

World stocks fell for a second consecutive day on Thursday and the yen extended broad gains, with equity investors avoiding risky assets and preferring to take profits from a rally to 10-month highs this week.

Oil fell toward $71 on Thursday, extending losses by more than $3 after touching a 10-month high this week, as rising crude and diesel stocks eclipsed healthy economic data from the United States and Europe.

U.S. banking regulators partially retreated from a much-criticized proposal to impose new rules on private equity investment in troubled banks, aiming to encourage responsible investment in distressed banks.

U.S. stocks closed near break-even on Wednesday despite fresh signs of a modest economic recovery, while rising U.S. crude stockpiles led oil prices to extend sharp losses from the previous session.

U.S. banking regulators partially retreated from a much-criticized proposal to impose new rules on private equity investment in troubled banks, aiming to encourage responsible investment in distressed banks.

Australian Dollar: Yesterdays stronger than expected Australian economic data provided some level of support for the Aussie dollar at 0.8330 during the local session sending it into early European exchange on its highs pressing against 0.8380. Resistance at these levels proved too strong to overcome and the AUD/USD spent the majority of the offshore session drifting lower. Demand for the Greenback against the majors saw the Aussie move closer to 0.8250 and opens this morning at 0.8275. The loca...

Robert McCann, former head of Merrill Lynch's wealth management unit, is in talks to settle a suit he filed August 24 against Bank of America Corp seeking to lift a noncompete clause, allowing him to join a chief rival, a source with direct knowledge of the situation said.

U.S. banking regulators voted on Wednesday to ease rules applying to private investments in troubled banks.

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Investors stayed cautious on Wednesday after a rally, leaving stocks little changed despite solid reports on new home sales and durable goods orders.

The U.S. economy is in the early stages of a recovery but it is premature to start considering raising interest rates, a top Federal Reserve policymaker said on Wednesday.

A Manhattan federal judge has dismissed a complaint by Refco Inc's bankruptcy trustee to recover more than $500 million for creditors of the defunct futures and commodities broker from its legal and accounting advisers.

Stocks were mixed on Wednesday as investors were cautious about making big bets after a rally this week, overshadowing solid data on durable goods and home sales.

The U.S. economy is in the early stages of recovery but it will be a while before growth starts to bring down unemployment, a top Federal Reserve official said on Wednesday.