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Forex Market Commentary - 11 August

Despite some slightly disappointing home loan and investment lending data out of Australia yesterday the Aussie dollar edged higher in Asia bouncing back from an early Monday morning sell off to 0.8330.

FDIC proposals on banks buys draw fire as comments end

Lone Star Funds joined other big private equity names in opposing proposed U.S. rules for investments in failed banks, as a designated period for public comment on the draft regulations comes to an end on Monday.

Judge will not sign off on BofA, SEC bonus pact

A federal judge refused to approve a proposed settlement between the U.S. Securities and Exchange Commission and Bank of America Corp over the payment of bonuses to Merrill Lynch & Co employees, saying he was unable to determine if it was fair to the public.

Pequot trades raised many warnings: report

Pequot Capital Management Inc, once a prominent hedge fund firm, has been named dozens of times in private reports that alerted U.S. financial regulators to possible insider trading or other misconduct, according to Bloomberg News.

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State Street says legal reserve may not be enough

State Street Corp , one of the world's biggest institutional investors, said on Monday it may not have set aside enough money to cover fees and penalties linked to lawsuits and investigations by regulators into risky investments.

Scripps posts surprise profit, shares soar

Media conglomerate E.W. Scripps Co posted a surprise quarterly profit, helped by lower expenses even as advertising revenue slumped, and said it amended a credit agreement, sending its shares up as much as 33 percent.

Wall St slips after four-week rally

Stocks fell on Monday as investors booked profits following a four-week rally that took the broad S&P 500 index to a 10-month high on Friday.

Credit Suisse fined for violating U.S. research pact

A U.S. regulator fined a unit of Credit Suisse Group AG $275,000 for failing to make independent research available to customers, as required under an industrywide settlement over alleged faulty stock research.

Stocks dip on profit taking after recent rally

Stocks fell on Monday, led by retailers, as investors booked profits following a four-week rally, though losses were limited by strong July sales at McDonald's Corp .

McDonald's same-store sales rise, stock up

McDonald's Corp said sales at restaurants open at least 13 months rose a better-than-expected 4.3 percent in July, helped by gains in Britain, France and the United States.

Markets dip on profit taking after recent rally

U.S. stocks fell on Monday, led by retailers, as investors booked profits following a four-week rally, though losses were limited by strong July sales at McDonald's Corp .

U.S. recession seen ending in third quarter

The worst U.S. recession since the Great Depression will probably end in the third quarter, but uncertainty exists over the speed and duration of the economic recovery, according to the most recent survey of private economists.

Wall Street sags on profit-taking; Fed, consumers eyed

U.S. stocks slipped on Monday as a four-week rally encouraged investors to take profits, but McDonald's better-than-expected July sales pushed up the Dow component, briefly lifting the index to a positive territory.

U.S. recession seen ending in Q3, debate over recovery

Oil prices edge above $71 a barrel

Oil prices edged above $71 a barrel on Monday as traders eyed directionless equity and currency markets for guidance on the eve of a meeting of the U.S. Federal Reserve.

U.S. job growth unlikely in the next year: Conference Board

A gauge of the U.S. job market remained unchanged in July for the third straight month, indicating that employment will remain weak throughout the coming year, a research group said on Monday.

AIG shares extend gains after profit

Shares of AIG, the beneficiary of a $180 billion U.S. government bailout, rose as much as 10 percent on Monday morning, extending strong gains last week, as the insurer returned to a profit in the second quarter, ending a six-quarter run of losses.

Dollar supported after payrolls, Fed awaited

The dollar held gains against the euro and a currency basket on Monday following a broad rally late last week on surprisingly strong U.S. jobs figures.

Oil slips below $71

Oil prices edged above $71 a barrel on Monday, drawing some support from the possibility of the first tropical cyclone of the hurricane season, but gains were capped by prospects for a stronger dollar.

U.S. recession seen ending in Q3

The worst U.S. recession since the Great Depression will probably end in the third quarter, but there is uncertainty over the speed and duration of the economic recovery, according to the most recent survey of private economists.

Virgin Mobile USA profit tops Wall Street

Wireless carrier Virgin Mobile USA Inc , which has agreed to be acquired by Sprint Nextel Corp , reported a higher quarterly profit that beat market estimates as it continued to benefit from the growth of its profitable hybrid customer base.

U.S. recession to end in third quarter: survey

Stocks set for lower open as mild profit-taking prevails

Stocks were poised for a lower open on Monday as investors looked set to book profits, ahead of a Federal Reserve Board meeting and earnings from some of the nation's largest retailers later this week.

Futures dip on mild profit-taking after 4-wk rally

U.S. stock index futures dipped on Monday as investors paused for profit-taking after a sharp run-up, ahead of key indicators on consumer spending due later this week.

Stock futures dip on mild profit-taking

Stock index futures dipped on Monday as investors paused for profit-taking after a sharp run-up, ahead of key indicators on consumer spending due later this week.

Stock futures slip as investors pause

Stock index futures slipped on Monday as investors paused to book profits after a sharp four-week run-up.

Dollar retains gains on jobs boost, but dips vs yen

The dollar retained most of its gains against a basket of currencies on Monday but lost ground to the yen as Japanese exporters and short-term speculators took advantage of its jump the previous session on U.S. jobs data.

Oil slips below $71, inventories, dollar in focus

Oil prices dipped below $71 a barrel on Monday, losing momentum after last week's rally as traders focused on swollen inventories and prospects for a stronger dollar.

Swiss cabinet meets on UBS as U.S. tax talks drag

The Swiss government held a special session on Monday to discuss the U.S. tax evasion case hanging over Swiss bank UBS as negotiations to settle the issue dragged on.

Stock futures signal dip after 4-week surge

Stock index futures pointed to a lower open on Wall Street on Monday, as investors look set to book profits after a sharp four-week rally.

Sock futures signal dip after 4-week surge

Stock index futures pointed to a lower open on Wall Street on Monday, as investors look set to book profits after a sharp four-week rally.

UBS shares lower after U.S. tax talks extended

Shares in UBS opened lower on Monday as the Swiss bank faced more tense negotiations to settle a tax evasion case in the U.S. that challenges Switzerland's bank secrecy laws.

Oil slips below $71, on dollar, high supplies

Oil prices slipped below $71 a barrel on Monday, as the dollar's strength and worries about high oil inventories helped counter earlier gains on the back of rising Asian stocks amid hopes for an economic recovery.

U.S. banks to make $38 billion from overdraft fees: report

Banks in the United States are poised to make $38.5 billion in customer overdraft fees this year, the Financial Times said, citing research by Moebs Services.

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