MARKETS / FINANCE

The U.S. recession will end in the third quarter, but lingering high unemployment and large federal deficits may pose a longer-term threat, economists advising the American Bankers Association said on Tuesday.

A U.S. judge on Tuesday approved a legal settlement requiring a unit of Banco Santander SA , which fed billions to New York financier Bernard Madoff before his swindle was revealed, to pay $235 million.

A judicial body is urging Congress to authorize new bankruptcy judgeships to cope with a surge in bankruptcy filings that has tracked weakness in the U.S. economy.

The U.S. Treasury Department will not propose a new regulatory framework for the insurance industry when it outlines sweeping new rules for the financial services sector, sources familiar with the plans said on Tuesday.

The Dow and the S&P 500 dropped to session lows on Tuesday, while the Nasdaq trimmed gains, as investors worried that the economic recovery's pace might not be as strong as initially hoped.

The Small Business Administration in a bid to help struggling small businesses climb out of the recession has started guaranteeing loans up to $35,000 to help keep their doors open and get them back on track.

Investors say they are getting more promotional material from hedge funds than ever before, as funds seek to replenish assets withdrawn or lost because of negative performance during the financial crisis.

Stocks rose on Tuesday as renewed U.S. dollar weakness lifted shares of oil and other natural resource companies, but concern that the pace of the economic recovery may be tepid limited a broad advance.

Stocks headed for a higher open on Tuesday as renewed U.S. dollar weakness lifted shares of natural resource companies, while a rebound in May housing starts added to signals that the economy could be stabilizing.

Jefferies & Co raised its price target on Microsoft Corp's stock to $26 from $22 and recommended buying shares of the world's largest software company ahead of a possibly large, rapid corporate PC upgrade cycle starting in late 2010.

U.S. producer prices rose by less than expected in May despite a jump in gasoline costs, government data on Tuesday showed, while prices compared with a year ago notched their steepest fall since 1949.

New U.S. housing starts and permits rebounded in May from record lows as ground-breaking for multifamily units surged after tumbling the prior month, a government report showed on Tuesday.

Stocks rose on Tuesday as renewed U.S. dollar weakness lifted shares of oil and other natural resource companies, while a rebound in May housing starts reinforced hope that the economy could be stabilizing.

Credit card consumers have difficulty finding details about their debt on statements, results of an international study show.

Stock index futures edged higher on Tuesday as renewed U.S. dollar weakness lifted shares of natural resource companies and investors set their sights on key housing and inflation data due out before the bell.

The U.S. economy will likely begin to recover in the third quarter and housing may hit its long-expected bottom in the following quarter, a UCLA Anderson Forecast report released on Tuesday said.

Stock index futures edged higher on Tuesday as renewed U.S. dollar weakness lifted shares of natural resource companies and investors set their sights on key housing data due out before the bell.

The American economy will begin growing again in the third quarter, but the rebound will be meek as a battered housing sector and ailing banks stem any progress in other areas, according to a Reuters poll.

Australian Dollar: After gapping lower in early Monday morning trade yesterday the Aussie was unable to “fill the gap” back above 81 cents in Asia trading sideways for the majority of the session to enter early offshore trade around 0.8070.

U.S. futures pointed to a flat to lower start on Wall Street on Tuesday with the S&P 500 index, futures for DJ Industrial Average and futures for Nasdaq 100 down 0.02 to 0.2 percent, at 0900 GMT.

The U.S. banking industry played down the Obama administration's proposals on Monday for the most wrenching regulatory changes since the Great Depression as just that -- proposals.

Two weeks before the sentencing of Bernard Madoff for his $65 billion swindle, the judge who will decide his fate has received more than 100 angry letters from defrauded investors suggesting his punishment.

Shares of Nokia on Monday fell after it unveiled its new Smartphone E72, along with its new 5530 XpressMusic and 3710 fold, as it vies to competes against Apple’s iPhone and Palm’s Pre.

Technical analyst Robert Prechter on Monday said he sees the United States losing its top AAA credit rating by the end of 2010, as he stuck by a deeply bearish outlook on the U.S. economy and stock market.

Bank of America Corp, hoping to repay $45 billion of government money, is less likely to raise the funds by selling its big stake in BlackRock Inc after the asset manager buys Barclays Global Investors, analysts said.

The head of the IMF warned on Monday it was too soon to discuss rolling back stimulus spending, saying the world economy had yet to weather the worst of a recession that has hammered industrial output and claimed a record number of European jobs.

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