Economic News
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- Asian markets hammered on China fears, Fed exit plan20 June 2013, 7:18 am
By Chikako Mogi and Wayne Cole TOKYO/SYDNEY (Reuters) - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second-largest economy hit a nine-month low. Shares, currencies and commodities all crumbled as spooked investors rushed to unwind crowded trades in emerging markets. Central banks across the region were busy intervening trying to put out spot fires, but wi...
- Bernanke says Fed likely to reduce bond buying this year20 June 2013, 5:32 am
By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...... - Instant View: Fed to keep buying bonds, boosts 2014 forecasts20 June 2013, 5:32 am
(Reuters) - The Federal Reserve on Wednesday said it would keep buying $85 billion in bonds per month and gave no explicit indication that it was close to scaling back the program, despite intense market speculation it could soon start drawing it to a close. KEY POINTS: *Describing the economy as expanding moderately, Fed officials cited further improvement in labor market conditions, and noted inflation had been running below the Fed's 2 percent long term goal. ...... - China factory activity hits nine month low, policy action eyed20 June 2013, 4:55 am
By Kevin Yao BEIJING (Reuters) - China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed, heightening the risk of a sharper second quarter slowdown and increasing the heat on the central bank to loosen policy. China's economy grew at its slowest pace for 13 years in 2012 and so far this year data has been weaker than expected, bringing warnings the country could miss its growth target of 7.5 percent for this year, though possibly no... - Fewer drivers seen on July 4 as shorter holiday, economy bite: AAA20 June 2013, 4:05 am
(Reuters) - Fewer drivers will take to the road during the Independence Day holiday in part due to a sluggish economy, but also because people will take less time off, travel group AAA said on Thursday. The group expects 40.8 million people to travel 50 miles or more from home during the July 4 break and 34.4 million of them will drive, a drop of about 0.7 percent from the estimated 34.7 million who drove last year. ...... - Stocks slide as Fed says bond purchases could slow20 June 2013, 3:08 am
NEW YORK (AP) — Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic stimulus program later this year and end it by the middle of next.... - Euro ministers to decide direct bank recapitalization rules on Thursday20 June 2013, 1:11 am
By Jan Strupczewski BRUSSELS (Reuters) - Euro zone finance ministers will decide on Thursday when and how their bailout fund can invest in a bank to save it from failure, laying a cornerstone of the banking union seen as vital to restore economic growth. Ministers from the 17 countries using the euro will also set guidelines for how much a government would have to contribute to such a bank rescue, which banks would be eligible, and who would lose money in the process. ...... - Fed suggests it's closer to slowing bond purchases20 June 2013, 12:06 am
WASHINGTON (AP) — In a move that could send interest rates higher, Fed Chairman Ben Bernanke ended weeks of speculation Wednesday by saying the Federal Reserve will likely slow its bond-buying program this year and end it next year because the economy is strengthening.... - Senate approves Froman as U.S. trade representative19 June 2013, 10:34 pm
WASHINGTON (Reuters) - The Senate on Wednesday overwhelmingly approved White House international economic affairs adviser Michael Froman to be the next U.S. trade representative, sending him into the fray of two huge trade negotiations in Asia and Europe. Froman, a longtime friend of President Barack Obama, has already played a major role in shaping U.S. trade policy over the past four years from his post in the White House. ...... - Wall St. drops after Bernanke hints at slowing stimulus19 June 2013, 9:48 pm
By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough. Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year U.S. bond yields jumped to a 15-month high on expectations the Fed will reduce it...
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