Slower growth for the economy may be on the horizon, continuing after the holidays, the Conference Board said, reporting that a gauge of future economic growth fell 0.5% in October. Only three of the 10 leading economic indicators rose in October, with the largest positive contribution from stock prices.
First-time seasonally adjusted claims for state unemployment benefits fell in the latest week. The number of initial claims in the week ending Nov. 17th fell 11,000 to 330,000. Wall Street economists had expected claims to hit 330,000. Jobless claims in the previous week were revised to 341,000.
Toyota Motor Corp. (TM) announced that it has raised its 2007 sales projection for China on solid sales of small cars and aims to sell even more vehicles there next year. Toyota may be on track to beat General Motors Corp. as the world's top automaker as soon as the end of the year.
U.S. Treasury Secretary Henry Paulson said the number of potential U.S. home-loan defaults "will be significantly bigger" in 2008 than in 2007.
Standard & Poor's expects the U.S. Federal Reserve to cut interest rates to 3.5 percent in 2008 to deal with the fallout from the housing market.
Friday is the biggest shopping day of the year ? Black Friday. Retail experts predict that high energy prices and credit woes may curtail the urge to shop like crazy during the holiday season. Some retail analysts believe people who have money are going to spend at least some of it on holiday goods but that might not happen until after "Black Friday.?
In Forex News Today
The yen rose to the highest level in more than two years against the dollar on concern widening credit-market losses and record fuel costs will slow global economic growth.
Currencies in Australia, South Africa, Brazil and New Zealand tumbled at least 2.4 percent versus the yen as investors exited higher-yielding assets funded by loans in Japan. The dollar rebounded from a record low against the euro as traders sought safety in Treasuries. Global stocks fell, crude oil rose above $99 a barrel and the cost to borrow dollars increased.
Australia's dollar declined 3.3 percent to 94.89 against the yen, extending this month's decline to 12 percent. New Zealand's dollar weakened 2.4 percent to 82.11 yen and South Korea's won declined 2.3 percent.
The dollar was little changed against the euro, after falling earlier to the lowest level since the European currency started trading in 1999. The U.S. currency gained the most against the Australian dollar and South African rand, rising 2.1 percent and 1.6 percent, respectively.
The pound weakened to the lowest level since 2003 against the euro and fell versus the dollar on speculation the Bank of England may start cutting borrowing costs from 5.75 percent as soon as next month. The pound fell 0.4 percent while losing 0.3 percent to versus the euro.
Canada's dollar fell 0.8 percent to 98.75 Canadian cents per U.S. dollar and has dropped from 90.58 cents on Nov. 7, the highest level since Canada floated the currency in 1950.
Scheduled Economic Reports (Next Week)
Consumer Sentiment, Durable Goods, Existing Home Sales, Gross Domestic Product, New Home Sales, Personal Income & Spending, Chicago PMI, Construction Spending
In Earnings News
Deere & Co.'s (DE) reported that net income increased to $422.1 million or $1.88 a share. Analysts expected $1.52 a share.
Abercrombie & Fitch (ANF) reported that its profits rose 15 percent. Abercrombie said it made $118 million, or $1.29 per share.
Patterson Cos. Inc. (PDCO) said its second-quarter profit rose more than 11 percent, but the results did not meet Wall Street's expectations.
Scheduled Earnings Reports (Next Week)
Talk America, Skillsoft, Books A Million, American Eagle Outfitters, Staples, Dollar Tree Stores, Men?s Warehouse, TiVo, Del Monte, Dell, HJ Heinz, Smithfield Foods
Stocks in the News
Par Pharmaceutical (PRX) filed revised earnings reports for the first and second quarters and raised its earnings estimate for the year.
Foot Locker Inc (FL) a third-quarter loss of $33 million, or 22 cents a share, from a profit of $65 million, or 42 cents a share.
Mead Westvaco Corp (MWV) entered an agreement with Goldman Sachs to buy back $400 million of stock.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment