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Asian stocks stumbled to a five-week low on Monday after a batch of disappointing data out of China raised the specter of a sharp slowdown in the world's second-biggest economy. The Australian dollar, considered a liquid proxy for China plays, also took a hammering and slumped to a six-month low.
Oil prices have dropped, resuming a downward tilt due to concerns about a mismatch between lofty petroleum supplies and tepid demand growth. US benchmark West Texas Intermediate for October delivery fell 56 cents to $92.67 a barrel on the New York Mercantile Exchange.
In this Sept. 24, 2014 file photo, a sheet of uncut $100 bills is inspected during the printing process at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas.
America's central bank wraps up its two-day meeting on Wednesday and will subsequently outline its latest monetary policy. The Fed has been holding down the federal funds rate near zero since the financial crisis, but a strengthening economy has lead to speculation that it will raise rates sooner than later.
Stock investors who recognise the risks of trading in anonymous "dark pools" but are unwilling to spurn them have found an alternative: club together. A growing number of European investment funds have signed up to use an electronic trading system designed by one of their own - Finland's Pohjola Asset Management - which offers the ability to dissect and control the way their market bets are routed to dark pools and other exchanges across the region.
For a financial sector posting a double-digit rise in earnings and boasting large cash piles, reinsurers sure see a lot of storm clouds on the horizon. That's because they are facing what many see as an unprecedented problem: an abundance of reinsurance supply coupled with a lack of demand from insurance company clients that is driving up competition among reinsurers and driving down prices for all of them.
Students are facing a rising loan burden, and Oregon's state treasurer wants the state to be able to take on debt of its own to help them out. Ted Wheeler proposed a little-known measure that will appear on the November ballot.
The recent wobbly stretch in both stocks and bonds may persist for the short term if the U.S. Federal Reserve next week lives up to expectations and signals the days of near-zero interest rates are numbered, but it is unlikely to tip valuation scales in favor of bonds any time soon. Anxiety over the two-day Fed policy meeting, centered on expectations the central bank will likely drop its pledge to keep interest rates low for a "considerable time," was a primary driver behind stocks snapping a five-week winning streak this week and bonds absorbing their steepest losses in at least two months.
U.S. stocks were lower in afternoon trading on Friday, with energy shares extending recent losses after the Treasury department announced new sanctions against Russia. The S&P energy index, down 1.2 percent, was among the day's worst-performing sectors.
U.S. stocks fell, giving the Standard & Poor's 500 Index its first weekly drop in more than a month, as investors speculated the Federal Reserve may raise interest rates sooner than estimated after retail sales climbed at the fastest pace in four months. The S&P 500 fell 0.6 percent to 1,985.56 at 4 p.m. Friday in New York.
British bank HSBC has agreed to pay $550 million to resolve U.S. claims that it misled U.S. mortgage giants Fannie Mae and Freddie Mac about risky mortgage securities it sold them before the housing market collapsed in 2007. The Federal Housing Finance Agency, which oversees Fannie and Freddie, announced the settlement Friday with HSBC.
The Standard & Poor's 500 index fell 11.91 points, or 0.6 percent, to end at 1,985.54 on Friday. The index was down 1.1 percent for the week.
The Australian bond market was relatively unchanged in quiet trade as traders wait for next week's US Federal Reserve meeting. "Speculation is mounting that there could be changes in the accompanying statement and that the Fed could begin to signal that a rate hike was drawing closer," St George senior economist Janu Chan said.
President Nicolas Maduro is reassuring foreign creditors that Venezuela's government will make good on a $4.5 billion foreign debt payment due next month. But economists are uttering the D-word for the first time, noting the inflation-ravaged economy is stumbling with basic goods in short supply and the currency eroding in value.
A new index ranks Japan as the most efficient among Asian countries in turning the building blocks of creativity into tangible innovations that benefit their economies and people while Myanmar, Pakistan and Cambodia are least efficient. The Asian Development Bank said Friday it developed the index with the Economist Intelligence Unit to give policymakers a tool to assess how best to foster innovation and creativity in Asian economies.
Updated: Mon Sep 15, 2014 12:45 am
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