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Analysis: Automakers wary as economy stuck in slow gear
(Reuters) - Each month, a dozen executives of General Motors Co (GM.N) gather on the 39th floor of their Detroit headquarters to survey the auto industry, the U.S. economy and how they will meet demand from customers.
Recently, the view has not been impressive.
With the economy still struggling to regain momentum after the financial crisis of 2007-09 and 14 million Americans out of work, the planners at GM and a host of corporations across America are in no rush to make big new investments to ramp up output and hiring.
The world's second-biggest automaker has not reopened its idled plants or built new ones as Americans rein in spending.
Like many U.S. manufacturers, it is squeezing more from existing factories and using time-honored efficiency boosts such as adding to overtime and ...
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Oil consumers decide against new stocks release
(Reuters) - The world's top oil consumers decided against releasing more stocks into the market on Thursday, despite high prices still threatening to hinder economic recovery, saying they believed producers have started pumping more.
The energy watchdog for the industrialized nations, the International Energy Agency, said not a single one of its 28 members had asked for more oil to be released. That included the United States, one of the leading architects of the first release a month ago.
"The IEA also notes a sharp rise in OPEC oil production... However, a number of uncertainties remain which demand vigilance, notably the duration of the Libyan disruption, the future evolution of OPEC supply as well as the final impact of the stock release itself; much of the oil is only now entering ...
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IEA says no request for further oil release
The United States and other industrialized nations have not requested a second release of emergency oil supplies, the head of the International Energy Agency said on Thursday, hours before a decision is due to be made.
IEA members agreed to release 60 million barrels in emergency stockpiles last month, only the third release in the agency's history, as concern grew in consumer countries that high oil prices were hurting a fragile global economy.
Oil prices fell after the release but have since moved higher, raising the possibility the IEA would boost world supplies of oil once again.
"No country asked me to release additional barrels," the IEA's executive director, Nobuo Tanaka, told Reuters in an interview. "We will decide probably in a matter of hours."
A decision to release stocks ...
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A gray week but coming brighter future for the superpower
This week was full with data and crucial federal statements all confirming one idea; a slower revival of the superpower, that is actually starting to gain strength due to a slight decline of commodities prices and overall prices pressures, boosting therefore slight hopes regarding the coming future of the world's leading economy as what was declared publicly by the Fed's Chairman; Ben Bernanke.
In fact this week we saw Bernanke delivering his semi-annual testimony on monetary policy through which he actually sees hope for the coming period regarding the world's leading economy even if he attested once again that the revival pace slowed down while that he is convinced that the growth pace of the superpower has only been modest throughout this year.
Plus he confirmed clearly as well that ...
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Politics Poisons Debt Debate
Economic Data Analysis
Politics Poisons Debt Debate
Safe-haven buying rose sharply on Eurozone contagion, affecting Spain and Italy, as officials disagree on next steps, while US debt ceiling concerns mount.
Reaction to EBA bank stress tests and possible further discussions this week will guide the contagion outlook.
White House stressed debt ceiling deal must be reached by next Friday to allow legislative timeframe for 2 August.
MPC minutes likely to show hopes for more QE overdone. June's retail sales should post rebound.
The Eurozone crisis plumbed new depths this week with Eurozone finance ministers suggesting the need for Greece to default on some of its obligations. Contagion washed across the currency area with Spain and Italy high profile casualties, with the ...
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Dollar steadies as impact from S&P warning short-lived
(Reuters) - The dollar steadied in Asia on Friday after the impact from a Standard and Poor's warning that it could cut U.S. credit ratings was short-lived, and investors bought back the U.S. currency as they shifted their focus to stress tests on European banks.
The ratings agency warned there was a one-in-two chance it could cut U.S. ratings if no deal was reached on raising the government's debt ceiling.
The dollar briefly came under selling pressure, but the impact was short-lived, perhaps because Moody's had already raised the possibility of a downgrade. Dealers said the market might also be hoping that the pressure from the agencies would jolt U.S. lawmakers into doing a deal.
"The impact from S&P's move is very limited. Obviously, it's not great for the dollar, but contrary to ...
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Japan escalates warning as yen continues to rise
(Reuters) - Japanese Finance Minister Yoshihiko Noda warned on Thursday that recent yen strength does not reflect economic fundamentals, escalating a verbal campaign to cool the rising yen although traders saw little immediate chance that authorities would intervene directly in the market.
The dollar tumbled to a four-month low against the Japanese currency after Federal Reserve Chairman Ben Bernanke on Wednesday signaled that the central bank was ready to ease monetary policy further if economic growth and inflation slow much more.
"The movement doesn't reflect fundamentals and has been one-sided," Noda told reporters on Thursday regarding the yen's recent surge.
"It would be troublesome if it persists, and I will continue to closely watch markets."
The warning was somewhat sharper ...
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U.S Import prices could have plunged in June
U.S Import prices could have plunged in June, while markets rebound after China's better-than-estiamted Growth
We reached the middle of the week dear reader, as today’s economic agenda will be highlighted by the prices of U.S imports and Fed’s Chairman Ben Bernanke will be delivering semi-annual testimony on Monetary policy before the House of representatives, having in mind global markets rebounded after China managed to record better growth rate during the second quarter of 2011, which could support the global economic recovery.
The U.S will release today the Import Price Index for the month of June, where projections suggest prices paid for goods imported into the country have plunged by 0.6% according to median estimates and compared to the prior 0.2% estimates, while compared with a ...
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Euro finds reprieve, Aussie gains on soothing China data
(Reuters) - The euro found some reprieve on Wednesday from a plunge since the start of the week and commodity currencies rose after upbeat Chinese data comforted market players gripped by fears that the euro zone debt crisis could spiral out of control.
The euro has managed to stay more than one percent above a four-month low against the dollar and kept some distance against the Swiss franc in Asia, as falls in Italian and Spanish bond yields after their surge to 14-year highs on Tuesday have put the brakes on selling of the single currency.
The Japanese yen, which has benefited from the euro's woes, hit a four-month peak against the dollar and many other currencies in thin, early Asian trade, but it then stepped back from highs in line with an easing in overall risk aversion trade.
The ...
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