Traders Sidelined Ahead of NFP by Korman Tam
Traders took to the sidelines ahead of the key US jobs data later in the session, with the major currency pairs consolidating within range. The greenback remains buoyed against the majors, benefiting from continued safe-haven flows amid steep drops in global equity bourses. The Dow Jones breached key support levels, plunging by over 4% to close at a level not seen since 1997 while the NASDAQ and S&P 500 also plummeted by over 4%. Tokyo’s Nikkei average is trading sharply lower by mid-session Asian trading, down by over 3%.
The dire global economic recession was underlined by rate cuts from the ECB and Bo E to record lows yesterday, with both slashing its benchmark lending rate by 50-basis points to 1.50% and 0.50%, respectively. Euro zone Q4 GDP was largely inline with expectations, contracting by 1.5% q/q and 1.3% y/y.
In the coming session, markets will closely scrutinize the US February labor report. The unemployment rate is expected to spike to 7.9%, a level not seen since 1984 and up sharply from 7.6% from January. The non-farm payrolls figure is estimated to reveal a loss of 600k jobs – its worse level since 1974. While a dismal jobs report has largely been priced in by the markets, a non-farm payrolls loss on the scale of 650k or greater – its largest in over 60-years, will prompt another bout of sharp selling in US equities and prop the dollar higher against the majors.
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Monday, March 9, 2009
Wednesday, March 4, 2009
Mortgage help: Do you qualify?
Mortgage help: Do you qualify?
President Obama's new real estate rescue plan offers two key benefits: More refinancing opportunities and greater chance for a loan modification.
NEW YORK (CNNMoney.com) -- Details on President Obama's eagerly anticipated foreclosure prevention program were released on Wednesday. It targets 9 million borrowers for help - are you one of them?
The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:
First, the government is aiming to help more homeowners refinance into new low interest rates.
Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.
Here's how to know whether you'll likely be able to take advantage of either of these options.
Toll Brothers: Bulls vs. Bears
Toll Brothers: Bulls vs. Bears
The luxury homebuilder is down, but can it come back? Two top analysts face off.
NEW YORK (Fortune) -- As the spring buying season begins, luxury homebuilders are not anticipating a fresh start.
Industry leader Toll Brothers (TOL, Fortune 500) said Wednesday it narrowed its quarterly loss, but it was bigger than expected, as the company noted that a weak economy is still hobbling the market.
China to the rescue
China to the rescue
Global markets rallied Wednesday on hopes that China will boost its stimulus package. Could China help lead the U.S. out of its economic rut?
NEW YORK (CNNMoney.com) -- Investors have largely panned the stimulus package that President Obama signed into law last month. But stimulus in China? Now that's a different story.
Stocks around the world rallied Wednesday morning, and some attributed the pop to reports that the Chinese government was planning to boost its spending on infrastructure and manufacturing.
Stock rally in progress
Stock rally in progress
Wall Street gets a boost from signs of life in China's economy and details of the Obama administration's $75 billion foreclosure fix.
NEW YORK (CNNMoney.com) -- Wall Street rallied Wednesday amid signs on improvement in China's economy and as federal officials unveiled details of President Obama's $75 billion foreclosure prevention plan.
Midway through the session, the Dow Jones industrial average (INDU)was up 137 points, or 2%. The broader S&P 500 (SPX) index rose 14 points, or 2%. The tech-heavy Nasdaq composite (COMP) jumped 31 points, or 2.4%.
"The news that came out of China that they may be on the road to recovery is having a real positive effect on the markets right now," said Dave Hinnenkamp, chief executive officer of KDV Wealth Management.
WORLD'S MOST ADMIRED COMPANIES
Top 50 rank: 1Rank in Computers: 2 (Previous rank: 2*)
Overall score: 7.07
Why it's admired
It's been a rocky year for Apple: CEO Steve Jobs' health made headlines, and critics said Cupertino wasn't being open enough about it. But customers remained loyal to the brand that made white ear buds cool. As much of the computer industry struggled, Apple shipped 22.7 million iPods during its first quarter (up 3 percent from last year), 2.5 million Macs (up 9 percent), and 4.4 million iPhones. No wonder Apple tops our Most Admired list for the second year in a row. --Alyssa Abkowitz Address: 1 Infinite Loop
Cupertino, CA 95014
Phone: 408-996-1010
Website: www.apple.com
Hired! Putting your best face forward
Hired! Putting your best face forward
When Marissa Anshutz moved from New York to England without knowing anyone, she found a new life, and a job.
NEW YORK (CNNMoney.com) -- These days, finding a job is all about who you know. But what if you're in a new city and you don't know anybody?Marissa Anshutz, 27, had a blossoming career in public relations in New York City, but the L.A.-native yearned to go even further east.
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