Stocks plunge after weak manufacturing reports
2012-06-21 19:55:37 UTC
NEW YORK (AP) — A quiet start on Wall Street quickly turned into a rout Thursday as the bad news piled up.
Commodity prices slumped in early trading after a report said manufacturing in China fell this month. Then, around 10 a.m., the Philadelp...
China defends curbs on rare earths
2012-06-20 06:07:17 UTC
BEIJING (AP) — China on Wednesday defended its curbs on rare earths mining and exports amid a World Trade Organization challenge brought by the United States, Europe and Japan.
The government said its controls are meant to protect the environme...
Europe's relief from Greek vote likely fleeting
2012-06-18 19:33:38 UTC
ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy.
A narrow victory for...
Obama, world want bold signs from Europe at G-20
2012-06-18 00:13:14 UTC
CHICAGO (AP) — With global anxiety rising, President Barack Obama is searching for bolder, swifter signals from Europe that it will contain its financial mess and keep it from torpedoing the U.S. economy and his re-election chances along with it.
European leaders discuss continent's debt crisis
2012-06-15 18:31:29 UTC
LONDON (AP) — British Prime Minister David Cameron's office says European leaders have held a video conference on the continent's worsening debt crisis.
Cameron's office said Friday that German Chancellor Angela Merkel, French President Francoi...
Following fallout from a Greek euro exit to the US
2012-06-15 08:36:26 UTC
NEW YORK (AP) — The unthinkable suddenly looks possible.
Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
Asia stocks rise amid hopes for central bank help
2012-06-15 07:20:42 UTC
BANGKOK (AP) — Asian stock markets rose Friday as investors waded back into riskier assets amid hopes that central banks in the U.S. and elsewhere were gearing up for action to help their beleaguered economies.
Jobs data out of the U.S. Thursda...
US unemployment aid applications rise to 386K
2012-06-14 16:50:42 UTC
WASHINGTON (AP) — More Americans sought unemployment aid last week, suggesting hiring remains sluggish.
The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase fr...
Merkel firmly behind euro, but will she act?
2012-06-14 07:10:45 UTC
BERLIN (AP) — Germany's Chancellor Angela Merkel has insisted repeatedly that "if the euro fails, Europe fails."
Now the crisis in the 17 countries that use the euro is coming back to the boil, with Spain admitting it needs help to rescue its b...
Lower gas prices not enough to lift US economy
2012-06-13 19:32:07 UTC
WASHINGTON (AP) — Cheaper gas has yet to cause consumers to spend enough on other goods to boost the slumping economy.
Americans barely increased their spending at retail businesses this spring, leading economists to predict slower economic gro...
JPMorgan CEO says execs may have pay taken back
2012-06-13 17:33:24 UTC
WASHINGTON (AP) — JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
"It's likely that there will be cl...
Asia stocks fall as Spain, Italy worry investors
2012-06-12 05:46:43 UTC
BANGKOK (AP) — Asian stock markets slid Tuesday as enthusiasm for a European plan to rescue Spain's teetering banks turned to skepticism.
An offer by the 17 countries that use the euro to loan Spain up to €100 billion ($125 billion) to revive b...
Investors see Spain rescue as only 'temporary fix'
2012-06-11 19:34:48 UTC
NEW YORK (AP) — Investors aren't sold on a rescue of Spanish banks.
Stocks fell on Wall Street, an early rally faded on European stock exchanges, and borrowing costs for Spain crept higher on the bond market Monday — all expressions of doubt ab...
Asia stocks, euro rise as Spain banks get lifeline
2012-06-11 07:59:52 UTC
BANGKOK (AP) — Asian stocks and the euro climbed Monday after Spain sought a lifeline for its ailing banks, easing fears that Europe's debt crisis was about to spin out of control.
Spain on Saturday asked finance ministers from the 17 countries...
Oil above $86 as Spain gets funds to rescue banks
2012-06-11 06:25:08 UTC
SINGAPORE (AP) — Oil jumped above $86 a barrel Monday in Asia after Europe offered Spain a $125 billion rescue loan for its troubled banks.
Benchmark oil for July delivery was up $2.00 to $86.10 per barrel at midday Singapore time in electronic...
Europe bailout of Spain could cost $125 billion
2012-06-10 02:45:51 UTC
MADRID (AP) — Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to €100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17...
Merkel urges gradual political union in Europe
2012-06-07 19:44:11 UTC
BERLIN (AP) — German Chancellor Angela Merkel has called for Europe to take a gradual path towards political union, frustrating the appeals of many of her colleagues for quick, bold moves to fight the continent's raging financial crisis.
Dow leaps 286 points, its biggest day of the year
2012-06-06 23:38:07 UTC
NEW YORK (AP) — Speculation that governments in the U.S. and Europe will act to help their economies sent stocks surging to their best day this year.
Atlanta Federal Reserve President Dennis Lockhart said in a speech that weak job growth over t...
Stocks inch higher as investors await Europe news
2012-06-05 23:51:40 UTC
NEW YORK (AP) — As world leaders searched for a way out of Europe's mounting debt crisis, U.S. investors moved to the sidelines.
The major market indexes closed modestly higher, after wavering between slight gains and losses throughout the morn...
Spain offers dour prediction, but US stocks rise
2012-06-05 18:35:57 UTC
NEW YORK (AP) — As U.S. stocks struggled for direction, world finance leaders struggled for a way out of Europe's mounting debt crisis.
Major market indexes ricocheted between slight gains and losses in morning trading, then settled into modest...
US factory orders fell 0.6 percent in April
2012-06-04 16:43:36 UTC
WASHINGTON (AP) — Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.
The Commerce Department said Monday ...
Q&A: Hard times for Obama from economic recovery
2012-06-02 18:25:15 UTC
WASHINGTON (AP) — Nothing upsets a president's re-election groove like ugly economic numbers.
A spring slowdown in hiring and a rise in the unemployment rate are weighing on President Barack Obama, while enhancing Republican challenger Mitt Rom...
For US employers, 'hiring is a function of demand'
2012-06-01 17:42:40 UTC
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
The dismal jobs data will heighten fears that the econo...
Euro setup is unsustainable, ECB chief warns
2012-05-31 21:03:56 UTC
FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the...
Obama signs Ex-Im Bank bill into law
2012-05-30 17:08:10 UTC
WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehi...