Archive for June, 2010
WASHINGTON (Reuters) – A broad coalition of U.S. business groups urged senators on Wednesday not to approve a bill that would allow the United States to use import duties against China’s exchange rate policy. “We agree that China needs an exchange rate that better responds to global trade flows,” the U.S.-China Business Council and about two dozen other groups said in a letter to each member of the Senate
By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks staggered to the end of a dismal second quarter on Wednesday in another low volume session as investors found little reason to take on risk after conflicting economic data
By Wanfeng Zhou NEW YORK (Reuters) – The euro rose across the board on Wednesday after banks borrowed less money than expected from the European Central Bank, soothing concerns over European banks’ funding issues. The tender results were keenly awaited as a gauge of how reliant European banks are on ECB emergency funding. Spanish, Portuguese and Greek banks have been the biggest users of the facilities.
By Emily Flitter NEW YORK (Reuters) – The prices of longer-dated U.S. Treasuries rose on Wednesday in a market that both fed off falling stocks and benefited from fund managers’ month-end buying. Also supporting Treasury prices across the curve was a report that showed private U.S.
* Ford pays $3.8 billion in cash to UAW retirement trust * Ford to save $470 million-plus yearly interest payments * Analyst: a “bold move” to reduce debt, address concern * Shares rise 5 percent (Adds detail on Ford option trade, Moody’s comment) By Bernie Woodall and Soyoung Kim DETROIT, June 30 (Reuters) – Ford Motor Co (F.N: Quote , Profile , Research ) said it is paying $3.8 billion in cash to settle a debt to a health care trust in a signal of its confidence that it remains on track to deliver “solid profits” this year. In addition, Ford said on Wednesday it is making a $255 million payment on preferred stock dividends that had been deferred when the automaker was trying to conserve cash. The moves sent Ford shares up 5 percent and removed more than $4 billion in debt from its balance sheet, addressing one of the major remaining investor concerns about the automaker’s turnaround plan.
* Weak U.S. private employment data adds to econ worries * Aluminum inventory declines signal demand support * Coming up: Chinese PMI data on Thursday (Changes headline, recasts, updates with New York copper price, adds New York dateline/byline and analyst comments) By Chris Kelly and Rebekah Curtis NEW YORK/LONDON, June 30 (Reuters) – Copper closed the second quarter of 2010 with a loss of more than 17 percent on Wednesday, snapping a string of five consecutive quarterly gains and suffering its biggest three-month decline since the late-2008 financial crisis
* Indexes on track for worst quarter in at least five * Chicago PMI rises slightly more than expected * Private employment report disappoints * Dow off 0.1 pct, S&P up 0.02 pct, Nasdaq off 0.06 pct * For up-to-the-minute market news see [STXNEWS/US] (Updates to late afternoon, changes byline) By Chuck Mikolajczak NEW YORK, June 30 (Reuters) – U.S. stocks were little changed on Wednesday as a disappointing reading of the labor market offset signs of improved Midwest business activity
By Rodrigo Campos NEW YORK (Reuters) – Stocks rose on Wednesday on signs of improved Midwest business activity and bargain-hunting a day after the S&P 500 fell to an eight-month low. Energy and industrial shares, the hardest hit sectors on Tuesday, accounted for the bulk of Wednesday’s gains. Manufacturer 3M (MMM.N: Quote , Profile , Research ) shares rose 1.7 percent to $79.81 and Chevron (CVX.N: Quote , Profile , Research ) added 0.6 percent to $68.78