Experts roundly agree that the recession is only a short-term blip in the long-term escalation of oil prices. And this time, there are 1.05 trillion reasons why oil is going to climb well past its peak last year.
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China’s red-hot economy is officially slowing. Latest data put annual GDP growth at 9.0% in Q3, down from 10.1% in the previous quarter. Most analysts expect further economic easing and accelerated capital flight in Q4. But Jason Simpkins says a correction will actually benefit the Chinese economy, which had been running the risk of overheating. And ’slower’ growth of around 8% next year will still be the envy of the developed world.
The Chinese economy is showing signs of a slowdown, says Jason Simpkins in Money Morning. And despite the hype of the Olympic games, the Shanghai Stock Exchange is tumbling. Given the size of the economy, China needs to grow at over 8% annually to create enough jobs. This means a rumored $58-billion government-sponsored stimulus package looks more and more likely…
Roche Holding Ltd. (OTC ADR: RHHBY) yesterday (Monday) announced a $43.7 billion offer for the 44% of Genentech Inc. (DNA) it doesn’t already own.
Both U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke were called to the carpet yesterday (Tuesday) to explain to Congress how continued turbulence in U.S. credit markets will affect the economy in coming months.
After the global financial industry shed $403 billion in write-downs, European banks are finally turning a corner and boosting their share prices.
German giant Deustche Bank AG (DB) and Switzerland’s UBS AG (UBS) both declared they would not need to raise further capital yesterday (Wednesday) as the bulk of losses tied to mortgage-backed securities is now behind them.
“At first glance this is some much-needed positive news for Deutsche in particular but also for the whole sector,” Helge Rechberger, head of equity market research at Raiffeisen Zentralbank in Vienna, told Bloomberg News. He said he remains “cautious” about the financial industry.
The U.S. economy shed 20,000 in April, the Department of Labor announced in its monthly employment summary, bringing total unemployment up to 5% from 5.1% last month.
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