November 13, 2013 |
BEIJING -- Financial markets, economists and even one amateur limerick writer gave the thumbs down to the new Chinese Communist Party leadership's long-awaited platform on economic reform. Although a communiqué issued Tuesday night at the close of the four-day party plenum hailed the “decisive” role played by markets, the financial markets didn't return the compliment. From Hong Kong to Shanghai to Seoul, Asia benchmark indexes slumped on disappointment that the plenum had failed to live up to its advance billing of ushering in market-oriented reforms.
October 30, 2013 |
WASHINGTON -- The Federal Reserve maintained its massive bond-buying stimulus program at the current level, citing still-high unemployment, a slowdown in the housing market and an economy held back by fiscal policies. At the end of a two-day meeting Wednesday, the Fed said in a release that it would keep buying $85 billion of Treasury bonds and mortgage securities a month, in a bid to suppress long-term interest rates and spur economic and job...
October 16, 2013 |
NEW YORK -- Stocks rallied and bond yields eased as Washington edged closer to defusing its latest fiscal crisis and averting a default on U.S. debt. Major U.S. stock indexes gained 1% as Congress appeared poised to pass a Senate-led compromise that would raise the United States' borrowing authority and reopen the federal government. The Dow Jones industrial average surged 205.82 points, or 1.4%, to close at 15,373.83. The broader Standard & Poor's 500 index gained 23.48 points, or 1.4%, to 1,721.54.
October 15, 2013 |
SAN FRANCISCO - Twitter Inc. is moving full speed ahead with its initial public offering even as the world braces for the possibility of a U.S. debt default that would roil financial markets and hurt the stock's debut. The micro-blogging service said Tuesday that it would list its shares on the New York Stock Exchange, handing a major victory to the Big Board over its rival, the Nasdaq Stock Market. Also, Twitter could kick off its road show to market the IPO to investors in the last week of October, according to a person with knowledge of the matter who spoke on the condition of anonymity because he is not authorized to discuss it publicly.
October 14, 2013 |
WASHINGTON - Five years after the U.S. financial crisis helped cause a deep global recession, foreign leaders are worried that history is going to repeat itself. The fiscal impasse that has partially shut the federal government now threatens to trigger a U.S. default that would roil financial markets worldwide, leading an agitated China to suggest replacing the dollar as the international reserve currency. "As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world," China's official state-run news agency, Xinhua, said in an English-language commentary Sunday.
October 10, 2013 |
The Federal Reserve appeared poised a few weeks ago to start pulling back on its unprecedented support for the economy, but surprisingly stopped short out of fear the recovery still was too fragile. That was before the budget stalemate boiled over in Washington. Now, with the federal government partially shut down and a looming debt-limit deadline threatening financial market chaos, analysts said it's highly unlikely that Fed policymakers will reduce their stimulus efforts when they meet at the end of this month.