Quick Overview

• Wall Street suffered one of its worst losses of 2007, as investors succumbed to worry about the derivatives market.
  

• U.S. Durable goods orders rose 1.4% in June. Excluding transport, orders fell 0.5% MoM.
  

• U.S. New home sales were down 6.6% MoM. For the first half of 2007, new home sales were down 22%.
  

• The poor performance of many mortgage loans will worsen substantially through the rest of the year, according to Moody's.
  

• Home prices in the U.K. increased 0.1% MoM.
  

• The U.S. DoE said that underground supplies of natural gas were up 71 billion cubic feet last week to 2.763 trillion cubic feet.
  

• USDA is reporting the discovery of Asian soybean rust in three fields in Oklahoma, the first findings of rust in that state.