Thursday, January 29, 2009

Quick Overview

  • U.S. jobless claims rose 3,000 last week to 588,000. The number of Americans drawing jobless benefits for a week or longer rose to 4,776,000.

  • U.S. durable goods orders fell 2.6% MoM, YoY orders fell 5.7%

  • (Reuters) - Government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health.

  • (Reuters) – The cost of the government setting up a "bad bank" to buy up toxic assets from struggling U.S. banks could range as high as $4 trillion, according to some experts, Sen. Charles Schumer said on Thursday.

  • Japan’s retail sales fell 2.7% YoY

  • Japan’s unemployment rose to 4.4% from 3.9%

  • Canada’s industrial product price index fell1.9%

  • House prices in England and Wales fell by 13.5% YoY

  • (Bloomberg) -- Jamie Dimon, chief executive officer of JPMorgan Chase & Co., blamed banks and regulators for letting consumers amass debt like “weapons of mass destruction,” leading to the global economic crisis.

  • (Reuters) - Gold is likely to hit new record highs, spurred by serious concern about the U.S. currency and doubt about the state of the world economy, the chairman of Barrick Gold Corp. said on Thursday.
    There was even a possibility, although not a probability, central banks, including China's, might start to switch from dollar holdings to gold..

  • In its final days Bush imposed a 300% duty on Roquefort cheese.

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