Quick Overview

• The U.S. Commerce Department said that new home sales were at an annual rate of 1.41 million units in July, up 6.5% from June's rate and stronger than anticipated. So far in 2005, new home sales are up 8% from a year ago.
  

• The New York Federal Reserve Bank said it has called a Sept. 15 meeting of top banks to discuss the risks of credit derivatives.
  

• China expects to push steadily forward with reforms of the Yuan to guarantee the country's economic and financial stability, a top government economist said on Wednesday.
  
  

• The U.S. Department of Energy said that:
  Crude oil supplies were up 1.8 million barrels to 322.9 million barrels.
  Unleaded gasoline supplies were down 3.2 million barrels .
  Heating oil supplies were up 900,000 barrels.
  
  

• U.S. Durable goods orders were down 4.9% in July, the largest monthly drop in over a year. Exclusive of transport, orders fell 3.2% for the month.
  

• An index of U.K. factory orders fell from -20 to -29 in July, the lowest in almost two years.