Thursday, March 05, 2009

Quick Overview

  • U.S. factory orders fell 1.9% in January, not as weak as expected

  • U.S. jobless claims fell 31,000 last week to 639,000.

  • U.S. productivity fell 0.4%.

  • No stimulus package from China. Instead, it reaffirmed its belief that the current package will do the job.

  • The Bank of England cut its interest rate from 1.00% to a record low 0.50%,

  • The ECB cut rates from 2.00% to a record low 1.50%, as expected.

  • GDP in the Euro area fell 1.5% in Q4, but rose 0.8% for all of 2008.

  • Mortgage delinquencies rose to a 7.88% of all loans, the highest on record since 1972

  • General Electric's GE Capital will be profitable for the first quarter and full year and won't need fresh capital except under an unlikely disaster scenario, the company's financial chief said.

  • Shares of US Bancorp (USB) have bounced on reports that Rep. Barney Frank has said it and Northern Trust (NTRS) will give back their TARP funds.

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