Post by unlawflcombatnt on Aug 23, 2007 4:01:48 GMT -6
from Yahoo News:
Markets Still Nervous,
German GDP growth 0.3%,
More Financial Industry Layoffs
By Mike Peacock (from "BOJ says turmoil will linger")
8/23/07
"Global financial turmoil prompted the Bank of Japan to hold rates on Thursday and warn the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged U.S. home loan market....
Attention will soon switch to the European Central Bank, which will announce the results of a surprise auction of 40 billion euros in three-month financing to money markets.
Indicating that liquidity problems were far from over, the ECB said on Wednesday the tender was "a technical measure aimed at supporting the normalization" of the market...
STILL NERVOUS
But investors were still on tenterhooks for more casualties in the U.S. home loan market and any signs of wider economic damage.
"I think there are still a lot of skeletons in the cupboard. Markets have really bounced, which I think is pretty scary given last week's panic," the markets head of a big European bank in Singapore said.
data showed
German economic growth slowed to 0.3 percent in the 2nd quarter...."
This follows the earlier announcement of
Japan's 2nd quarter GDP growth of only 0.1%.
"Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings and Lehman Brothers said they would slash a total of 3,400 jobs as concern mounted about the longer-term impact on the economy.
Accredited (LEND.O) a San Diego-based subprime specialist, will cut 1,600 jobs and shut most of its retail and wholesale operations. It also stopped taking loan applications.
Lehman (LEH.N) will close its subprime unit BNC Mortgage LLC, axe 1,200 jobs and take $52 million in charges, while HSBC (HSBA.L), Europe's largest bank, will close a Carmel, Indiana, office and cut 600 employees....
Markets Still Nervous,
German GDP growth 0.3%,
More Financial Industry Layoffs
By Mike Peacock (from "BOJ says turmoil will linger")
8/23/07
"Global financial turmoil prompted the Bank of Japan to hold rates on Thursday and warn the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged U.S. home loan market....
Attention will soon switch to the European Central Bank, which will announce the results of a surprise auction of 40 billion euros in three-month financing to money markets.
Indicating that liquidity problems were far from over, the ECB said on Wednesday the tender was "a technical measure aimed at supporting the normalization" of the market...
STILL NERVOUS
But investors were still on tenterhooks for more casualties in the U.S. home loan market and any signs of wider economic damage.
"I think there are still a lot of skeletons in the cupboard. Markets have really bounced, which I think is pretty scary given last week's panic," the markets head of a big European bank in Singapore said.
data showed
German economic growth slowed to 0.3 percent in the 2nd quarter...."
This follows the earlier announcement of
Japan's 2nd quarter GDP growth of only 0.1%.
"Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings and Lehman Brothers said they would slash a total of 3,400 jobs as concern mounted about the longer-term impact on the economy.
Accredited (LEND.O) a San Diego-based subprime specialist, will cut 1,600 jobs and shut most of its retail and wholesale operations. It also stopped taking loan applications.
Lehman (LEH.N) will close its subprime unit BNC Mortgage LLC, axe 1,200 jobs and take $52 million in charges, while HSBC (HSBA.L), Europe's largest bank, will close a Carmel, Indiana, office and cut 600 employees....