White House could unveil mortgage plan next week
Reuters
By Margaret Chadbourn, Reuters
The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.
http://jlne.ws/nZRv0Y
Riccadonna Says U.S. to Grow About 2.5% in 4th Quarter - Video
Bloomberg
Carl Riccadonna, senior U.S. economist at Deutsche Bank Securities Inc., talks about the outlook for the U.S. economy. Riccadonna also discusses the U.S. labor market and manufacturing, and Federal Reserve monetary policy. He speaks with Tom Keene and Michael McKee on Bloomberg Television's "Surveillance Midday."
http://jlne.ws/rh1JtJ
Euro crisis requires market solution
By Lee Robinson and Patrick Young, FT.com
Ultimately the euro crisis remains a pressure cooker building up steam despite the protestations of the currency system being saved by multiple political interventions. Yet after a half dozen supranational attempts to instil order within the sovereign nations of the EU, the markets are clearly not listening. Instead a market solution is now needed.
http://jlne.ws/pz2mAZ
Lockhart Says Fed Should Be Ready to Weigh More Easing to Aid Weak Economy
By Steve Matthews, Bloomberg
Federal Reserve Bank of Atlanta President Dennis Lockhart said the Fed should be ready to consider more monetary easing even while it can’t be expected to eliminate some of the forces impeding economic growth.
http://jlne.ws/qITnWK
FSA Fines Trading Firm £8 Million - one of its largest-ever fines
BY TIM CAVE, WSJ.com
The U.K.'s Financial Services Authority has handed one of its largest-ever fines to a now defunct Canadian trading firm for alleged abusive trading techniques, in a clear sign that it is clamping down on computer-driven practices it regards as damaging to domestic markets.
http://jlne.ws/odR2Sn
CME Urges US Regulator To Delay Dodd-Frank Rules
Dow Jones Newswires
CME Group Inc. (CME) is urging the U.S. Commodity Futures Trading Commission to delay adoption of rules set by the Dodd-Frank law on Wall practices, saying the law is flawed and vulnerable to legal challenges, Crain's Chicago Business reported Wednesday.
http://jlne.ws/nIiMND
Germany OK's eurozone rescue fund changes
By Geir Moulson, Associated Press
German Chancellor Angela Merkel's Cabinet on Wednesday approved a plan to beef up the eurozone's rescue fund, the first step toward its passage in Europe's biggest economy.
http://jlne.ws/qGIPk6
Pimco Launches Hedge-Fund-Like 'Go Anywhere' Bond Fund
BY MIN ZENG, WSJ.com
Pacific Investment Management Co., the big money manager founded by Bill Gross, is wooing investors with a new bond fund that aims to provide returns in any market environment with a broad range of fixed-income strategies.
http://jlne.ws/pRJ2g6
Employment in Most Cities Makes Gains From 2010 - Real Time Economics
By Andrew Ackerman, WSJ.com
Unemployment rates in most metropolitan areas in the U.S. fell during July from a year earlier, according to a Labor Department report released Wednesday. The report said jobless rates were lower in 257 of the 372 metropolitan areas measured. Unemployment rates were higher in 94 areas and unchanged in 21 areas.
http://jlne.ws/prZsFx
Chicago PMI slows in August
By Steve Goldstein, MarketWatch
The Chicago business barometer, which also is called Chicago PMI, slowed in August to a 56.5% reading from 58.8% in July, as managers in the region reported slowing production and new orders and a shrinking in order backlogs. Though the reading was ahead of expectations -- economists polled by MarketWatch had anticipated a 53.0% reading -- the indicator is at a 21-month low
http://jlne.ws/oK4QIn
Moody's: United States: Factory Orders (M3)
Orders for manufactured goods rose 2.4% in July, above expectations. The previously released figures for durable goods orders were revised up slightly to 4.1%. Shipments of durable goods got a significant upward revision, growing 2.4%. Unfilled orders rose, while inventories grew for the 15th consecutive month. Revisions to core capital goods data were positive. Core capital goods orders fell only 0.9%. Shipments fell 0.2% with a slight downward revision.
http://jlne.ws/poDERD
Euro Bonds Are Not Enough: Eurozone Countries Need A Government Banker
FT.com
The eurozone‘s public finance crisis continues to fester, reflecting both political and intellectual failure. The intellectual failure is that the crisis has been interpreted exclusively as a debt crisis when it is also a central bank design crisis resulting from the euro’s flawed architecture. The flaw is the inability of eurozone governments to harness the central bank’s power to assist government finances. This systemic weakness explains why US and UK government bonds are weathering the storm, whereas Spain confronts default rumors despite having roughly similar debt and deficit profiles.http://jlne.ws/o2MtmD
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