Topic: Fitch Inc.
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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Dow breaks 13000 but can't stay there
The Dow rose 15 points to close at 12965, just shy of the 13000 mark that it crossed earlier Tuesday. It was the first time the index had reached that mark since 2008.
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The Daily Reckoning
Could you ride out a Great Depression?
When the Great Depression hit, many Americans were able to live off the land and wait it out. In today's sour economy, that's less of an option.
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Stocks fall. Greece weighs on markets.
Stocks are down in Asia and Europe ahead of a key European summit. S&P futures are also lower. Investors shun stocks as concerns linger about Greece's long-term solvency.
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Stocks fall on Europe woes
Stocks down in Europe ahead of key European bond auctions. Futures point to lower open for stocks in US.
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Stocks get a boost from Europe, corporate earnings
The Dow rose 69 points to close at 12462 as hopes for strong corporate earnings boosted the markets.
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Stocks fall with BoA, banks leading the slide
The Dow lost 200 points to close at 11766. Bank of America plunged 4 percent; other big banks also faltered.
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Stock market: Fears ease over North Korea
Stock market futures in US edge up as tensions ease over Kim Jong Il's passing. Asia markets close lower, but stock market in Germany, Britain, and France recover.
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Doubts mount as Europe struggles with next steps in euro crisis
European stocks as well as the euro dropped as optimism from last week's euro crisis summit yielded to tough questions about the EU's ability to avert fresh crises.
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Stock market drops as ratings agencies eye euro deal
Stock market falls sharply, with the Dow losing 162 points, after two big ratings agencies said the fiscal pact between European leaders would make little difference in solving the region's debt problems. Intel's lower fourth-quarter guidance dragged the stock market down further.
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Stocks fall for the second day in a row
The Dow dropped 134 points to close at 11770 amid renewed worries about Europe's debt crisis
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Stocks take a hit after Fitch warnings on US bank exposure
The Dow dropped 190.57 points to close at 11905 after Fitch ratings released a report saying that US banks could be "greatly affected" if Europe's debt crisis continues to spread
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Gold repatriation: What is Chavez up to?
Gold reserves will be held in Venezuela rather than foreign banks. But the move in gold makes nation's finances even murkier.
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AAA credit rating affirmed by Fitch
AAA credit rating for the US remains in place for Fitch Ratings, even though Standard & Poor's downgraded the US from its AAA credit rating
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US stocks fall on European economic, debt worries
At the close, the Dow was down about 76 points, the Nasdaq was down about 31 points, and the S&P 500 was down about 11 points
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
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Minnesota government shutdown nears an end, but at what cost?
The Minnesota governor and legislative Republicans say they have a deal to end a government shutdown that began on July 1. But budget experts say the deal is fiscally 'unustainable.'
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Does Greece owe you? How the Greece crisis affects US money market funds
American exposure to the Greece crisis is high in certain areas. Half the assets in the 10 biggest money market funds are invested in European banks, which hold a lot of Greece's debt.
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Bond rates: how S&P outlook will affect the market
Bond rates that are low require the US government to pay more interest to investors. Because the government has to borrow to pay off debt, bond rates could, in turn, affect taxpayers.
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Credit rating for Libya now junk
Credit rating agency Fitch lowers Libya's credit rating three nothces.
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The Reformed Broker
Rating agencies play chicken against US economy
By refusing to allow their ratings to be used in bond registration statements, the rating agencies are threatening a still-fragile asset-backed securities market.
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BP oil spill: New York Fed checking on Wall Street firms' exposure to oil company
BP oil spill: The New York Federal Reserve is investigating Wall Street firms' exposure to the oil company, in the event BP goes bankrupt over the Gulf oil spill.
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Gulf oil spill: why the US wants a healthy BP
Virtually everyone agrees that BP should pay the costs of the Gulf oil spill – rather than US taxpayers.
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Oil spill clean-up: BP to start funneling oil and gas to surface after cutting pipe
The US Coast Guard announced Thursday that, as a part of the oil spill clean-up, BP will start to funnel oil and gas to the surface of the Gulf of Mexico after successfully cutting a leaking oil pipe on the sea floor.
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Oil spill: Gulf of Mexico disaster holds big liabilities for BP
The firm is spending about $6 million a day to contain the oil spill. Gulf of Mexico expenses associated with the oil rig explosion could eventually cost BP more than $3 billion.
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