Economy - Friday      (Investor's Business Daily)
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Investor's Business Daily - The greenback edged lower Fri. but was still on track for the biggest weekly rise since June '06 as investors increasingly expect the U.S. growth slowdown to drag on other economies. The euro fell 2.91 cents to $1.4505 for the week as gloomy economic data and comments from the European Central Bank President Jean-Claude Trichet boosted expectations for rate cuts later this year. The dollar rose 0.70 yen to 107.32 vs. the yen for the week.
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Investor's Business Daily - Spain has looked good for the last month -- but it&#39;s not the sun that&#39;s powering its shine. It&#39;s the rest of Europe, analysts say.
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Investor's Business Daily - The ABC News/Washington Post Consumer Comfort Index shot up 5 points over the last week to -7, the best in several weeks. Some 39% of respondents said now&#39;s a good time to buy, a big rise from 33% last week. Americans also were more upbeat about the economy and their own finances. Gasoline prices, which have fallen back below $3 a gallon, likely are a big factor.
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Investor's Business Daily - Environment: Enough can't be said about Tony Blair's unwavering support of the U.S. in the war on terror. His position on global warming is another matter.
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Investor's Business Daily - 1 China&#39;s leading stock index tumbled 6.5% after Beijing tripled a tax on stock trading to cool its booming market. Investors have been skittish on China since ex-Fed chief Alan Greenspan warned that its bubble could bust. But unlike in Feb., when a Shanghai swoon sparked a worldwide selloff, U.S. stocks rallied.
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Investor's Business Daily - The market in January handed stock fund investors their worst month in years.
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Investor's Business Daily - Average 30-year rates fell to 6.14% from 6.18% in the prior week. The 15-year rate averaged 5.86% vs. 5.92%, while 1-year ARMs fell to 5.47% from 5.49%. Rates are at their lowest levels so far this year, Freddie Mac said, citing worries over last week's sell-off in stocks and concerns over the slowing U.S. economy.
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Investor's Business Daily - The Business Roundtable, which includes the heads of some of the biggest U.S. companies, said its economic outlook index rose to 84.9, up from 81.9 in Q4 '06. In the Feb. 8-22 survey, 73% of CEOs polled expect sales to rise over the next 6 months vs. 69% in Q4. Capital spending plans also improved. But the net share of big firms planning to hire fell to 12% from 14%.
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Investor's Business Daily - Cash rebates and cheap loan offers have never been so hefty. And auto analysts expect them to keep rising -- despite Federal Reserve rate hikes and signs that incentives may be losing their punch.
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Investor's Business Daily - Wall Street loves it when a company says it can keep a good thing going.
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Investor's Business Daily - The Mortgage Bankers Association&#39;s applications index rose a seasonally adjusted 1.3% to 622.9 in the week ended Aug. 31, but multiple applications and refilings caused by recent credit problems may have played a role. Activity could slow on higher interest rates. The MBA said a dearth of demand for short-term loans sent 1-year ARM rates to 6.52%, near week-ago levels but well above longer-term rates. Average 30-year mortgages edged up to 6.42% from 6.41%. ARMs made up just 12.6% of applications in the week, down from more than 30% just a few weeks ago.
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Investor's Business Daily - Even before Tuesday's 0.75% slash in the federal funds rate by the Federal Reserve, mortgage rates had been sliding. Last week's cut pulled down home loan rates more.
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Investor's Business Daily - 1 Oct. crude shot up $1.68 to $79.91, an all-time high, after the gov&#39;t reported steeper-than-expected drawdowns in supplies. Those stocks fell 7.1 mil barrels last week, far more than the 2.4 mil barrels forecast. Heating oil surged 3.64 cents to $2.2191 a gallon, also a record. Analysts say heating oil supplies aren&#39;t as high as they should be this near to the winter season.
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Investor's Business Daily - Average 30-year rates dipped to 6.67% from 6.69% from the week prior, Freddie Mac said, citing slower home sales. Average 15-year rates fell to 6.34% from 6.37%, while one-year ARMs fell to 5.65% from 6.37%. It&#39;s the second week of declines after a month of increases. Rates remain below year-ago levels.
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Plus: IBM, Yahoo post high...AMD posts loss...Sony TV unit struggling...Nokia on upswing...Apple beats expectations.
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Investor's Business Daily - Higher input costs and a shortage of skilled workers tempered the latest survey by the National Association for Business Economics. The goods-producing sector was the least optimistic, with industrial and agricultural firms planning to continue cutting jobs. Still, overall activity, hiring and capital spending have rebounded from a weak Q1.
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Investor's Business Daily - Q2 prices rose 3.2% vs. a year ago, the slowest rise in a decade, the Office of Federal Housing Enterprise Oversight said. Price gains could turn into declines, as they have in other measures, and are taking a toll on broader economic growth. The S&amp;P/Case-Shiller index on Tue. showed Q2 home prices down 3.2% vs. a year earlier. OFHEO prices don&#39;t include homes with jumbo or subprime loans, two of the more vulnerable segments of the mortgage market. Weakness is expected to continue into &#39;08.