Economic News

Treasury prices closed with gains Tuesday, sending yields lower on the day, after news reports showed a monthly decline in pending home sales and that U.S. sales of Japanese cars rose while those of Detroit models dropped last month. Weak U.S. data tends to drum up safe-haven interest in Treasurys and also makes it more likely the Federal Reserve will not be hawkish on inflation. However, Tu ...

CHICAGO (Dow Jones) -- More homeowners turned to mortgage refinancing to extract equity in the first quarter as rising interest rates made other forms of home-equity borrowing more expensive, Freddie Mac said Tuesday. The mortgage agency said that 88% of loans that it owned that were refinanced in the first quarter resulted in new mortgages with loan amounts that were at least 5 percent higher  ...

The dollar remained under pressure Tuesday as investors continued to digest CNBC's report on Federal Reserve Chairman Ben Bernanke's comments and awaited his Wednesday speech for more clues on the U.S. interest-rate outlook. At the same time, the euro and pound were lifted after solid euro-zone and U.K. manufacturing data. Strong economic reports out of the euro zone and U.K. "are fueling ga ...

Treasury prices rose a bit Tuesday, sending yields a touch lower, after news showing a decline in pending home sales, signaling that the booming housing market may be cooling, although other data hinted at a strengthening in some labor market segments. Investors also awaited monthly auto sales tallies for indications about the state of domestic spending and the economy. The benchmark 10-year ...

Treasury prices and yields were nearly unchanged Tuesday morning, as investors awaited auto sales tallies from the latest month for new clues about the state of domestic spending and the economy. The benchmark 10-year Treasury bond yield (TNX) stood at 5.135%, only fractionally changed from 5.132% in late trade Monday. Prices and yields move in opposite direction. The 30-year bond yield (TYX ...

By Ross Finley LONDON (Reuters) - The strongest factory output and retail sales performance in more than a year cemented expectations on Tuesday that the Bank of England will leave interest rates on hold this week and for several months to come. Hopes for lower rates have been rapidly fading in financial markets and most economists now expect the Monetary Policy Committee to leave borrowing costs steady at 4.5 percent for the remainder of this year. Only one of the 45 economists polled by Reu ...

More than a quarter of Cameroon's national debt has been cancelled by creditors including the World Bank and the International Monetary Fund. The reduction amounts to about 27% of Cameroon's total debt, worth $4.9bn (£2.6bn;3.8bn euros) in cash terms. The decision makes Cameroon the 19th state to complete the Heavily Indebted Poor Countries (HIPC) initiative. Cameroon was given the reduction after meeting poverty reduction targets and social services investments. 'Optimal results' Oth ...

By Katie Allen LONDON (Reuters) - The manufacturing sector unexpectedly grew at its fastest pace in 1-1/2 years last month, pouring more cold water on expectations the Bank of England will cut interest rates this year. The Chartered Institute of Purchasing and Supply/RBS Purchasing Managers' Index (PMI) on Tuesday also showed a jump in orders and output growth, adding to growing evidence the sec ...

Asia is set to see economic growth of 7% this year, according to a forecast by the International Monetary Fund. The IMF's report said that the region has been boosted by the growing demand for exports - notably in electronics - which should continue. In addition, domestic demand, which has been "tepid" except for China and India, has been picking up since early 2005, the report said. One issue that could temper growth is the rising oil price, the IMF warned. Lower debts, better infrastructu ...

WASHINGTON (Dow Jones) -- Asian economies should have at least two more years of strong economic growth and subdued inflation, the International Monetary Fund said Monday. In its annual regional economic outlook, the IMF projected Asian growth of about 6.9% in 2006 and 6.6% in 2007. Asian economies grew 7.1% in 2005. Consumer prices are expected to rise 2.9% this year and 2.8% next year. Prices ...