Economic News

NEW YORK (AFX) - Wall Street ended an aimless session barely lower Thursday after investors shrugged off comments about productivity by Federal Reserve Chairman Ben Bernanke and awaited the government's August employment report. With Bernanke saying little to inspire the market in light pre-holiday trading, investors decided against making any major moves in advance of Friday's report on nonfarm  ...

Treasurys continued their bullish trend Thursday, and the yield on the benchmark 10-year note posted its biggest monthly decline in a year in August, winning support from month-end related buying and expectations a slowdown in the U.S. economy will help contain inflation. "There is continuous buying" due to the month-end needs and extension, said John Spinello, chief fixed-income technical stra ...

The dollar rose to a six-week high against the yen and gained against the euro Thursday, showing limited reaction to a mixed batch of economic news as traders adjusted positions ahead of Friday's U.S. employment report. The greenback bounced off a one-week low against the euro -- touched earlier in the session in reaction to the European Central Bank's decision to keep interest rates unchanged  ...

Treasury prices edged slightly higher, and the yield on the benchmark 10- year note remained at a five-month low Thursday, after the latest batch of economic reports did little to alter the market's view that the Federal Reserve has ended its rate-hiking cycle. "Today's solid income and consumption figures through July, and sustained sideways pattern in initial claims, continue to buck forecast ...

LONDON (AFX) - The euro drifted lower after a brief spike higher in the wake of another strong hint from the European Central Bank that interest rates in the 12-nation single currency are set to rise over the coming months. The initial euro buying faded as investors took in their stride the prospect of higher borrowing costs in the area. In his press conference following the much-anticipated dec ...

FRANKFURT (AFX) - Following are the main points from today's European Central Bank news conference. INTEREST RATES The ECB left leading interest rates unchanged at today's governing council meeting. Main refinancing operations will continue to be conducted as variable rate tenders with a minimum bid rate of 3.00 pct. The ECB raised rates at its previous monetary policy meeting on Aug 3, so no m ...

WASHINGTON (AFX) - America's productivity probably will keep growing solidly for some time to come, an important force in bolstering living standards, Federal Reserve Chairman Ben Bernanke said Thursday. Although future productivity gains can be difficult for economists to forecast, Bernanke offered a largely optimistic case that the country will continue to log good efficiency gains over the lon ...

LONDON (AFX) - European government bonds were sharply higher, tracking US Treasuries and after this afternoon's rate decision and press conference by the European Central Bank came in more or less as expected. The ECB left interest rates unchanged, while Trichet's comment that the central bank is "very vigilant" on inflation gave the expected signal that rates would rise again. ABN Amr ...

(updating with comments on growth, inflation outlook) FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet said the ECB remains constantly alert on inflation risks, but said he cannot give any precommitment on future interest rate moves. The ECB governing council left interest rates unchanged at its meeting today, but economists expect a rate hike at the next monetary policy mee ...

WASHINGTON (Dow Jones) -- Business activity in and around Chicago continued at a moderate pace in August, the Chicago Purchasing Managers index showed Thursday. The business barometer stood at 57.1% in its latest monthly reading, down only slightly from 57.9 in July. Prices moderated somewhat in the month but remained at elevated levels. The slight decline in the index was in line with ex ...