Economic News

WASHINGTON (Dow Jones) - U.S. home prices will probably fall temporarily as the housing market corrects, the National Association of Realtors said Thursday. Prices should bounce higher in a few months, said David Lereah, chief economist for the real estate group "as the market works through a build in housing inventory." Median existing-home sales prices should rise about 2.8% this year and  ...

LONDON (AFX) - Beleaguered British Prime Minister Tony Blair said he would leave Downing Street in the next 12 months, but defiantly refused to name a precise date for his departure, raising concerns that he has not done enough to satisfy his discontented backbenchers. He also fired a broadside at party rebels who want him out, telling them "it's the public that comes first and it's the coun ...

The Bank of England has left UK interest rates unchanged at 4.75% following its latest meeting. The move was widely expected after last month's surprise rate rise, but many analysts still expect a further rise in rates before the end of the year. In August, the Bank raised borrowing costs to 4.75% from 4.5%, its first increase in two years. A further rise will depend on consumer spending and t ...

WASHINGTON (AFX) - The number of newly laid off workers filing claims for unemployment benefits dropped by a bigger-than-expected amount last week, signaling continuing labor market strength despite a general economic slowdown. The government reported that applications for jobless benefits totaled 310,000, down 9,000 from the previous week. It was the biggest decline in seven weeks and was a  ...

1& (AFX) - Stocks fell for a second straight session Thursday as concerns about inflation and an overall economic slowdown weighed on investors. Wall Street, already armed with recent economic data pointing to a housing slowdown, was forced to digest sour anecdotal evidence as well. Beazer Homes USA Inc., Hovnanian Enterprises Inc. and KB Home warned that the home-building sector is facin ...

The dollar rose to a three-week high versus the euro, but traded lower against the yen early Thursday, after a German official said the weakness of the yen will be discussed at the upcoming meeting of the Group of Seven leading industrial nations. The yen rallied across the board, touching a three-week high against the euro, reversing recent sharp losses sparked by speculation that the Bank of  ...

PARIS (AFX) - Share prices remained lower in midafternoon trading, hit by a mixed batch of French corporate results and the weak opening on Wall Street, where renewed worries about further interest rate hikes continued to prompt caution, dealers said. At 3.55 pm the CAC-40 index was down 43.86 points or 0.9 pct at 5,071.66, on volume of 3 bln euro. On the Matif, September CAC-40 futures were tra ...

NEW YORK (AFX) - Stocks fell for a second straight session Thursday as concerns about inflation and an overall economic slowdown continued to weigh on investors. Wall Street, already armed with recent economic data pointing to a housing slowdown, was forced to digest sour anecdotal evidence as well. Beazer Homes USA Inc., Hovnanian Enterprises Inc. and KB Home warned that the home-building se ...

LONDON (AFX) - European government bonds were continued lower as the European Central Bank promised vigilance over inflation and robust data strengthened rate hike expectations. The selling pressure was mainly concentrated at the shorter end of the curve with the 2-year German issue, for instance, suffering hefty falls. "Schatz are still very much on the back foot, as trade has collapsed th ...

LONDON (Dow Jones) -- The Bank of England on Thursday held its key interest rate at 4.75%, a month after making a surprise tightening, as it balanced signals that economic growth may be slowing with persistent concerns over inflation. The Bank of England didn't make an announcement along with the rate decision. Last month, the central bank explained in a making the quarter-point rate hike th ...