Economic News

Stg retreats from 2-wk high vs dlr; Lehman in focus
15 Sep 2008 source: iii.co.uk

LONDON, Sept 15 (Reuters) - Sterling fell against the dollar on Monday, wiping out early gains, as the U.S. currency gained versus higher-yielders on a wave of risk aversion after Lehman Brothers filed for bankruptcy protection. Initial concerns about the U.S. financial sector propelled the pound to a two-week high against the U.S. currency, but renewed risk aversion and falling oil prices soon e ...

CBI urges Bank of England to reduce rates
15 Sep 2008 source: thisismoney.co.uk

Rosamund Urwin, Evening Standard15 September 2008, 2:17pm Big business today urged the Bank of England to slash interest rates later this year in order to rescue the UK economy from recession. Explanation: King set to write to the Chancellor again about high interest rates OTHER STORIES Black Monday: 4,000 Lehman jobs axed CBI says Britain IS in recession Market report: Monday latest 63,000 XL tourists still stranded abroad Clegg's £5bn tax dodge crackdown  ...

PREVIEW-SNB rates seen steady this week despite bank woes
15 Sep 2008 source: iii.co.uk

ZURICH, Sept 15 (Reuters) - Expectations of a Swiss rate cut increased on Monday after the failure of U.S. bank Lehman Brothers triggered new financial market turmoil but economists still see the central bank keeping interest rates on hold this week. The Swiss National Bank said on Monday it was monitoring financial markets closely and offered extra overnight liquidity like other central banks to ...

UPDATE 1-Polish Aug CPI, wages below expectations
15 Sep 2008 source: iii.co.uk

WARSAW, Sept 15 (Reuters) - Polish consumer prices rose 4.8 percent year-on-year in August, below market expectations, the statistics office said on Monday. Data also showed wage growth eased to 9.7 percent last month, also below forecast. The twin sets of data, signalling that inflationary pressures could be moderating, strengthened bonds. Yields fell by 3 basis points across the curve. The zl ...

UPDATE 1-Euro zone labour cost growth slows in 2nd quarter
15 Sep 2008 source: iii.co.uk

BRUSSELS, Sept 15 (Reuters) - Euro zone labour costs slowed in annual terms in the second quarter as wages moderated, showing a muted response to high oil prices and likely coming as welcome news for the European Central Bank. Hourly labour costs rose 2.7 percent year-on-year in the 15 countries using the euro, down from an upwardly revised 3.5 percent in the prior three months and 2.9 percent in ...

UK rate futures soar on safe-haven demand as stocks tumble
15 Sep 2008 source: iii.co.uk

LONDON, Sept 15 (Reuters) - British gilts and interest rate futures rose on Monday after Lehman Brothers' filing for bankruptcy protection sparked a flight to safe-haven assets as stocks tumbled. The travails of U.S fourth largest investment bank came with news that Bank of America was buying Merrill Lynch, and the Federal Reserve was accepting stocks in exchange for cash loans for the first time ...

China cuts key lending rate by 27 basis pts; deposit rates left intact - UPDATE3 ...
15 Sep 2008 source: iii.co.uk

BEIJING (XFN-ASIA) - The People's Bank of China (PBoC) announced that it is cutting the benchmark one-year lending rate by 27 basis points to 7.20 pct from tomorrow. It marks the first cut in China's key interest rate since February 2002, and suggests that authorities are concerned about slowing growth. The PBoC said it will also cut the 6-month lending rate by 36 basis points to 6.21 pct. The r ...

CBI says Britain IS in recession
15 Sep 2008 source: thisismoney.co.uk

Becky Barrow, Daily Mail15 September 2008, 12:35pm The economy is in a recession and will not recover for at least a year, the Confederation of British Industry will warn today. Lambert: Britain is in for a 'very uncomfortable time' WANT TO KNOW MORE? FTSE dives 220 points on Lehman collapse Opinion: PM left powerless over economy OTHER STORIES FTSE dives 220 points on Lehman collapse Market report: Monday latest 63,000 XL tourists still stranded abroad Clegg's ...

Zimbabwe rivals sign power-sharing deal
15 Sep 2008 source: today.reuters.co.uk

By MacDonald Dzirutwe HARARE (Reuters) - Zimbabwe's rival political parties signed a landmark power-sharing deal on Monday which means President Robert Mugabe will cede some of his powers for the first time in nearly three decades of iron rule. Mugabe, main opposition Movement for Democratic Change (MDC) leader Morgan Tsvangirai and Arthur Mutambara -- who heads a breakaway MDC facti ...

TREASURIES-Extend rally on Lehman, yields at 5-mth lows
15 Sep 2008 source: iii.co.uk

LONDON, Sept 15 (Reuters) - U.S. Treasuries surged on Monday with futures on track to make their biggest one-day gain since the U.S. stock market crash of 1987 as news that Lehman Brothers had filed for bankruptcy triggered a wave of panic buying in safe-haven government bonds. Treasuries futures jumped more than two full points to 118-7/32 to their highest since mid-April, while two-year yields ...

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