More homeowners drowning in debt
More than 7.4 million borrowers were still “seriously” underwater on their mortgages at the end of June, according to RealtyTrac.
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The U.S. economy is on track to cap a lost decade for growth
At this rate, it won’t be anywhere near where economists expect it to be at the end of the year. Gross domestic product expanded at a 2.3 percent annualized rate in the second quarter, according to Commerce Department figures published Thursday. While that was an improvement over the 0.6 percent pace in the first three months of the year, it was less than economists had forecast.
U.S. job market set for more than just 'some' attention
Now that U.S. Federal Reserve chief Janet Yellen has made it clear she’s looking out for “some” improvement in the job market before voting for the first Fed interest rate rise in nearly a decade, so is everyone else. The challenge is that the U.S. economy is generating very little inflation – not to mention disinflation coming from China and nearly no inflation in Europe – leaving many questioning whether
Exxon, Chevron brace for dark times ahead
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses. Chevron recorded its lowest profit in more than 12 years after the market rout forced
Who needs the Fed? The rate hike cometh on its own
As traders, market pundits and economists jaw over whether the Federal Reserve this year will lift its benchmark lending rate for the first time in almost a decade, several corners of the U.S. bond market aren’t waiting around.
EU opens in-depth inquiry into Fedex's planned takeover of TNT
The European Commission said on Friday it had opened an in-depth investigation into Fedex’s (FDX.N) proposed 4.4 billion euro ($4.9 billion) takeover of Dutch rival TNT Express (TNTE.AS). The Commission, which oversees EU mergers and competition issues, said it had concerns that the merged entity would face insufficient competitive constraints in small package deliveries from the only two remaining players, UPS (UPS.N) and DHL [DHL.UL], owned by Deutsche Post (DPWGn.DE).
U.S. employment costs post smallest gain on record in second-quarter
U.S. labor costs in the second quarter recorded their smallest increase in 33 years amid tepid gains in the private sector, but it likely was a temporary setback against the backdrop of diminishing labor market slack.
Exxon profit halved by tumbling crude price; shares drop
Exxon Mobil Corp reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world’s largest publicly traded oil company. Profit at Exxon’s exploration and …
Oil falls after OPEC comments imply no supply cut
Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers’ cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 0935 GMT after
China stocks post biggest monthly loss in 6 years
Squawk Box Live in Europe kept you updated with all the major market news on the last trading day of a very volatile month.