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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Monday, July 30, 2007

News You Can Use for Monday

News from the US

Cheapest Stocks in 16 Years Entice Investors investors are preparing to snap up shares of telephone, health-care and computer companies after last week's $2.1 trillion global stock market rout left U.S. equities the cheapest in 16 years.

Stock Bulls Grow More Bullish as Global Equity Markets Lose $2.1 Trillion The biggest losses in equity and credit markets in five years are making the U.S. stock bulls more bullish.

Fed's Poole Says Inflation Is Slowing `a Bit,' Subprime Damage Contained Federal Reserve Bank of St. Louis President William Poole said inflation is ``moderating just a bit'' and suggested the central bank can afford to wait before lowering interest rates.

TIPS Prove Poor Tip for Bond Traders Anticipating Inflation's Acceleration Treasury investors say inflation is abating, even if the oil bulls are right and crude heads to $100 a barrel.

News from the rest of the world …

China Orders Banks to Raise Reserves a Sixth Time to Cool Economic Growth China ordered banks to set aside larger reserves for the sixth time this year to curb lending and investment after the economy grew at the fastest pace since 1994.

Corporate Bond Risk Surges as Germany's IKB Reports Subprime-Loan Losses The risk of owning European corporate bonds soared to the highest in at least three years after Germany's IKB Deutsche Industriebank AG reported losses on U.S. subprime mortgages, credit-default swap prices show.

European July Retail Sales Fall Most in Three Years, Bloomberg PMI Shows European retail sales fell the most in three years in July, adding to evidence that economic growth in the 13-nation euro region may have peaked, the Bloomberg purchasing managers index showed.

Kuwait Says Currency Peg Gives It `Flexibility' in Setting Exchange Rate Kuwait's decision to peg the dinar to a basket of currencies gives it flexibility in setting its exchange rate, Kuwait News Agency reported, citing central bank governor Sheikh Salem Abdul Aziz al-Sabah.

Paladin cuts output forecasts at Namibian uranium mine. ustralia-based exploration and development company Paladin Resources now expects to produce 2,2-million pounds of uranium from its Langer Heinrich mine, in Namibia, during the 2007/8 financial year, down from a previous forecast of 2,6-million pounds.

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