US JOBLESS CLAIMS SLIDE, BUT MAY PROVE TEMPORARY
New U.S. claims for state unemployment benefits unexpectedly plunge by 52,000
last week to their lowest level. And the Commerce Department reports that U.S.
wholesalers cut inventories again in May, by 0.8%.
REPEAT BORROWERS DRIVE DEMAND FOR PAYDAY LOANS
Repeat borrowers account for the bulk of payday loan volume, a new study
concludes, giving fresh fodder to critics who charge the industry traps people
in a cycle of debt.
FREDDIE SAYS 30-YEAR MORTGAGE STILL ABOVE 5%
Mortgage rates are down again, with the 15-year fixed rate dipping to 4.69%
from 4.77% last week, according to Freddie Mac, but the average rate on 30-year
fixed-rate mortgages remained above 5%.
IMF SAYS NEW WORRIES MOUNT AS CRISIS EASES
Avoiding the worst of the global economic crisis has created new problems
that world leaders need to address swiftly, International Monetary Fund
Managing Director Dominique Strauss-Kahn says.
US STOCKS STICK TO NARROW RANGE
U.S. stocks make only small moves as investors welcome upbeat earnings news.
Consumer stocks lag the broader market, while raw-materials names post the
strongest gains.
LAWMAKERS SOUND ALARM ON COMMERCIAL REAL ESTATE
U.S. lawmakers ring alarm bells about the troubled commercial real estate
industry, which has been walloped by the credit crunch and an implosion of
property values.
BOE CUTS NEXT WEEK'S GILT BUYING
The Bank of England says it is reducing the size of its U.K. government bond,
or gilt, purchases to £4.5 billion next week from £6.5 billion this
week, to ensure it is able to keep buying private-sector securities with
freshly created central bank money.
MOODY'S CUTS RATINGS ON $925M JUMBO RMBS
Moody's Investors Service cut its ratings on $925 million of jumbo
mortgage-backed securities issued by Thornburg Mortgage from 2002 to 2004,
adding to the total of $7.4 billion in jumbo deals earlier this week.
SEC TO ISSUE GUIDANCE ON CALIFORNIA IOUS
The Securities and Exchange Commission will issue "guidance" on the IOUs, or
registered warrants, that California started issuing last week to conserve
about $3 billion in cash, says a person familiar with the matter.
NEW MEXICO BANK MUST BOOST FINANCIAL HEALTH
First State Bancorporation of Albuquerque, N.M., must take certain steps to
improve its assets and manage credit risk under an agreement it entered into
with the Federal Reserve.
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