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More consumers to spend less on holiday

A growing number of consumers say they plan to spend less on gifts this holiday season than last year, according to a Reuters/Zogby poll, the latest sign of a potentially bleak Christmas for retailers. A total of 38.8 percent of those surveyed said they would spend a little less or a lot less this year, up from 31.1 percent a month ago, according to the poll.

Freddie Mac in housing trouble takes $2 bln loss

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Credit market trouble struck again on Tuesday as Freddie Mac, the second largest U.S. mortgage finance company reported a big loss of more than $2 billion for its latest quarter, prompting the firm to say that it may cut its dividend investors.

Jittery markets ignore Fed's hawkish message

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Concerns of a relapse in financial conditions trumped hawkish rhetoric from the minutes of the U.S. Federal Reserve's October rate meeting, keeping market expectations for a near-term interest-rate cut intact. Minutes from the October 30-31 Federal Open Market Committee meeting showed the Fed's decision to cut benchmark rates last month was a close call and an insurance policy against the risk the economy would weaken even more than officials expect.
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Freddie Mac shares dive after posting loss

Freddie Mac, the second-largest U.S. mortgage finance company, on Tuesday posted a wider third-quarter loss and said it may slash its dividend and raise new capital as it works through what it called an extremely difficult year for housing and credit markets.
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Dollar reaches record low against euro

The dollar dropped to a record low versus the euro on Tuesday, amid worries that credit-market turmoil will result in slower economic growth and lower interest rates from the Federal Reserve.
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Fed in focus as credit fears spread

World stocks rebounded on Tuesday and the dollar fell sharply, hitting new record lows against the euro and Swiss franc, as speculation swirled that the U.S. Federal Reserve would meet to cut interest rates.
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Energy and tech shares help European shares rise

European shares rose early on Tuesday as tech and energy stocks helped the market bounce back from the previous session's sharp drop but banks such as UBS and Credit Suisse slipped again on credit market concerns.
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Oil rises above $95

Oil rebounded from early lows to trade above $95 a barrel on Tuesday, boosted by recovering stock markets after talk of another cut in U.S. interest rates to help economies navigate the credit crisis.
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Dollar hits record low vs euro after housing data

The dollar hit a record low against the euro on Tuesday as U.S. homebuilding permits fell to a 14-year low in October, stoking fears about housing sector weakness and expectations of lower U.S. interest rates.
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Lehman leads $10 mln fundraising for China's Qunar.com

Lehman Brothers Private Equity Partners Ltd has led the fundraising of nearly $10 million for Chinese travel search engine Qunar.com, in its first deal in China's consumer Internet sector, a source familiar with the situation said on Tuesday.
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JC Flowers group bids $1.8 bln for Shinsei Bank stake

A group of investors led by U.S. buyout firm J.C. Flowers & Co LLC will bid about $1.8 billion for up to 32.6 percent of Shinsei Bank Ltd, putting more money into the Japanese bank it helped resurrect in one of the most lucrative private equity deals ever.
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H&R Block CEO Ernst resigns

H&R Block Inc, the largest U.S. tax preparer, said on Tuesday that Chairman and Chief Executive Mark Ernst had resigned, following mounting losses tied to subprime mortgages.
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Freddie Mac's quarterly loss widens

Freddie Mac, the second-largest U.S. mortgage finance company, on Tuesday posted a wider third-quarter loss and missed analysts' estimates as a jump in failing loans forced it to set aside $1.2 billion. Its shares fell more than 14 percent before the market open after reporting a net loss of $2 billion, or $3.29 a share, compared with a loss of $715 million, or $1.17 a share, in the year-ago period.
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Nintendo offers new DS bundles ahead of holiday

Nintendo Co Ltd on Tuesday unveiled two special editions of its DS handheld gaming unit as the video-game maker seeks to keep up fans' enthusiasm for the popular device heading into the holidays.
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ASEAN leaders sign charter amid Myanmar row

Ten Southeast Asian leaders signed a historic charter on Tuesday that aims to create an economic bloc encompassing a half-billion people, but controversy over Myanmar threatened to spoil the ASEAN party.
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Russia's Putin slams NATO muscle-flexing

President Vladimir Putin on Tuesday warned that Moscow would not remain indifferent to NATO's muscle-flexing and said Russia's nuclear forces would be ready for an adequate response to any aggressor.
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Futures pare gains after Freddie Mac

Stock index futures trimmed gains and were well off their session highs on Tuesday after Freddie Mac, the No. 2 U.S. mortgage finance company, posted a wider third-quarter loss.
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Goldman paints bleak picture for housing, financials

Goldman Sachs issued a gloomy report on the U.S. financial services sector, saying housing prices are likely to fall a lot further, write-downs will mount and some mortgage insurers and guarantors will be forced to raise capital just to survive.
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JC Flowers submits offer for N.Rock: source

U.S. buyout firm JC Flowers submitted an offer for Northern Rock, according to a person familiar with the situation, as shares in the stricken British bank tumbled on fears that any offers will be low. JC Flowers' proposal includes an offer to Northern Rock shareholders at a nominal value, the person told Reuters.
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Home construction up but trend still lower

Groundbreaking for U.S. housing rebounded in October but permits for future building hit a 14-year low, indicating the grim market for home construction will likely continue to worsen. The Commerce Department said on Tuesday housing starts rose 3 percent to an annual pace of 1.229 million units in October.

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