The U.S. economy grew slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.
Stock index futures pointed to a lower open on Friday as investors found few reasons to buy following a volatile week and ahead of a speech from Federal Reserve Chairman Ben Bernanke on the economy.
The U.S. economy grew at a worse-than-expected 1.0 percent rate in the second quarter, the U.S. Commerce Department announced Friday, in its second estimate for the quarter, as lower export growth and a slowdown in inventory build-up braked the world's largest economy to near-stall speed.
Those expecting Federal Reserve Chairman Ben Bernanke to pull a rabbit from his hat at a retreat for central bankers here on Friday may be in for a letdown.
The economy grew much slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday, although consumer spending was revised up.
Gold and silver rose Friday in electronic trading as investors returned to the precious metals on concerns over soverign debt worries on both sides of the Atlantic, weakness in the banking sector and sluggish growth in the U.S. and Europe.
This year's heady bout of risk aversion on financial markets has ratcheted up demand for gold, U.S. Treasuries and the Swiss franc to levels that suggest they may no longer be the safe havens they are billed as.
Tiffany & Co., the iconic jewelry store chain, said Friday net earnings for the three months ended in July jumped 33 percent as stronger global sales offset higher expenses and the company raised its full-year outlook.
Stock index futures edged lower on Friday as investors found few reasons to buy following a volatile week and ahead of a speech from Federal Reserve Chairman Ben Bernanke on the economy.
Stock index futures were little changed on Friday as investors hesitated to make bets on when Federal Reserve Chairman Ben Bernanke would announce a new stimulus plan as a volatile week drew to a close.
Workers at Freeport McMoRan Copper & Gold's Grasberg mine in Indonesia plan to stage a strike in coming days after talks with the company failed to resolve a pay dispute , a move that could tighten global copper supplies and lift prices.
This year's heady bout of risk aversion on financial markets has ratcheted up demand for gold, U.S. Treasuries and the Swiss franc to levels that suggest they may no longer be the safe havens they are billed as.
Russia's central bank will offer gold-backed loans for up to 90 days at an interest rate of 7 percent, it said in a statement on Friday, expanding its lending facilities for dealing with any future liquidity crunch in the banking system.
Gold prices arrested this week's slide on Friday to rise nearly 1 percent ahead of a speech from Federal Reserve chairman Ben Bernanke in Jackson Hole, Wyoming, later, which will be closely watched for hints on the outlook for Fed monetary policy.
Spot gold was steady on Friday, but was likely to register its first weekly drop after seven straight weeks of gains as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
China has ordered banks to include their margin deposits in required reserves to mop up excessive liquidity, banking sources said, the latest move in Beijing's campaign to rein in inflation.
Spain reached political consensus on Friday to set constitutional limits on its public deficit and debt, though details were sketchy and there were few signs the accord would persuade markets Madrid can manage its finances.
Nationalised Dutch bank ABN AMRO
is shedding 2,350 jobs -- some 9 percent of its workforce -- as the state readies it for a return to private hands.Stock futures pointed to a slightly higher open for equities on Friday after steep declines in the previous session, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 all up 0.2 percent.
Greece said on Friday it would not go ahead with a debt swap crucial to its second bailout if private sector holders of less than 90 percent of the bonds participate, failing to satisfy its international partners.
The top official behind Standard & Poor's downgrade of the United States said on Friday it was not to blame for August's stock market rout, and warned that developed nations still needed to get their act together to tackle their mountains of debt.
Dutch state-owned bank ABN AMRO
said on Friday it would cut 2,350 jobs over the next four years, mostly in back office operations such as IT, as well as in retail and private banking, in a drive to save costs.Asian shares edged up on Friday and gold slipped ahead of a speech by Federal Reserve Chairman Ben Bernanke on the U.S. economic outlook later in the day, while the euro gained after Spain agreed on a constitutional debt brake.
Global stock market sentiment had weakened before Standard & Poor's cut the U.S. credit rating to AA+ from AAA, the rating agency's global head of sovereign ratings David Beers said on Friday.
American International Group
Chief Executive Robert Benmosche has complained to senior executives at investment banks about the unfavorable research of the insurer's stock, the Wall Street Journal said, citing people familiar with the matter.Spot gold lost 0.4 percent Friday, on course for its first weekly drop after seven straight weeks of gains, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
Warren Buffett showed again that his name and money is enough to give a struggling company instant credibility in the market. But the legendary investor also demonstrated his canny command of that reputation means that such deals can immediately generate profits.
Groupon Inc CEO Andrew Mason, lashing out at what he called insane and hilarious criticism in the media, defended the daily-deals website's record and growth strategy in a lengthy memo to employees on Thursday.
The blogging service Tumblr is close to raising $75-$100 million in venture capital, implying a market value of $800 million, the Wall Street Journal reported, citing people familiar with the matter.
China will invest about 1.27 trillion yuan ($199 billion) to build subways and light rail lines during the current five-year plan ending in 2015 to ease traffic congestion and spur urban development, the official China Securities Journal reported on Friday.
