MARKETS / FINANCE

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Irish debt downgraded as EU eschews crisis

Ratings agency Moody's gave an emphatic thumbs-down on Friday to Europe's efforts to resolve a debt crisis, slashing Ireland's credit rating as EU leaders took no new action to prevent market turmoil spreading.

SEC expands mortgage probe: sources

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Securities regulators have broadened their inquiry into the mortgage industry, asking big banks about the early stages of securitizing home loans, two sources familiar with the probe said.
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SEC sends more subpoenas in mortgage probe: sources

U.S. regulators have opened a new line of inquiry in their mortgage foreclosure probe and are asking big Wall Street banks about the beginning stages of mortgage securitization, two sources familiar with the probe said.
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Gold Tops Hedge-Fund Strategies

Nerbrand's team at HSBC reckon that Gold Investment accounts for just 0.14% of the average global portfolio today. If this figure increases, as we expect, the Gold Price could rise significantly...We believe asset allocators are likely to increase their weighting in gold over the next ten years if they focus on risk management
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Tech spend revival boosts Oracle, Accenture, RIM

Wall Street may have underestimated a recovery in corporate spending, judging by stronger-than-expected results and outlooks from business software maker Oracle Corp and technology services firm Accenture Plc .
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U.S. faces future without Build America Bonds

U.S. state and local governments faced the realization on Friday that in just 14 days they will no longer be able to sell taxable Build America Bonds, the federally subsidized debt created in the economic stimulus plan to fund infrastructure projects and create jobs.
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Canada's BMO doubles U.S. presence with M&I buy

Bank of Montreal will buy Wisconsin's Marshall & Ilsley Corp bank for about $4.1 billion in an all-stock deal, the biggest in a series of Canadian financial sector deals to snap up weakened rivals.
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Employment in most U.S. states better than last year

Employment conditions in more than half of U.S. states improved in November from a year earlier, the government reported on Friday, with unemployment rates dropping in 28 states and the District of Columbia.
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S&P, Dow dip on Ireland downgrade

The S&P 500 and Dow were slightly lower on Friday on renewed concerns over euro zone debt, but the Nasdaq stayed in positive territory on some positive corporate results in the tech space.
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Employment in most states better than last year

Employment conditions in more than half of U.S. states improved in November from a year earlier, the government reported on Friday, with unemployment rates dropping in 28 states and the District of Columbia.
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Spain bad loan ratio rises to near 15-year high

The bad loans ratio for Spanish banks rose to its highest level in almost 15 years in October, the Bank of Spain said on Friday, as a stagnant economy and high unemployment weighed on debt repayments.
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Total, Suncor in $1.8 billion Canada oil sands deal

France's Total said on Friday it would spend C$1.75 billion ($1.8 billion) to forge a partnership with Suncor Energy in Canada's oil sands, the latest foreign push into a booming new source of oil wealth.
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Special Report: For Wall Street, dumb money pays

Yan Qin is a freelance consultant and do-it-yourself stock trader who works out of her apartment in Queens, New York. From the comfort of her living room, she keeps one eye on the business TV network CNBC, the other on a laptop computer, where her E*Trade account shows the best prices down to the penny, flickering moment to moment.
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China can cap inflation next year: regulator

China will be able to keep a grip on inflation next year, but will have a harder time in coping with hot money inflows fanned by loose polices in the West, chief banking regulator Liu Mingkang said on Friday.
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Irish debt downgraded after EU sets rescue fund

Ratings agency Moody's gave a resounding thumbs-down on Friday to Europe's efforts to resolve a rolling debt crisis, slashing Ireland's credit rating by five notches despite an EU/IMF bailout.
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Moody's slashes Ireland to Baa1, warns on future debt

Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 with a negative outlook from Aa2 on Friday and warned further downgrades could follow if Ireland was unable to stabilize its debt situation.
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Irish premium up, euro eases on Moody's cut

World stocks advanced on Friday, partly lifted by firmer commodities as the dollar fell, while Irish and Portuguese bond yields rose after Moody's cut Ireland's rating by five notches.

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