US Retail Sales Fall 1.8 Percent
Retail sales for November fell by 1.8 percent as consumers cut back on retail spending for the fifth consecutive month. The auto sector – which accounted for much of the decrease in spending – fell by 2.8 percent making November the worst month for car sales in 26 years. More
Dollar Falls Against Yen
For the first time in 13 years, the US dollar dropped below 90 yen after the US Senate killed the $14 billion dollar rescue plan for General Motors and Chrysler which had been earlier been approved by Congress. More
Crude Prices Fall
Crude oil prices managed to stay above $45 a barrel for only one day as prices dropped back down on expectations that the rejection of the US automakers bailout will dampen enthusiasm on the markets as trading for Friday gets underway on Wall Street. More
Asia and Europe Markets Fall on Auto Bailout Confusion
Markets in Asia and Europe started the day with losses as news of the U.S. Senate’s rejection of the $14 billion rescue plan to save American automakers hit the headlines. Japan’s Nikkei 225 was down 485 points (5.6 percent), and Hong Kong’s Heng Seng fell 5.5 percent. In Europe, the London FTSE was down 128 points or 2.9 percent, Germany’s DAX fell 185.22 points 3.9 percent) and the CAC-40 in France fell 130.48 points, or 4.0 percent. More
