Insider Says Bank of America Needs $34 Billion
A source familiar with the bank stress tests due for release tomorrow, said that the results show that the Bank of America requires an additional $34 billion in operating capital. More
Eurozone Retail Sales Suffer Record Decline
Retail sales for the eurozone countries fell another 0.6 percent for March. This is a total loss of 4.2 percent since march 2008 and represents the greatest loss in a twelve month period recorded since the creation of the eurozone partnership. More
UK Recession Described as “Worse Since 1930s”
The National Institute of Economic and Social Research (NIESR) said today that the UK’s Gross Domestic Product (GDP) could shrink by more than 4.3 percent this year before a slight growth of 0.9 percent in 2010. The report also stated that the pace of decline “shows a remarkable resemblance to that of the depression of the early 1930s” but adds that this trend should end with a “feeble recovery” expected by the 4th quarter of this year. More
ADP Employment Data Boosts Wall Street
Stock index futures reversed course turning positive this morning on private-sector employment data showing that US employers planned fewer layoffs in the upcoming months. More
