US Industrial Output Rises 0.5%
For the first time in nine months, US industrial production increased over the previous month, rising 0.5 percent in July. America’s mines, factories, and utilities saw slight increases, but it was the automotive sector that made the greatest contribution, increasing 20.1 percent thanks largely to the “cash for clunkers” scheme launched by the US government. More
Big Stock Losses Boost Dollar, Yen
Global stock markets all took a hit on Monday after a weak US consumer confidence report convinced investors to turn to the safety of the dollar and the yen at the expense of the euro. More
US Mortgage Delinquency Rates Hit Record High
The delinquency rate in the US rose to a record high during the second quarter but the rate of delinquency growth slowed giving hope that the mortgage crisis overall, is improving. The latest study shows that the ratio of mortgage holders who are 60 days or more behind in their payments, increased for the 10th straight quarter to 5.81 percent nationwide. More
Russian Ruble Falls 2 Percent
Plunging oil prices and faltering equity markets conspired to hand the Russian Ruble its worse single-day loss in more than a month, falling more than two percent today to 32.24 rubles to the dollar.
“The correlation between oil and the ruble over the course of this year is going to remain very strong,†said London-based analyst Manik Narain said earlier today in a phone interview. “It’s so critical for the management of cash flow in Russia and also given the deteriorating fiscal balance.†More
