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Dow futures falling after rocky day in Europe

Wall Street appeared headed for its fourth straight day of losses after a rocky day in Europe.

Dow futures were down 20 points following drops in London's benchmark index (0.6 percent), Germany's (0.7 percent) and France's (1 percent) despite good news from the 16 countries that use the euro. Spanish and Greek bonds fell. And oil prices remained stuck at $76 a barrel, unable to make up for three days of losses.

The eurozone economies grew at 1 percent during the second quarter--the fastest rate in four years. Analysts had forecast a 0.7 percent rise. Europe's biggest economy, Germany, grew at 2.2 percent, its strongest pace since the country's unification.

But investors in Europe seemed more preoccupied with the state of the United States economy as they awaited the release of July retail sales and consumer confidence numbers this morning.

World markets have been in turmoil this week on worries that growth in two of the world's biggest economies--the U.S. and China--is slowing down.

By Ariana Eunjung Cha  |  August 13, 2010; 8:03 AM ET
Categories:  International Economics  
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Comments

Most OIL out of the ground is $FREE,- except for costs to retrieve it. - Currently the break-even point has moved from approx $29 to $31 per Barrel. - So why Our We being charged so much by the OPEC MONOPOLY CARTEL? - Why is the U.S. CONGRESS still in bed with tooo-Big OIL? - - The $cost today of a Barrel of OIL should Not be above $45 per Barrel! - And that would still be a 50% gross Profit! - OPEC is a Monopoly, and Congress Violates their' Oaths-of-Office by doing NOTHING!! - WE knew in 1974 that OIL must go,- yet Our CONGRESS did Nothing!! - Now Germany is #1 in Solar use; - and China is #1 in new Solar Manufacturing! da!? - Why is n't the U.S. number-one IN BOTH?? -- Stupidity to the MAX!! - bY 2015 THE u.s. will never be able to catch up with China! - Instaed of creating 5-MILLION $GOOD-PAYING JOBS HERE,-- the U.S. CONGRESS, and their WALLster / $BANKster Pals would prefer to transfer Our JOBs Over-Seas!! -- TRAITORS!!!

Posted by: jward52 | August 13, 2010 9:50 AM | Report abuse

One can only assume Washington is deaf and blind.

When taxpayer subsidized banks are eating up to 30% interest on consumer credit accounts, there is no room for economic expansion in an economy that in recent history has been consumer driven:

"Bloomberg: Sales at U.S. retailers rose less than forecast in July, indicating a lack of jobs is prompting Americans to hold back on spending.

The 0.4 percent increase, led by autos and gasoline, followed a revised 0.3 percent drop in June, figures from the Commerce Department in Washington showed today. Economists projected a 0.5 percent gain, according to the median estimate in a Bloomberg News survey. Excluding auto dealers and gasoline stations, purchases fell 0.1 percent.

Retailers may need to step up discounting unless job growth picks up and rekindles consumer spending, which accounts for 70 percent of the economy. Federal Reserve policy makers said this week that the recovery was likely to be “more modest” than earlier anticipated."
--------
Retailers do not need to start discounting. We are practically in a deflationary period.

Banks need to stop stealing un-earned interest payments from their customers.

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