U.S. stocks wavered and oil prices slipped on Monday as concerns about weak
demand and fears that Washington's plans to heal the U.S. economy might prove
insufficient turned markets lower.
Downbeat broker comments on consumer companies and more dismal earnings reports led the Dow lower and offset hopes that U.S. President Barack Obama's plan to bail out the ailing U.S. financial sector will spare shareholders.
Oil also turned lower late in the day as a weak outlook for U.S. fuel demand outweighed expectations Congress will pass an $800 billion economic recovery package and talk of supply cuts by the Organization of Petroleum Exporting Countries.
The dollar fell as expectations Congress will approve the stimulus plan this week helped ease risk aversion while the benchmark S&P 500 stock index to closed slightly higher.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-US stocks waver on stimulus concern, oil falls > MONEY MARKETS-Dollar rates ease ahead of US bank plan > EMERGING MARKETS-US spending plan hopes give assets a boost > COMMODITIES-US stimulus bill worry sinks markets
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > Obama pushes economic stimulus in rally, news conference > US Senate set to pass US recovery package Monday > Obama team works on bank rescue, private money eyed > US Treasury Secretary phones China, G7 officials on economy > EU finance ministers to seek deal on non-performing assets > EU set for economic summit as aid row escalates > Barclays tops forecasts, Libya ups UniCredit support > German exports fall for third month in Dec > Bank of France survey sees economy shrinking in first quarter > Industry crumbling, unemployment up in Eastern Europe > Turkish industry output slides, GDP forecasts drop > Russia raises rates to support rouble > India sees economic growth at 6-year low
ANALYSIS RELATED TO CREDIT CRISIS > Markets wait for G7 moves on banks, credit, forex > Economies stabilizing or just another false dawn - > Obama's bank rescue plan may not be enough > Junk rating threat to pressure corporate debt costs further > Russian banks to struggle with losses in 2009 > Eurozone sovereign spreads could halve this year > Banks retrench globally as pressure grows to lend at home > Fed aid efforts to complicate eventual policy shift > Wall St faces new frontier on bonuses, perks > US stimulus may fall short without banking fix > US, Europe state backed debt sales soar
FACTBOXES: > Final US stimulus bill may be a bit leaner > Where has all the US bailout money gone - > US and European bank writedowns and credit losses > Expected emerging market sovereign bond issuance > US economic stimulus package moves through Congress > Global financial crisis sparks social unrest > Federal Reserve statement from Jan 27-28 meeting > US states face daunting budget gaps > What US law on currency manipulation says > US economic challenges facing Obama > Europe's fiscal stimulus plans to tackle economic crisis > The Fed's evolving liquidity toolkit > Fed statement on MBS purchase program > Global interest rates in 2008
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Downbeat broker comments on consumer companies and more dismal earnings reports led the Dow lower and offset hopes that U.S. President Barack Obama's plan to bail out the ailing U.S. financial sector will spare shareholders.
Oil also turned lower late in the day as a weak outlook for U.S. fuel demand outweighed expectations Congress will pass an $800 billion economic recovery package and talk of supply cuts by the Organization of Petroleum Exporting Countries.
The dollar fell as expectations Congress will approve the stimulus plan this week helped ease risk aversion while the benchmark S&P 500 stock index to closed slightly higher.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-US stocks waver on stimulus concern, oil falls > MONEY MARKETS-Dollar rates ease ahead of US bank plan > EMERGING MARKETS-US spending plan hopes give assets a boost > COMMODITIES-US stimulus bill worry sinks markets
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > Obama pushes economic stimulus in rally, news conference > US Senate set to pass US recovery package Monday > Obama team works on bank rescue, private money eyed > US Treasury Secretary phones China, G7 officials on economy > EU finance ministers to seek deal on non-performing assets > EU set for economic summit as aid row escalates > Barclays tops forecasts, Libya ups UniCredit support > German exports fall for third month in Dec > Bank of France survey sees economy shrinking in first quarter > Industry crumbling, unemployment up in Eastern Europe > Turkish industry output slides, GDP forecasts drop > Russia raises rates to support rouble > India sees economic growth at 6-year low
ANALYSIS RELATED TO CREDIT CRISIS > Markets wait for G7 moves on banks, credit, forex > Economies stabilizing or just another false dawn - > Obama's bank rescue plan may not be enough > Junk rating threat to pressure corporate debt costs further > Russian banks to struggle with losses in 2009 > Eurozone sovereign spreads could halve this year > Banks retrench globally as pressure grows to lend at home > Fed aid efforts to complicate eventual policy shift > Wall St faces new frontier on bonuses, perks > US stimulus may fall short without banking fix > US, Europe state backed debt sales soar
FACTBOXES: > Final US stimulus bill may be a bit leaner > Where has all the US bailout money gone - > US and European bank writedowns and credit losses > Expected emerging market sovereign bond issuance > US economic stimulus package moves through Congress > Global financial crisis sparks social unrest > Federal Reserve statement from Jan 27-28 meeting > US states face daunting budget gaps > What US law on currency manipulation says > US economic challenges facing Obama > Europe's fiscal stimulus plans to tackle economic crisis > The Fed's evolving liquidity toolkit > Fed statement on MBS purchase program > Global interest rates in 2008
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.