A rally on Wall Street fizzled on Monday after American Expressed said
credit card defaults were on the rise, undermining hopes of bank stability that
had eased safe-haven buying of gold, debt and the dollar.
American Express Co said late in the session that U.S. credit card delinquencies rose to 8.70 percent in February from 8.30 percent the month before as job losses accelerated and the economy deteriorated.
Optimism over a semblance of stability in banking shares had lifted stocks around the world for a fifth straight session before the American Express announcement dragged stocks lower.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-Wall St rally fizzles on 5th day > MONEY MARKETS-US T-bill rates rise as anxiety retreats > EMERGING MARKETS-Stocks at 4-week high on Bernanke, G20 > COMMODITIES-Copper, grains jump fuelled by stock rally
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > US bank stocks soar on optimism, retreat on Amex news > US credit card defaults rise to 20 year high > US industrial output slumps, New York manufacturing contracts > US systemic risk plan seen to focus on big picture > US FASB proposes more leeway on mark-to-market > Barclays confirms talks on iShares unit sale > Fortress Investment confirms bigger Dec quarter loss > Eurozone Feb inflation up but no obstacle to ECB rate cut > Russia axes spending as costs of crisis surge > Russia Feb industry output down 13.2 pct in Feb year > Turkey jobless hits record high ahead of elections > AIG's payments to banks spark controversy
ANALYSIS RELATED TO CREDIT CRISIS > In China's economy as elsewhere the state rises > Ghosts of Depression and hyperinflation > G20 underscores emerging economies growing clout > G20 may buoy market sentiment but fiscal split a worry > Fed needs success in ambitious consumer loan program > Financial expertise wanted for Citigroup board > Japan unlikely to follow Swiss intervention > Whither corporate bonds? Market at a turning point > Hedge funds to suffer further in scramble for cash > Investors fume at US mortgage policy favoring banks
FACTBOXES: > G20 proposals on hedge funds, pay, ratings agencies > G20 policymakers statement > G20 statement on financial system > Text of BRIC countries joint communique > Central banks turn to new measures to help economies > US faces potential $10.9 trln economic rescue bill > Where has all the US bailout money gone - > US mortgage modification plan eligibility > Federal Reserve statement on launching TALF > Joint US Treasury/Federal Reserve statement on AIG > AIG's progress on asset sales > Text of US Treasury announcement on Citigroup > White House U.S. budget forecasts > Obama lays out domestic economic agenda > Latin American refinancing needs, options > How the financial crisis is affecting Eastern Europe
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.
American Express Co said late in the session that U.S. credit card delinquencies rose to 8.70 percent in February from 8.30 percent the month before as job losses accelerated and the economy deteriorated.
Optimism over a semblance of stability in banking shares had lifted stocks around the world for a fifth straight session before the American Express announcement dragged stocks lower.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-Wall St rally fizzles on 5th day > MONEY MARKETS-US T-bill rates rise as anxiety retreats > EMERGING MARKETS-Stocks at 4-week high on Bernanke, G20 > COMMODITIES-Copper, grains jump fuelled by stock rally
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > US bank stocks soar on optimism, retreat on Amex news > US credit card defaults rise to 20 year high > US industrial output slumps, New York manufacturing contracts > US systemic risk plan seen to focus on big picture > US FASB proposes more leeway on mark-to-market > Barclays confirms talks on iShares unit sale > Fortress Investment confirms bigger Dec quarter loss > Eurozone Feb inflation up but no obstacle to ECB rate cut > Russia axes spending as costs of crisis surge > Russia Feb industry output down 13.2 pct in Feb year > Turkey jobless hits record high ahead of elections > AIG's payments to banks spark controversy
ANALYSIS RELATED TO CREDIT CRISIS > In China's economy as elsewhere the state rises > Ghosts of Depression and hyperinflation > G20 underscores emerging economies growing clout > G20 may buoy market sentiment but fiscal split a worry > Fed needs success in ambitious consumer loan program > Financial expertise wanted for Citigroup board > Japan unlikely to follow Swiss intervention > Whither corporate bonds? Market at a turning point > Hedge funds to suffer further in scramble for cash > Investors fume at US mortgage policy favoring banks
FACTBOXES: > G20 proposals on hedge funds, pay, ratings agencies > G20 policymakers statement > G20 statement on financial system > Text of BRIC countries joint communique > Central banks turn to new measures to help economies > US faces potential $10.9 trln economic rescue bill > Where has all the US bailout money gone - > US mortgage modification plan eligibility > Federal Reserve statement on launching TALF > Joint US Treasury/Federal Reserve statement on AIG > AIG's progress on asset sales > Text of US Treasury announcement on Citigroup > White House U.S. budget forecasts > Obama lays out domestic economic agenda > Latin American refinancing needs, options > How the financial crisis is affecting Eastern Europe
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.