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Market
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Financial News Overview
(updated daily)
8/27/2008
In today's news, durable goods orders increased a strong 1.3% in terms of month-over-month. The positive number was better than the 0.7% decline that had been expected.
Oil moved higher by 1.8 percent to $118.31 per barrel, the main cause was Tropical Storm Gustav's impeding landfall on Louisiana (expected early Monday) as an upgraded hurricane. Other aspect of oil's price includes: The government's crude report which shows a small decline in inventories and a major pipeline in Georgia has been opened after tensions between Russia and Georgia have calmed somewhat.
Twins Fannie Mae (FNM) and Freddie Mac (FRE) both posted gains as Standard and Poor's reaffirmed both their senior debt ratings after Tuesday's close. Billionaire investor Jim Rogers has repeated called for both companies to go bankrupt, thereby purging the system of massive bad debt in the form of mortgages. He says that currently it is the tax payers and the US dollar who will bare the entire burden.
Key economic data for the week starting August 25th, 2008. Numbers shown are consensus estimates (market anticipates this value) and prior value.| Thursday: |  | 08:30 Initial Claims 08/23 NA 432K |
| Friday: | | 09:45 Chicago PMI Aug 49.9 50.8
10:00 Mich Sentiment-Rev. Aug 62.3 NA |
| Disclaimer: The
"Financial Press Overview" is intended for educational purposes only – it does
not constitute trading advice, nor does it make or imply any market trend
predictions. The "Financial Press Overview" is based on the summary from the
most popular financial media. Very often in spite the positive news the market
tends to move lower and the opposite is true for negative mood in the media. |
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