Reuters - A rout in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell to below $53 a barrel and safe havens such as the yen gained as economic data indicated a global recession could get even uglier.
Read more »Global stocks hit 5-1/2 year lows (Reuters)
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Yahoo, T-Mobile announce mobile search deal (Reuters)
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Reuters - Yahoo Inc announced an expansion of its mobile Web portals to T-mobile, so its smart phone users who get data will have Yahoo search by default.
Read more »SEC puts off vote on rules for rating agencies (AP)
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AP - The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry.
Read more »Wall Street sinks to lowest since 2003 (Reuters)
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Reuters - Stocks plunged to their lowest in five-and-a-half years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline.
Read more »U.S. auto execs testify as legislators try for deal (Reuters)
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Reuters - U.S. auto executives went to Capitol Hill on Wednesday for a second day to plead for $25 billion in government aid, but legislators tried to fashion a last-minute compromise bailout bill that could pass both Congressional and White House muster.
Read more »U.S. probing Golden West lending, sale: prosecutor (Reuters)
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Reuters - The government is investigating if homeowners were misled by California bank and mortgage issuer Golden West Financial, which was acquired by Wachovia Corp -- another possible victim.
Read more »Shares of Buffett's Berkshire Hathaway fall more than 12 percent (Reuters)
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Reuters - Class A shares of Warren Buffett's Berkshire Hathaway Inc (BRKa.N) fell more than 12 percent on Wednesday to below $84,000, a 3-year low.
Read more »Will Berkshire Lose Its Triple-A?
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On the face of it, recent activity in Berkshire Hathaway (BRK.A) makes little sense. Credit default swaps on the triple-A company were trading at 388bp yesterday, and are somewhere over 450bp today, possibly having risen as far as 560bp this morning. As Bloomberg says,
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9 hours 44 min ago – Made popular 8 hours 44 min ago
Category: General Finance Tags:
Category: General Finance Tags:
CMBS: Still Melting
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The implosion of the CMBS market continues today. AAA tranches of the CMBX are 100 basis points wider. Cash bonds are 200 basis points wider. As an aside, I lack proficiency in the world of CMBS so if someone sees an error please jump in and correct me.
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9 hours 47 min ago – Made popular 8 hours 44 min ago
Category: General Finance Tags:
Category: General Finance Tags:
Fed minutes: May need more rate cuts if growth ebbs (Reuters)
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Reuters - Federal Reserve officials slashed economic growth forecasts through 2009 and some believed even deeper interest rate cuts may be needed if growth slows further, minutes of their October policy meeting show.
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