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rubriek usafinance
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By Jonathan Nicholson WASHINGTON (Reuters) - U.S. Federal Reserve policy-makers met on Wednesday amid universal expectation they will nudge interest rates up for a fourth time this year and growing speculation that they will carry on with rate hikes. After Friday's surprisingly robust report on October employment showing 337,000 jobs were added and with evidence on Wednesday that the nation's trade balance showed modest improvement in September, analysts see rising odds of another rate hike in December and possibly into 2005. The policy-setting Federal Open Market Committee began meeting at 9 a.m. EST (1400 GMT) and was expected to announce its rates decision at around 2:15 p.m. EST (1915 GMT). The federal funds rate charged on overnight loans between banks now is at 1.75 percent after three successive quarter percentage point increases since June. That is still low by historical standards but it is on an upward trajectory after the rate reached a 46-year low 1 percent when the Fed was adding stimulus to get the economy on a brisker growth path. Just before the meeting started, the Commerce Department said the U.S. goods and services trade deficit narrowed in September to $51.6 billion from $53.5 billion in August and that exports set a record -- a positive sign for the economy. LABOR MARKETS FIRMER Separately, the Labor Department added a promising note on labor markets, reporting that weekly claims for jobless pay had risen by a smaller number than anticipated. A total 333,000 claims were filed last week, up from 331,000 the prior week. Economists' interest was focused on the statement the Fed will issue with its decision, eager for clues whether a rate-rising cycle will be extended into December and 2005. A rate rise will be "a vote of confidence by the Fed that the economy continues to look good and they can continue to normalize policy," said Pete Kretzmer, senior economist with Banc of America Securities in New York. In a survey Friday of large Wall Street debt-trading firms, all 20 primary dealers contacted said they expected a quarter-percentage-point climb in the benchmark federal funds rate to 2 percent. Continued ...
mortgage
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map50.com By Tom Brown DETROIT (Reuters) - Ford Motor Co. (F.N: Quote , Profile , Research ) on Tuesday said U.S. sales fell for the ninth straight month in February, forcing it to cut production again to trim bloated inventories of unsold vehicles. Ford, the second-largest U.S. automaker, said sales dropped 3 percent, as stronger sales for its new car lineup failed to offset double-digit declines for many of its sport utility vehicles and its key F-Series pickup trucks. The results exclude heavy trucks and Ford's foreign brands, which include Volvo, Jaguar and Land Rover. Ford was the first major automaker to report its February results. Overall, analysts said industry-wide sales of new cars and trucks are thought to have fallen moderately during the month, from a seasonally adjusted annual rate of 16.5 million in February last year. Nissan Motor Co. Ltd. (7201.T: Quote , Profile , Research ) , Japan's second-largest automaker, reported a gain of about 10 percent in its U.S. sales in February, to a total of 82,412 vehicles. DaimlerChrysler AG (DCX.N: Quote , Profile , Research ) (DCXGn.DE: Quote , Profile , Research ) , the world's fifth-largest automaker, said sales rose 5 percent. "It was a good month, it wasn't a great month," Jed Connelly, Nissan's head of sales and marketing for North America, told Reuters. "(Showroom) traffic was not as consistent in February as it has been," he added. Art Spinella, head of CNW Marketing Research, told Reuters concerns about rising interest rates were one reason for the decline. A growing number of people, seeking to lock in relatively low mortgage or home improvement loans before rates go any higher, are postponing car purchases, Spinella said. Despite heavy consumer incentives, many of Ford's SUVs posted sharply lower sales in February, as high gasoline prices continue to hurt the segment. The F-Series pickup, which accounts for a huge chunk of Ford's automotive profit, posted an 11 percent drop in sales compared with February 2004 while the Ford Explorer SUV saw its sales drop 19 percent. Ford and its cross-town rival, General Motors Corp. (GM.N: Quote , Profile , Research ) , the world largest automaker, both lost jealously guarded U.S. market share to their top Asian rivals last year. Both have also cut expected first-quarter production in North America by about 9 percent, to reduce inventories and adjust to continuing erosion in their market position. On Tuesday, Ford said it was cutting first-quarter North American production by another 10,000 vehicles, or just under 1 percent. It also said it would produce about 940,000 cars and trucks in North America in the second quarter, down 1.2 percent from the second quarter last year. The lower output is almost certain to hurt Ford's financial results since automakers book profits on vehicles when they are shipped from factories and not when they are sold on dealership lots.
insurance
News on insurance, for more information please visit the website: insuranceNEW YORK (Reuters) - U.S. stock futures pointed to a lower market open on Monday, as oil prices hit another record, fueling worries that soaring energy costs will bite into corporate profits. Marsh & McLennan Cos. (MMC.N: Quote , Profile , Research ) will remain in focus after The Wall Street Journal reported that Chairman and Chief Executive Jeffrey W. Greenberg is expected to resign amid pressure over a probe into improper insurance industry practices. Meanwhile, Ispat International NV (IST.N: Quote , Profile , Research ) said it would buy LNM Holdings NV and then will purchase International Steel Group Inc. (ISG.N: Quote , Profile , Research ) in separate transactions to form the world's largest steel company, to be named Mittal Steel Co. S&P 500 futures were down 5.9 points, below fair value accounting for dividends, interest rates and time to expiration on the contract, indicating the market would open lower. Dow Jones industrial index futures dropped 50 points, while Nasdaq 100 futures fell 10 points. The blue-chip Dow closed at its lowest point this year on Friday, while the S&P hit its lowest level since Aug. 23. U.S. crude oil futures (CLc1: Quote , Profile , Research ) hit a new peak of $55.67 a barrel as a threat by Norwegian ship owners to halt production in the world's third biggest exporting nation stoked fears of a supply crunch ahead of winter. Oil prices have surged 70 percent since the start of the year. "Oil prices are, once again, what's dragging down the market," said Arthur Hogan, chief market analyst at Jefferies & Co. Oil prices have repeatedly shot past the $55 mark in recent weeks, sparking fears that higher energy costs will slow economic growth. Trading may be volatile in the last full week of trading before the U.S. presidential election on Nov. 2. President Bush and Democratic challenger U.S. Senator John Kerry are neck-and-neck in many opinion polls, breeding uncertainty in the markets. There may be more pain in store for the insurance sector after Moody's Investors Service revised insurance broker Aon Corp.'s (AOC.N: Quote , Profile , Research ) debt rating outlook to negative from stable, citing uncertainties due to New York Attorney General Eliot Spitzer's investigation of the sector. The outlook revision indicates the company is more likely to have its ratings cut over the next 18 months. Ratings cuts can raise a company's borrowing costs. Elsewhere, shares of Tripath Technology Inc. (TRPH.O: Quote , Profile , Research ) tumbled 35 percent after the closing bell on Friday, after the semiconductor company warned that its net loss for the third quarter would be wider than expected. Celgene Corp. (CELG.O: Quote , Profile , Research ) may slide after U.S. health regulators told the firm it will delay approving its leprosy drug Thalomid for treatment of multiple myeloma until it reviews results from a completed study.
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