Title: AP Financial News at 11:10 a.m. EST
Trade Deficit Decreases 7.8 Percent
WASHINGTON (AP) _ The U.S. trade deficit in 2001 showed the first improvement in six years as the recession cut into America's appetite for foreign goods, the Commerce Department reported today. Still, the $346.3 billion imbalance was the second-largest deficit in history. The 7.8 percent improvement in the overall deficit last year came after the imbalance had soared by 43.5 percent in 2000 to an all-time high of $375.7 billion.
Economic Indicators Rise 0.6 Percent
NEW YORK (AP) _ An important gauge of U.S. economic activity rose in January for the fourth consecutive month, suggesting the nation's economic turnaround is on strong footing and could be stronger than expected. The New York-based Conference Board said today that its Index of Leading Economic Indicators increased 0.6 percent in January to 112.2 following a revised 1.3 rise in December. The reading met analysts' expectations.
Stocks Narrowly Mixed in Early Trading
NEW YORK (AP) _ Investors traded cautiously in early trading today, leaving prices narrowly mixed following the previous session's late buying binge. Blue chips' relative safety and cheaper prices lured buyers, while technology fell on a revenue warning from Ciena. Analysts are skeptical of the market's ability to sustain a rally. Selling has ruled the market so far this year as investors have been steeped in worries about the economy, earnings and the accuracy of corporate accounting. Just before 11 a.m. EST, the Dow Jones industrial average is up 21.19 at 9,962.36 while the Nasdaq Composite Index is off 22.55 to 1,753.02.
Japanese Commentator Sees Continued Troubles
TOKYO (AP) _ An influential former government finance official warned today that the Japanese economy could deteriorate further and that could drive the yen even lower against the dollar. Eisuke Sakakibara, an ex-Finance Ministry official known for his outspoken management of the country's currency, said Japan was slumping through a "very serious crisis." As confidence gradually erodes in the country's ability to rebound, the yen could sink as low as 160 yen against the dollar by the end of the year, Sakakibara said. Since the beginning of the year, the yen has tumbled more than 8 percent against the dollar to its current level around 133 yen.
Matsushita Posts $1.3 Billion Loss
TOKYO (AP) _ Ravaged by the global electronics slump and ballooning expenses for job-cutting, Japanese manufacturer Matsushita Electric Industrial Co. posted a $1.3 billion loss for its latest quarter and expects a larger loss than previously forecast for the full fiscal year. Even before the revision, Matsushita had been headed toward its biggest loss in the 84-year history of the company. Executives and managers will take pay cuts to help the turnaround effort, it said. The company, known for the Panasonic brand, said today it lost 172 billion yen for the quarter ended in December and said it now expects to lose 438 billion yen ($3.3 billion) for the year ending March 31 rather the its earlier forecast for a loss of 265 billion yen for this fiscal year.
Lay Offered Rubin Enron Board Seat
WASHINGTON (AP) _ On one day in 1999, former Enron chairman Kenneth Lay sent notes signed "Ken" to Robert Rubin, who was stepping down as Treasury secretary, and to congratulate Rubin's successor, Lawrence Summers. Lay lobbied Rubin, to whom he offered a seat on Enron's board, and Summers with the same easy cordiality on issues affecting Enron, documents obtained yesterday show. The notes and letters show that Lay pressed Enron's interests to Clinton administration officials. Last month, the Bush administration disclosed a series of telephone calls from Lay _ one of President Bush's biggest campaign contributors _ to members of the Bush Cabinet as the company slid toward bankruptcy last fall.
UN Copyright Treaty Takes Effect May 20
GENEVA (AP) _ A treaty that brings world copyright law into the digital age by protecting musicians on the Internet will take effect May 20, the United Nations said today. Kamal Idris, director-general of the U.N.'s World Intellectual Property Organization, said the treaty would "offer more comprehensive protection for creators and creative enterprises in the digital environment." The treaty is the first global accord to protect specifically the rights of recording artists and producers.
Financial Figures
NEW YORK (AP) _ Financial figures just before 11 a.m. EST:
Dow Industrials: 9962.36 + 21.19
NYSE Issues: Advances 1384 Declines 1302 Unchgd 228
NYSE Volume: 280,642,170
Most Active NYSE issue: AOL Time Warner 23.110 - 1.090
S&P 500: 1097.46 - .52
Nasdaq Composite Index: 1753.02 - 22.55
AMEX Mkt Value Index: 848.27 + 1.23
Gold(final) - $291.80 troy oz., NY Comex spot month Thu.
Economic Numbers
WASHINGTON (AP) _ Economic numbers:
Trade deficit: down 7.8 percent
Leading economic indicators: up 0.6 percent
End AP Financial NewsBrief
No comments:
Post a Comment