News Round-up

Updated throughout the day

Correction: Unemployment Insurance Weekly Claims up 35,000 (U.S. Government, 5/1/2008)
Unemployment Benefit Rolls Climb to 4-Year High (Bloomberg, 5/1/2008)
Recession’s here, economist Kasriel says (Wilmette Life, 5/1/2008)
New York Faces $5.1 Billion Budget Gap as `Worst Yet to Come’ (Bloomberg, 5/1/2008)
Home Depot to close 15 stores and lay off 1,300 (Times of London, 5/1/2008)
Mobius Sees Fed Rates at 1%, Dollar Is `Bombed Out’ (Bloomberg 5/1/2008)
U.S. manufacturing contracts for third month (Financial Times $, 5/1/2008)
America’s economy risks mother of all meltdowns (Martin Wolf: Financial Times $, 5/1/2008)
Sun to Cut Jobs After Surprise Loss; Shares Plunge (Bloomberg, 5/1/2008)

Euro dives as wheels fly off eurozone economy (Telegraph, 5/1/2008)

O’Neill Says U.K. May Be Worst Hit by Credit Crisis, Times Says (Bloomberg, 5/1/2008)
House prices fall as bank predicts credit crunch will hit UK hardest (Times of London, 5/1/2008)
Northern Rock to axe one third of workforce (Times of London, 5/1/2008)
UK job cuts feared in economic slowdown (Telegraph, 5/1/2008)
Orders for new homes slump by 27 per cent (Times of London, 5/1/2008)
House prices could keep falling for three years (Guardian, 4/30/2008)
Tide has turned for property prices (Guardian, 4/30/2008)
House prices: tales from the property market (Guardian, 4/30/2008)
Bank of England sounds alarm on £5bn commercial property defaults (Telegraph, 5/1/2008)
UK manufacturing may be headed for recession (Telegraph, 5/1/2008)

Emerging Markets
Argentine Bonds Plunge on Mounting Default Concerns (Bloomberg, 5/1/2008)

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