- U.S. foreclosure filings sets record in April, seen jumping | Reuters
“U.S. foreclosure activity in April jumped 32 percent from a year ago to a record high, and should mount because temporary freezes on foreclosures ended in March, RealtyTrac said on Wednesday. One in every 374 households with mortgages got a foreclosure filing in April, the highest monthly rate since RealtyTrac began tracking it in January 2005.”
- America threatens trade war with China – Telegraph
“The United States government is planning to revive a bill that will punish China for artificially boosting its trade through “currency manipulation”. “
- Chrysler bankruptcy may take up to two years: report | Reuters
“Chrysler’s bankruptcy may take as long as two years, instead of the two months that President Barack Obama suggested as a target, Bloomberg said, citing an administration official. The 60 days projected by Obama at an April 30 press conference announcing Chrysler’s bankruptcy only applies to a sale of the automaker’s best assets to a new entity, the official told the news agency.”
- FT.com – China’s factory output slows in April
“China’s industrial production growth from a year earlier slowed to 7.3 per cent in April from 8.3 per cent growth in March, providing more uncertainty over whether a Chinese recovery is under way…Retail sales in April rose 14.8 per cent from a year earlier to Rmb934.32bn, a similar rise to March’s 14.7 per cent growth.”
- Intel fined €1.1bn by the European Commission for anti-competitive behaviour – Telegraph
Neelie Kroes, the European Competition Commissioner, said: “Intel has harmed millions of European consumers by deliberately acting to keep competitors out of the market for computer chips for many years.” She said Intel abused its dominance of the microchip market to bully its customers into buying only its chips in the hope of squeezing Advanced Micro Devices (AMD), its nearest competitor, out of the market.
- Sucker-Punched by a Rally? – CNBC.com
Michael Farr and the gang make their views known.
- Obama Covers For Cheney? – Andrew Sullivan
“This is very depressing news – a decision by Obama to threaten the UK with withholding intelligence if the British high court release seven pages detailing the torture of British resident Binyam Mohamed”
- Economist sees signs strong rebound taking root – National Post
“Just when it appeared the tide of popular opinion had turned against the chance of a resolute rebound, some economists have begun to return to the belief Canada is headed for a strong recovery buoyed by the need to replenish the massive drawdown in inventories.” Rebound yes, but how robust? It will certainly be more robust in Canada than in the U.S.
- Non-performing Loans In Latvia – Edward Hugh
“We are quite concerned about the speed at which the non-performing loans are rising. Considering the gloomy outlook for the rest of 2009 NPLs are probably set to increase even more.” Despite what the FT’s Gideon Rachman has said about the all-clear in Hungary, Latvia is the domino to worry about in Eastern Europe.
- Mexico Faces Downgrade After ‘Very Complacent’ Decade – Bloomberg.com
Mexico’s credit rating may be cut as soon as the third quarter as the global recession exposes the government’s failure to raise taxes and ease its dependence on oil income, according to Credit Suisse Group AG and UBS AG.
- FT.com – Oil surges to six month high above $60
“The oil price on Tuesday rose above $60 a barrel for the first time since November, as traders bet that evidence of economic “green shoots” would boost demand.” Also, as the Summer driving season looms, we are seeing a massive up move in pump prices in the U.S.