Kirberts finance advice and news

Texas business activity declined further in June
according to the Dallas Fed’s manufacturing report on Monday, whose
business activity index fell to -24.1 from May’s -10.3.

“Several indicators for current conditions declined from May levels
and turned negative,” read the report. “Despite June’s slowdown, more
than a third of manufacturers responding to the survey expect increases
in production and volume of new orders six months from now.”
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The ISM-Chicago business barometer remained below 50 for the fifth
consecutive month in June, yet improved more than expected, coming in at
49.6, against expectations that it would fall to 48.0 from 49.1 in
May.

“The threat of an economic recession spreading from the
housing and credit sectors has yet to materialize, but
economic growth remains negligible at best,” has said spokesman Jack Bishop
in the report’s summary. “Perhaps the mantra of fear of a recession
has…”

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Canadian GDP and the ISM-Chicago Purchasing Manager’s Index will
highlight the start of what is looking to be a busy shortened week on the
North American data front. In the afternoon, comments from Portuguese
Central Banker Vitor-Manuel Ribeiro Constancio will also be closely
watched ahead of the European Central Bank’s rate decision on
Thursday.

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In the minutes released from a meeting of Fed
Governors to approve Bear Stearns’ acquisition by JPMorgan and the
establishment of a lending facility to primary lenders on March 14 and
16, the Fed reaffirmed that the moves were “based on recent, rapidly
changing developments.”

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The Federal Reserve’s preferred measure of inflation,
the personal consumption expenditures (PCE) core deflator, advanced by
0.1% (0.113%) in May, below expectations and contributing to a year-over-
year change of 2.1% (2.139%), according to a report released from the
Commerce Department on Friday morning.

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United States core PCE, personal income and spending, and final data from the
Michigan consumer sentiment survey will finish off the United States economic data
week as Canadians receive industrial product and raw material prices
along with average payroll earnings. Overseas, markets will be looking at
the preliminary figures for German CPI and comments from European Central
Bank President Jean-Claude Trichet.

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United States core PCE, personal income and spending, and final data from the
Michigan consumer sentiment survey will finish off the United States economic data
week as Canadians receive industrial product and raw material prices
along with average payroll earnings. Overseas, markets will be looking at
the preliminary figures for German CPI and comments from European Central
Bank President Jean-Claude Trichet.

Read More Now

The sale of Countrywide Mortgage to Bank of America
absorbed another blow this week as three states took legal action against
the lender.

The attorneys general of California and Illinois and the Washington
State department that regulates financial institutions all filed
lawsuits against Countrywide on Tuesday alleging variations on
the theme of mortgage fraud.

In addition to the three new lawsuits, other legal
problems for Countrywide continue to surface…

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