Global Financial Markets: Investment Markets Services

Surprising quarterly results, a drop in oil prices and Bernanke’s reassuring words about Fannie and Freddie cause the greenback to rise. The dollar rose against the euro and yen Wednesday, signaling that investors may be starting to be a little more optimistic about the economy.

The dollar’s move follows a sharp drop in oil prices, a better-than-expected earnings report from Wells Fargo and reassuring words from Federal Reserve Chairman Ben Bernanke about mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). (Full story) [Read more →]

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Wells Fargo’s second-quarter results encouraged investors. But analysts don’t expect more good news from the San Francisco bank’s peers.

A strong earnings report from regional bank Wells Fargo Wednesday sent bank stocks skyrocketing. But analysts said it may wind up being the exception and not the rule as more banks prepare to report big losses. [Read more →]

Tags: Bank of America, Banks, Business, Economy, Exchange Converter, Market Data, financial advisor, financial aid, financial asset management, financial companies, financial markets, financial news, financial planning, financial review, global business, global stock markets, international financial markets, investment markets, stock markets by Financial Specialist
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Hudson’s Bay Co. has been sold to a new American owner, NRDC Equity Partners, the parent of upscale U.S. chain Lord & Taylor. HBC’s first American owner was South Carolina businessman Jerry Zucker, who bought the venerable retailer in January 2006 for $1.1 billion. Zucker died of cancer in April.

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Fed chairman says housing finance crisis and energy costs will hurt growth. Shares of troubled mortgage finance giants open sharply lower.

The fate of Fannie Mae and Freddie Mac may be hanging in the balance but many mortgage borrowers already find themselves struggling to find affordable loans. Because of the turmoil surrounding Fannie and Freddie, recent borrowers are likely paying at least 10% more in monthly mortgage payments than they would have.  The added cost stems from an erosion in confidence in Fannie and Freddie, according to Mark Zandi, chief economist.

Fannie and Freddie borrow money in the bond markets to pay for the mortgages they buy from lenders and then sell them to hedge funds and other investors. Their cost of borrowing that money has now gone up, and that filters down to lenders who have to charge more to borrowers. [Read more →]

Tags: Banks, Business, Economy, Exchange Converter, Market Data, financial advisor, financial asset management, financial companies, financial markets, financial news, financial planning, global business, global stock markets, international financial markets, investment markets, stock markets by Financial Specialist
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