Fri Sept 10 2010 – Weekly Recap & The Week Ahead
Financial markets will find and exploit hidden flaws, particularly in untested new innovations — and do so at a time that will inflict the most damage to the most people — Raymond F. DeVoe
The major indices settled with modest gains following a holiday-shortened week of light corporate news and economic reports.
1. Trade Deficit — the Commerce Department reported the nation’s trade deficit narrowed as imports fell and exports climbed to near two-year highs.
2. The Bank of England announced no change in interest rate — holding its key lending rate at a record low 0.5% and maintaining its bond-buying program at 200 billion pounds ($309 billion).
3. China’s August imports were up 35.2% year-on-year to $119.27 billion, against a 25% increase expected by economists surveyed by Dow Jones Newswires. Exports climbed 34.4% to $139.3 billion, against an expected 35% increase.
4. H-P Bribe Probe Widens — U.S. Investigators Are Looking at Multiple Transactions, some outside Russia; Hewlett-Packard Co. disclosed Thursday that a probe by the U.S. Department of Justice and the Securities and Exchange Commission of possible bribes the company paid in Russia is now wider than previously reported.
The week ahead — Economic data:
