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Thursday, 23 February 2012 00:31

U.S. to Europe: build bigger debt firewall

Written by MyFxCentral Team

WASHINGTON (Reuters) - Treasury Department officials expressed cautious optimism on Wednesday that Europe was gaining ground on its sovereign debt crisis but cautioned that it still must put up a convincing financial firewall against the risk of contagion.

Speaking ahead of a Group of 20 meeting in Mexico, Treasury's under secretary for international affairs, Lael Brainard, said Europe's debt remains the most serious threat to global growth and specified Europe must do more before more aid from the International Monetary Fund is discussed.

MEXICO CITY (Reuters) - Group of 20 policymakers are hoping for a signal this weekend that Europe will boost crisis funding, smoothing the way for a deal to increase International Monetary Fund resources, the head of Mexico's central bank said on Wednesday.

G20 finance ministers and central bankers will meet in Mexico City on Saturday and Sunday, with all eyes on the euro zone and the bloc's response to its sovereign debt crisis.

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WASHINGTON (Reuters) - The United States said on Wednesday it was still considering whether to support Japan's bid to join talks on a trans-Pacific regional free trade agreement, three months after Tokyo announced interest in the negotiations.

"Both governments agreed to continue the consultative process, with additional meetings to be arranged at a later date," the office of the U.S. Trade Representative said in a statement after two days of talks with Japanese officials.

Thursday, 23 February 2012 00:27

Burned before, Fed officials cautious on rebound

Written by MyFxCentral Team

WASHINGTON (Reuters) - U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.

Despite stronger employment data and hints of firmer inflation, Federal Reserve policymakers are not ruling out another round of monetary easing in the months ahead.

That's because many of them see plenty of risks that could derail the tepid pace of recovery that officials are projecting for this

Thursday, 23 February 2012 00:26

HP profit plummets, CEO urges patience

Written by MyFxCentral Team

SAN FRANCISCO (Reuters) - Hewlett-Packard Co's earnings fell nearly 44 percent and the world's No. 1 computer maker forecast a second-quarter profit below Wall Street estimates as it struggles with weak sales of PCs and printers.

The storied Silicon Valley company, which has been trying to move past the internal upheaval that marked 2011, posted quarterly sales declines in three of its key units: personal computers, printers and enterprise equipment.

Chief Executive Meg Whitman,

Thursday, 23 February 2012 00:26

Banks sink on European economic worry

Written by MyFxCentral Team

NEW YORK (Reuters) - Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.

U.S. banks were the S&P 500's worst performing sector. Investors feared that weak euro zone growth would hamper countries dealing with heavy debt loads and the banks exposed to those debts.

"We're very concerned around the markedly deteriorating credit fundamentals in Europe," said

Wednesday, 22 February 2012 16:32

Platinum climbs on prospect of smaller supply

Written by MyFxCentral Team

Platinum prices rose Wednesday as a South African mine strike raised the prospect of smaller global supplies.

Platinum for April delivery rose $35.90 to finish at $1,720.80 an ounce, which was the highest level since September. The metal is used in a variety of products, from automobile catalytic converters to electronics.

The strike has triggered violent protests at Impala Platinum Holdings Ltd.'s mine near Rustenburg, which is about 60 miles northwest of Johannesburg.

The company says it has lost 80,000 ounces of platinum production since the strike began and will lose an additional 20,000 every week it remains unsettled.

The operation accounts for about

Wednesday, 22 February 2012 16:32

Judge: Wash. can't make pharmacies sell Plan B

Written by MyFxCentral Team

TACOMA, Wash. (AP) — Washington state may not force pharmacies to sell Plan B or other emergency contraceptives, a federal judge ruled Wednesday, saying the state's true goal is to suppress religious objections by druggists — not to promote timely access to the medicines for people who need them.

U.S. District Judge Ronald Leighton heard closing arguments earlier this month in a lawsuit that claimed state rules violate the constitutional rights of pharmacists by requiring them to dispense such medicine. The state requires pharmacies to dispense any medication for which there is a community need and to stock a representative assortment

Wednesday, 22 February 2012 16:32

Summary Box: Platinum climbs on supply questions

Written by MyFxCentral Team

PLATINUM PROSPECTS: Platinum prices hit their highest level since September as a South African mine strike raised the prospect of smaller global supplies. The mining company has lost 80,000 ounces of platinum production to date.

GLOBAL FOCUS: Investors questioned whether a multi-billion dollar bailout package would be enough to keep Greece from defaulting on its debt. In China, an index showed that the manufacturing sector is improving but remains below expansion levels.

TRENDING HIGHER: Prices are higher for gold, oil, gasoline, wheat, corn and soybeans. Silver and copper fell.

Wednesday, 22 February 2012 16:32

Grain futures mostly rise, livestock prices mixed

Written by MyFxCentral Team

CHICAGO (AP) — Grains futures mostly rose Wednesday on the Chicago Board of Trade.

Wheat for March delivery rose 11.50 cents to $6.4450 a bushel; March corn rose 8.75 cents to $6.3825 a bushel; March oats fell 1.25 cent to $3.1925 a bushel; while March soybeans rose 1.25 cent to $12.7225 a bushel.

Beef and pork futures traded mixed on the Chicago Mercantile Exchange.

April live cattle rose 0.03 cent to $1.3115 a pound; March feeder cattle fell 0.18 cent to $1.5842 a pound; while April lean hogs rose 0.55 cent to 90.32 cents a pound.

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