Forex News

UK reported a slightly less than anticipated weakening in the housing market for September, where BBA loans for house purchases dropped slightly less than anticipated to 31104 from the previously revised 31781 which was revised to the upside from the original estimate of 31767. The data was though still weak and reflected the decelerating pace of recovery in the sector it was still stronger than the expected decline to 31000. 

The Australian economy issued its producers price index for the three months ending September 30, which rose 1.3%, compared with a previous reading of 0.3% in the previous three months, whereas the anticipations referred to 0.5%.  Moreover, the annualized producers price index rose 2.2% in the third quarter of the year, compared with a previous 1% a year earlier, while the actual reading came betters than expectations that estimated of 1.4%. 

Wells Fargo & Company reported today its third quarter earnings for the year 2010 where managed to beat analysts' estimations by reporting better than expected diluted earnings per share at $0.60. The company reported total revenues of $20.87 lower than both previous quarter of $21.39 Billion and year earlier quarter of $22.47 Billion, yet the company managed to record net income of $3.34 or $0.60 diluted earnings per share which is higher than both prior and year earlier quarters' net income, and also higher than the estimated $0.564 diluted earnings per share. Wells Fargo & Company's Tier 1 Capital ratio is 10.9% higher than year earlier of 10.6% and quarter earlier of 10.5%, while its Tier 1 Common Equity ratio is 8.0% higher than year earlier of 5.2% and quarter earlier of 7.6% while its current Price/Earnings stands at 10.36.

BEIJING, Oct 24 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Sunday discussed economic ties with Chinese Vice Premier Wang Qishan in a brief meeting in eastern China. Geithner and Wang, who are designated as special representatives of their respective presidents on U.S.-China economic issues, met at Qingdao airport, a stop-off for Geithner after Group of 20 meetings in South Korea. "The two sides exchanged views on U.S.-China economic relations and the preparation for the (G20) Leaders' Summit in Seoul," according to a statement emailed by the U.S. embassy in Beijing. It did not elaborate. The airport meeting in China came at the end of Geithner's trip to the Group of 20 finance ministers and central bank governors meetings in Gyeongju, South Korea, where officials agreed to refrain from competitive currency devaluations and reduce current account imbalances.  The United States has been pressuring China to allow its yuan to rise more rapidly in response to market forces. Last week, Geithner delayed a semi-annual report to U.S....

Oct 24 (Reuters) - The Group of 20 major economies vowed to avoid competitive currency devaluations and shifted more power to emerging economies at the IMF, taking steps that analysts viewed as important for averting trade wars and promoting flexible exchange rates. Following is a summary of reserves reports issued by analysts about the G20 communique and outcomes following the gathering of finance ministers and central bankers.  --------------------------------------------------------- THOMAS STOLPER, CHIEF CURRENCY STRATEGIST, GOLDMAN SACHS, LONDON "The outcome of the G20 meeting clearly shows progress in the global rebalancing policy debate. In particular the FX relevant sections have become a lot more prominent and all the key issues have found some mention, including current account positions, protectionism, capital controls and exchange rate flexibility. "At the same time, this is not a Plaza-style statement that signals a broad agreement on the role currencies have to play in the global rebalancing. Just taking the first sentence of the FX bullet, the language is not tight enough to...

(Reuters) - Several U.S. lenders including JPMorgan Chase and Bank of America, and their legal advisers, have started talks with state attorneys general to resolve a probe of foreclosure practices, the Wall Street Journal said. Executives and lawyers of JPMorgan and Bank of America have separately met with the Florida Attorney General last week, the Journal said, citing people familiar with the matter. JPMorgan and Bank of America could not immediately be reached for comment by Reuters outside regular U.S. business hours. All 50 U.S. states have started a joint investigation of the mortgage industry, focusing on allegations that for years banks have not reviewed documents properly or have submitted false statements to evict delinquent borrowers. (Reporting by Sakthi Prasad in Bangalore; Editing by Dhara Ranasinghe)