China Gets a Global Credit Crunch Reality Check
Economic slowdowns in China’s major markets – particularly the U.S. – has forced the People’s Bank of China to make its first interest rate cut in six years. One-year lending rates have dropped to 7.2% from 7.47% – required reserve ratios for commercial banks have also been lowered.
Crude Falls Below $100 a Barrel
Fears of a worsening outlook for the global economy continue to drive down the price of oil even as Hurricane Ike closes in on the Gulf Coast.
U.S. Retail Sales Down in August
Retail sales fall by 0.3% for the month of August.
Foreclosures Increase 27% From Year Ago
Foreclosures in the battered U.S. housing market for the month of August were up 27% from the same month one year ago. However, this increase is less than previous months.
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