Forex News and Rumors – Afternoon Update

NA Stock Markets Take Beating

Despite optimism earlier in the day, North American stock markets suffered losses today with several key indexes falling to 1997 levels. More

Obama Promises to Cut Deficit in Half

President Barack Obama promised today to cut the country’s budget deficit in half by the end of his term. The current budget is expected to eclipse $1.3 trillion this year with no sign of reversing. More

France to Help Banks Merge

Last October, Banque Populaire and Caisse d’Epargne announced a merger deal that would see the new entity become the country’s second largest retail bank with nearly 500 billion euros in deposits. The French government said today that it would provide up to 5 billion euros in loans with the state possibly becoming a direct shareholder in the new bank. More

Crude Oil Prices Fall

Investors worried that dropping demand will outpace possible OPEC production cuts, drove the price of crude oil down by more than a dollar and a half (3.9 percent) by the 2:30 PM close in New York today. More

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