Forex News and Rumors – Afternoon Update

European banks: $283B more in writedowns

The ECB estimated bank writedowns due to securities — or toxic assets — would total around $218 billion from the start of the financial turmoil to the end of 2010, while bad loans would account for another $431 billion — a total of $649 billion, with an estimated $366 billion already announced. More

Oil falls below $70 a barrel

Gasoline prices rose Monday for the 48th straight day, matching a record going back to at least the 1970s, with U.S. prices now up nearly two-thirds since the beginning of the year even as demand from motorists remains weak. More

Foreigners buy fewer long-term U.S. Treasuries

Excluding swaps, international investors bought a net $11.2 billion in long-term U.S. securities in April, down from a revised $55.4 billion in the prior month. More

Britain’s biggest lenders increase the cost of fixed-rate deals

Halifax and Cheltenham & Gloucester (C&G), both part of the Lloyds Banking Group, pulled their entire fixed-rate mortgage ranges today and expected to launch pricier deals tomorrow. More

Economy in ‘early stages of repair’

The stock market’s rally serves as “broad validation” of the Obama administration’s financial rescue efforts, Treasury Secretary Tim Geithner said Monday. More

Global stocks under pressure

By lunchtime in New York, the S&P 500 was down 2.6 per cent, while the pan- European FTSE Eurofirst 300 fell 2.5 per cent. The Vix volatility index, often called Wall Street’s “fear gauge”, saw its biggest rise for eight weeks as it pushed back above the 30 level.

In Tokyo, the Nikkei 225 Average fell 1 per cent from Friday’s eight-month high but managed to hold above 10,000 points. More

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