Tension over the European debt crises was exacerbated as the exchange rate for the Euro fell below $1.30 today. The major US indices were down over 1 percent as a result. 30-year Treasury bond yields are at 2.93 percent, a record low, further signalling a lack of confidence in the long term prospects for the economy. In brighter news, OPEC announced that it would be increasing its oil production, though analysts are skeptical that the magnitude is enough to have a real impact on world oil prices. Chinese officials announced that they would be levying tariffs as high as 12.9 percent for cars imported from the US, prompting General Motors (GM) to consider ramping up its local production within that country. Best Buy (BBY) announced last night that its third quarter net income had fallen by 29 percent year over year, as margins continue to be squeezed by online competitors.

Word on the Street

  • The Euro fell below $1.30 today, and markets fell in response.
  • 30-year Treasury notes sold at a record low yield today.
  • OPEC announced that it would be increasing oil production.
  • As China announced tariffs on US car imports, General Motors (GM) said it might ramp up production in China.
  • Best Buy’s (BBY) net income fell by 29 percent in Q3.

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