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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (44926)	7/28/2008 6:44:39 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69347

12:02PM Economic shocks may last longer than 3 years: Fed's Mishkin- by Greg Robb WASHINGTON (MarketWatch) -- Recent adverse shocks to the economy -- including the financial market turmoil and the sharp increase in the price of oil may affect the economy for longer than the next three years, Federal Reserve Board Governor Frederic Mishkin said Monday. The comment was part of Mishkin's argument that the Fed should lengthen the horizon for the public projections on output, unemployment and inflation. If the economy remains sluggish through 2010, then inflation might come in below the inflation rate for 2010 set out in the forecast, Mishkin said. The Fed currently expects headline inflation to moderate to a rate of 1.8% to 2.0% in 2010 from a rate of 3.8% to 4.2% this year. Mishkin wants the Fed to adopt a formal inflation target. Many economists have used the three year inflation forecast at an unofficial Fed inflation target. 12:02PM Fresh criticism by Putin sends Mechel shares tumbling again (MTL) by Polya Lesova NEW YORK (MarketWatch) -- Fresh criticism of Mechel (MTL) by Russian Prime Minister Vladimir Putin Monday sent the U.S.-listed shares of the coal and steel producer tumbling once again. Putin said Monday that Mechel avoided taxes by selling products internationally through foreign subsidiaries, Dow Jones Newswires reported citing the Interfax news agency. Shares of Mechel fell 32.7% to $17.60 in intraday trading in New York. Last Thursday, Putin said Mechel should be investigated for its pricing policies, sending the shares of the miner down 37.6%. On Friday, Mechel shares rebounded, ending up 14.7%, only to fall sharply once again today. In Moscow, the benchmark RTS stock index closed down 1.2%. 11:00AM IMF sticks to one trillion dollar loss estimate from turmoil by Greg Robb WASHINGTON (MarketWatch) -- Top experts at the International Monetary Fund said Monday that they are comfortable with their previous estimate that the financial market turmoil will cost about one trillion dollars. In an update of the crisis, the IMF said a top worry has materialized: a vicious downward cycle in which a weaker economy leads to a weaker financial system and on and on. At the moment, a bottom to the housing market is not yet visible, the report said. One reason that European banks do not seem to be hurting as much as U.S. banks is that they have not yet released much information about 2008, the officials said.