Weekly US Mortgage Applications Drop 0.6%

Mortgage hunters were not particularly impressed with the latest drop in interest rates. Mortgage application volume dropped 0.6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 10% higher than a year ago, when interest rates were higher. The average contract interest rate for 30-year fixed-rate mortgages […]

German Auto Sector Could Fall 12% if US Imposes Tariffs

Germany’s automotive sector could fall as much as 12% over “three bad trading days,” if President Donald Trump imposes tariffs on European car manufacturers, one analyst told CNBC. Trump has until Friday midnight (Washington time) to decide whether to impose duties on car imports. This would likely hurt Germany, the EU’s traditional growth engine, given […]

Stocks Lower on US-China Trade War Anxiety

Equity indexes around the world tumbled for a fourth day in a row on Thursday as U.S.-China trade tensions put investors on edge the day before U.S. President Donald Trump was due to raise tariffs on Chinese goods. Oil prices fell as worries about the trade war outweighed a surprise drop in U.S. inventories. U.S. […]

Chevron Abandons its Anadarko Bid

Chevron Corp abandoned its takeover bid for Anadarko Petroleum Corp on Thursday, outmaneuvered by Occidental Petroleum Corp’s higher, $38 billion offer that included more than three times as much cash. With a financing assist from billionaire investor Warren Buffett, Occidental, one-quarter Chevron’s size, is the likely victor in a contest that again proved the allure […]

Turkish Lira Falls After Central Bank Takes Rate Hike Off the Table

Turkey’s troubled lira fell to its lowest level since October on Thursday after its central bank scrapped a pledge to raise interest rates if needed. The monetary tightening pause, now in its seventh month, is repelling investors already worried about double-digit inflation, unorthodox policy, political influence over the central bank’s independence, and dramatic yet unexplained […]

Deutsche Bank and Commerzbank End Merger Talks

German hopes of creating a national banking champion able to challenge global competitors were dashed on Thursday when Deutsche Bank and Commerzbank ended merger talks due to the risks of doing a deal, restructuring costs and capital demands. Germany’s two largest banks announced that nearly six weeks of high-level negotiations about a tie-up had ended […]