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KEY ECONOMIC REPORTS DUE TODAY
CNN/MONEY: U.S. stocks were poised to open lower Thursday as investors await some key readings on inflation and employment. Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were down slightly. . . . The Consumer Price Index (CPI) is expected to have risen 0.1% in February after climbing 0.2% the month before . . . The government is also expected to report that the number of Americans filing initial claims for jobless benefits fell last week to 455,000 from 462,000 the week before. After the market opens, the Conference Board will release its February report on leading economic indicators . . . READ MORE
WHITE HOUSE PROJECTS
HIGH UNEMPLOYMENT
FOR 'EXTENDED PERIOD'
BLOOMBERG: U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said . . . The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again. “We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee . . . READ MORE CONGRESS SEEKS HEARING
INTO LEHMAN BANKRUPTCY
REUTERS: A House panel will hold a hearing exploring regulatory failures leading up to the collapse of Lehman Brothers, after a court-appointed examiner report found elaborate accounting tricks that helped to hide the investment bank's insolvency . . . The 2,200-page Lehman report, prepared by a court-appointed examiner, found that the investment banking firm used a gimmick, known as "Repo 105," for the sole purpose of manipulating its books, contributing to its demise . . . READ MORE
GREECE SEEKS EUROPE'S HELP
IN RESOLVING DEBT PROBLEM
BLOOMBERG: Greek Prime Minister George Papandreou asked European allies to help him lower the country’s borrowing costs, saying he wasn’t asking European taxpayers or the International Monetary Fund for a bailout . . . The risk premium on Greek 10-year bonds has more than doubled since the beginning of November on concern about the country’s ability to finance a biggest deficit of 12.7 percent of gross domestic product, the EU’s largest. Greece still needs to raise about 10 billion euros ($14 billion) to fund bond redemptions in April and May and Papandreou has said that current markets rates are unsustainable . . . READ MORE
Thursday, March 18, 2010
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