Moody's downgraded 15 main banks

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Source: BBC
Moody's cut ratings of 15 major banks, including Royal Bank of Scotland, Barclays, HSBC, Citigroup, Bank of America, Goldman Sachs and JP Morgan. Experts say that downgrades were expected and financial institutions were concerned that it would make it more difficult for banks to borrow funds commercially. Moody's attributed its decision to high banks' exposure to volatility and risk of losses built-in capital market operations.

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Fri, 22 Jun 2012 06:49:05 GMT

Philadelphia manufacturing activity tumbled in June

The manufacturing activity in Philadelphia region fell faster than expected in June, Federal Reserve of Philadelphia said on Thursday. The index measuring production activity tumbled from minus 5.8 in May to minus 16.6 in June. Economists questioned by Marketwatch predicted an improvement to 0.0. Figure below zero indicates contraction.

Fri, 22 Jun 2012 06:27:05 GMT

Sales of existing home dropped in May

Sales of existing US homes declined in May indicating fluctuating trend in property market. Purchases of previously owned properties fell 1.5% to annual 4.55 million, National Association of Realtors said on Thursday. Economists questioned by Bloomberg predicted a yearly pace to diminish slower attaining 4.57 million. 

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