Future Business

U.S. stocks turned higher in volatile mid-morning trade Friday, with low volumes ahead of the Memorial Day holiday and weakness in the dollar helping drive continued gains in commodities and related energy and materials stocks.
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The dollar fell the most against the euro in two months and approached its lowest level this year on speculation a deterioration of U.S. creditworthiness will make assets such as Treasuries less attractive to investors.

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U.S. government bonds slipped on Friday, pulling yields off two-week lows, after industry and consumer sentiment reports bolstered hopes the economy might soon start to recover from the worst recession in decades.

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General Motors Corp.’s plan to slash its dealer network by the end of 2010 may accelerate, matching the pace set by Chrysler LLC, in a bankruptcy the biggest U.S. automaker says is probable.
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Asian stocks fell this week as investors sold shares trading at their most expensive valuations in five years on concerns that the economy and corporate profits will take longer than expected to recover.

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U.S. stocks are likely to hit more speed bumps next week as investors become more wary of Wall Street’s ability to rally further and housing starts, jobless claims and other indicators are in the spotlight.
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The Euro has bounced at 1.3510 intra-week low to levels at 1.3560/80 resistance area after U.S. CPI and NY Fed Manufacturing Index data was released.

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The Dollar has bounced from 94.77 fresh 7-weeks low to return to levels above 95.00, reaching 95.60 April 28 low at the time of writing.

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The yen rallied broadly on Friday as European stock losses dulled investor appetite for risky assets, while the euro slid across the board after data showed the euro zone economy shrank at its fastest pace on record.

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GBP/USD bounce from 1.5135 intra-day low has strengthened and the Pound has jumped above 1.5215, Asian session support level, reaching 1.5245 intra-day high level at the time of writing.

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Honda Motor Co’s earnings will hit bottom this year and improve beyond that as demand in the United States returns in the second half, the Japanese automaker’s chief executive said on Friday.

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Gains among the banks over talk of a $10bn (£6.6bn) sale of Barclays Global Investors failed to stope the FTSE 100 from going into negative territory.

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Hitachi said today it expects to report record losses of ¥788bn (£5.27bn) for last year, in what would be the biggest ever loss by a Japanese manufacturer.

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The decision means the Bank’s Monetary Policy Committee will extend its programme of buying Government bonds from an initial £75bn to a total of £125bn within the next three months. The announcement came as the Bank left interest rates at 0.5pc - a move widely expected by economists.

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General Motors (GM), the giant US carmaker which is attempting to stave off bankruptcy, made a loss of $6 billion and burned through $10.2 billion in cash during the first quarter of the year.
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