Future Business

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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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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New car registrations in the UK were down 24% last month, underlining the continuing turmoil in the global motor industry.

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FXstreet.com (Barcelona) - After rising around 125 pips from 1.2964 to 1.3090, fresh intra-day high, the EUR/USD has been rejected to 1.3050, currently the pair is trading around 1.3055/65, 0.30% increases so far today from opening price at 1.3023.

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European stocks retreated on concern that banks may need to raise additional capital and the outbreak of swine flu will hinder an economic recovery.

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 The FTSE Small Cap index .FTSC closes down 0.8 percent, while the blue chip .FTSE and midcap .FTMC indexes both end the session 1.7 percent weaker.

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After reaching yesterday’s high at 1.4694, GBP/USD has lost around 70 pips to reach 1.4615 level. Currently the pair is trading around 1.4620/30.

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Land Securities was top performer on Friday as real estate stocks outperformed a sliding London market.

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Canada’s currency climbed for a third day, appreciating to the strongest level in two months against its U.S. counterpart, as commodities such as gold and copper advanced and crude oil traded above $50.

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The benchmark S&P/ASX 200 climbed 55.7 points, or 1.5 per cent, to 3742.7 while the All Ordinaries was up 50.3 points at 3689.2, despite a poor lead from Wall Street, which slid almost 1 per cent after car manufacturers released weak December sales figures.
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The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, settled at its highest level since Nov. 28 as most components of the index rallied on Tuesday, including precious and base metals, soft commodities and some energy, grain and livestock futures.
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‘Go long on commodities, short the dollar" rang the battle cry that pushed oil, copper and wheat to record high levels earlier this year. That trade unwound with fury over the past five months, as the dollar rebounded from record lows and commodities lost 60 percent or more.

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 Goldman Sachs Group Inc. agreed to sell its stake in Sanyo Electric Co. to Panasonic Corp., ending weeks of resistance after accepting a price increase of less than 1 percent, two people familiar with the matter said.

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 General Motors Corp., Ford Motor Co. and Chrysler LLC will shutter about 59 factories over the next month as they struggle to adapt to the worst sales in 26 years and await a verdict on a U.S. rescue of the industry.

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