Reuters – General Motors Corp investors
expect the No. 1 U.S. automaker to post a steep second-quarter
loss on Friday, reflecting the pressure from a deepening
downturn in the U.S. auto industry.
Investor’s Business Daily – Banks’ primary credit borrowings averaged $17.45 bil per day in the latest week, breaking the prior week’s record of $16.38 bil, the Fed said, a sign of continued liquidity woes. Commercial paper, a vital source of short-term corporate funding, fell $16 bil to $1.728 tril, the lowest in 2 years. But, the interbank cost of borrowing 3-month dollar funds posted its biggest fall in a month, a day after the Fed and other central banks set new liquidity measures.
Reuters – Exxon Mobil Corp broke
its own record for the highest-ever quarterly profit for a U.S.
company on Thursday, but it was lower than Wall Street expected
largely due to lost output from Venezuela and Nigeria and lower
yields from some oil fields.
AP – Wall Street sank Thursday, after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers. The Dow Jones industrial average fell more than 200 points.
Reuters – Banks borrowed a record amount of
funds from the Federal Reserve in the latest week as the year
old credit crisis took a persistent toll, while the commercial
paper market continued to contract, signaling tough conditions
for short term borrowers.
