The Other Side of Life 24/7: Daily Investor Briefing: Wall Street gains on ECB, but...

Friday, August 24, 2012

Daily Investor Briefing: Wall Street gains on ECB, but...

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08/24/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street gains on ECB, but negative for week

NEW YORK (Reuters) - Stocks gained on Friday on news the European Central Bank is considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs and on hopes of more stimulus from the Federal Reserve.

Business spending plans hint at factory weakness

WASHINGTON (Reuters) - U.S. businesses cut back on their spending plans for a second straight month in July, suggesting slower growth ahead for the factory sector.

Bernanke says Fed has scope to provide more stimulus

WASHINGTON (Reuters) - The Federal Reserve has room to deliver additional monetary stimulus to boost the U.S. economy, Fed Chairman Ben Bernanke told a Congressional oversight panel in a letter.

ECB mulls setting target bands for bond yields: sources

FRANKFURT (Reuters) - The European Central Bank is considering setting yield band targets under a new bond-buying program to allow it to keep its strategy shielded and avoid speculators trying to cash in, central bank sources told Reuters on Friday.

Exclusive: RBS closing in on rate-rigging settlement - sources

LONDON (Reuters) - Royal Bank of Scotland is expected to agree a settlement in the next two months with U.S. and UK authorities investigating its role in an interest-rate rigging scandal, according to industry sources, regulatory officials and lawyers familiar with the case.

Merrill agrees to pay $40 million in deferred compensation suit

(Reuters) - Merrill Lynch agreed on Friday to pay $40 million in a class action suit filed on behalf of about 1,400 brokers to reclaim deferred compensation the brokerage had previously refused to pay them following its merger with Bank of America.

Europe's big bang for bank rules set to sputter

FRANKFURT/LONDON (Reuters) - A hoped-for "big bang" start next year for new rules to make banks safer is set to sputter in Europe, creating more uncertainty in a sector struggling to win back investor confidence lost in the financial crisis.

Automatic budget cuts seen driving up long-term weapons costs

WASHINGTON (Reuters) - Automatic budget cuts due to take effect in January will drive up the cost of weapons systems and cut revenues for arms makers in the longer term, but the full brunt of the cuts will not be felt for several years, a top budget analyst said Friday.

Fed ponders more clarity on policy framework

NEW YORK/SAN FRANCISCO (Reuters) - The Federal Reserve is looking to lift the veil a bit more on how it plans to steer the U.S. economy back to health.

P&G CEO's pay down 6.1 percent after tough year

(Reuters) - Procter & Gamble Co Chairman and Chief Executive Officer Bob McDonald took home a little less last year after disappointing results that he is trying to reverse with a major overhaul.