The Other Side of Life 24/7: Business Today: U.S. consumer spending weakest since 2009, inflation muted

Monday, February 2, 2015

Business Today: U.S. consumer spending weakest since 2009, inflation muted

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02/2/2015

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

U.S. consumer spending weakest since 2009, inflation muted

WASHINGTON (Reuters) - U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption.

Exxon Mobil quarterly profit down 21 percent

(Reuters) - Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent, as low crude prices took a toll on results for the world's largest publicly traded oil company.

Obama proposes $3.99 trillion budget, sets up battle with Republicans

WASHINGTON (Reuters) - President Barack Obama on Monday proposed a $3.99 trillion budget for fiscal year 2016 that sets up a battle with Republicans over programs to boost the middle class that are funded by higher taxes on corporations and wealthy Americans.

Futures point to modest gains at the open

NEW YORK (Reuters) - U.S. stock index futures pointed to slight gains at the open on Monday, suggesting a modest rebound following a decline last week, though a disappointing reading on consumer spending added to recent concerns over economic strength.

Alibaba's Jack Ma says IPO of Ant Financial unlikely in 2015

HONG KONG (Reuters) - Jack Ma, chairman of Chinese e-commerce giant Alibaba Group Holding , said on Monday he hoped the company's financial affiliate would list in Asia but the exact timing and location were unknown.

Oil prices rally above $55 as investors pile in

LONDON (Reuters) - Crude oil prices rose on Monday as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signaled lower production down the line.

U.S. workers strike for second day at nine refineries; one to shut

HOUSTON (Reuters) - Union workers were on strike for a second day on Monday at nine U.S. refineries and chemical plants as they sought a new national contract with oil companies covering laborers at 63 plants.

Deflation alarms ring louder as EU, Chinese factories struggle

LONDON/SYDNEY (Reuters) - European and Chinese factories slashed prices in January as production flatlined, heightening global deflation risks that point to another wave of central bank stimulus in the coming year.

GM ignition compensation gets 4,180 claims ahead of deadline: WSJ

(Reuters) - General Motors Co has received a further 1,112 claims for compensation related to ignition defects that led to deaths and injuries, taking the total to 4,180 up to the Jan. 31 deadline for claim submissions, the Wall Street Journal said on Monday.

U.S. real estate ETF rally faces test with rate rise

NEW YORK (Reuters) - Investors who have been piling into real estate exchange-traded funds over the past year could be in for a rocky ride if the Federal Reserve raises interest rates later this year as expected.