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This is Money
Insolvency experts are predicting that as many as 300 smaller US banks will fail over the next three years as the economy edges towards recession. The warning from Begbies Traynor's international network came as spread-betting firm Capital Spreads quadrupled the minimum margin requirement for positions on US banks in anticipation of heavy short-selling due to similar concerns.
Up to 300 US banks could go under, say insolvency experts
The US Treasury should only take direct control of ailing mortgage giants Fannie Mae and Freddie Mac as a last resort, according to a detailed report on the pending fate of the pair written by Goldman Sachs.
Bail-out of Fannie Mae and Freddie Mac should be last resort
Shares in Fannie Mae and Freddie Mac surged on Tuesday after Citigroup analysts said the two government-sponsored mortgage financiers could withstand losses up to the end of the year and an imminent government rescue was unlikely.
Citi report boosts Fannie, Freddie
The American housing market may slowly be turning the corner after 18 months of gloom, with test data showing that the rate of monthly house price declines slowed markedly in June. Data from the respected Standard & Poor's/Case-Shiller index showed that the fall in house prices slowed to 0.5pc between May and June - down from a monthly decline of 2pc at the start of the year.
Case-Shiller data suggests worst may be over for American housing market
A total of 22,448 loans for house purchase, rather than remortgaging, were approved by banks during July. Although this was still a drastic 65 per cent lower than levels a year earlier, it marked a small rise from the record low of 22,369 set in June, according to the British Bankers' Association (BBA).
Mortgage lending figures give some hope
The pound could slide as low as $1.50 against the dollar in the coming years as the exodus of foreign investors from sterling gathers pace, experts have warned. The days of the $2 pound are gone for at least five years, they added, as sterling dropped to a new two-year low against the greenback.
Pound could slide to $1.50 against dollar
An abrupt slump in German business morale fuelled mounting fears that the eurozone is sinking into recession, piling renewed selling pressure on the newly vulnerable euro. The struggling single currency succumbed to another bout of heavy losses on foreign exchanges today after the latest symptoms of rapidly weakening economic conditions were revealed across the 15-nation eurozone.
Euro tumbles as German business morale slumps