BG,
Futures slightly negative.
JP Morgan reported 1.5 Billion loss.
Ditto for UBS AG
Lower oil prices hit a 3 month low yesterday.
Economic Reports:
Trade Balance 8:30 am (Eastern)
Treasury Report 2:00 on (Eastern)
Aug. 12 (Bloomberg) -- The U.S. trade deficit unexpectedly narrowed in June
as the biggest jump in exports in more than four years overcame record imports of petroleum.
The gap shrank 4.1 percent to $56.8 billion from a revised $59.2 billion in May that was smaller
than previously estimated, the Commerce Department said today in Washington.
LONDON (AFP) — Crude prices slid further on Tuesday, as traders took their direction from the
strengthening dollar and Russia, which ordered a halt to its military offensive against Georgia,
traders said.
Generally would fade this Market after back-to-back Up days.
However, the better than expected trade number and lower oil prices may help off set the
negative news from the Financials.
Going with
UP on Tuesday,
gl,
baz
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More borrowers with good credit are defaulting on their home loans,
and that's going to make it even harder for the staggering housing market to recover.
Delinquencies for prime loans of more than $417,000, so-called jumbo loans.
They rose to 4.03% of outstanding loans in May, compared with 1.11% a year earlier.
And prime loans issued in 2007 are performing the worst of all, failing at a
rate nearly triple that of prime loans issued in 2006,
The delinquency rate for prime mortgages worth less than $417,000 was 2.44% in May,
compared with 1.38% a year earlier, according to LoanPerformance
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Report says most corporations pay no federal income taxes; lawmakers blame loopholes
WASHINGTON (AP) -- Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005,
according to a new report from Congress.
The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent
of foreign companies doing business in the U.S. avoided corporate taxes over the same period.
Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.
"It's shameful that so many corporations make big profits and pay nothing to support our country,"
said Sen. Byron Dorgan, D-N.D
"Half of all business income in the United States now ends up going through the individual tax code,"
More than 38,000 foreign corporations had no tax liability in 2005 and 1.2 million U.S. companies paid no income tax,
the GAO said. Combined, the companies had $2.5 trillion in sales.
About 25 percent of the U.S. corporations not paying corporate taxes were considered large corporations,
meaning they had at least $250 million in assets or $50 million in receipts.
"It's time for the big corporations to pay their fair share," Dorgan said.
