President Obama's spending the last two days of his Asia tour in Japan, shoring up trade support at a regional summit after suffering a few setbacks. Earlier at the G20 meeting in Seoul, the president was unable to secure a free trade pact with South Korea. He also didn't get much support for his get-tough policy on China to raise its currency value. As world leaders debate China's currency, investors are increasingly shaken by speculation that China will increase its interest rate in a bid to combat inflation. Bernard Baumohl, chief economist for the Economic Outlook Group, explains how a move in China can affect other world markets.
"If there is the expectation that China will be beginning a round of interest rate increases because of rising inflation pressures, that can increase speculation that the Chinese economy would slow. Well, obviously, that can cause problems for the rest of the global economy."The Dow's down more than 100 points at 11,179 with NASDAQ down 34 at 2,522.
Confidence among US consumers was more upbeat this month. The University of Michigan's Consumer Sentiment Index came in at a reading of 69, up from 67 last month. As Danielle Karson reports, analysts say the uptick should please retailers who're getting ready for the holiday shopping season.
Retailers are keeping a close eye on peoples' moods between now and Black Friday, the day after Thanksgiving, and the official start of the all-important holiday shopping season. Analysts say this should be the best year for retailers in four years. Unfortunately, Mesirow Financial chief economist Diane Swonk cautions that's not saying much so long as most shoppers keep a tight rein on their spending.
"People are sticking to necessities. They're using layaway because they don't have the credit they once did. And they're willing to spend for themselves as well as their families during the holiday season. But they don't have a lot of means to go very far."So, some major retailers have already begun rolling out promotions and discounts to attract budget-cautious shoppers. For NPR News, I'm Danielle Karson in Washington.
The Supreme Court is denying a request to block the Pentagon from enforcing its "Don't Ask, Don't Tell" policy that bars gays from serving openly in the military. A gay rights group asked the court to intervene while a lower court reviews the policy, but the Obama administration said the Supreme Court should not be involved at this time.
A prominent Michigan Republican is challenging Republican Party Chairman Michael Steele for his job. Saul Anuzis made the announcement today in an e-mail. He says the GOP can win in the 2012 election, if the party chairman allows the candidates to get the public attention. Anuzis refers Steele's very public controversies as party chairman, the critics say, hurt Republicans.
You're listening to NPR News.
The United Nations is appealing for nearly $164 million to swiftly scale up its aid efforts for Haiti's worsening cholera epidemic. More from Lisa Schlein in Geneva.
UN aid agencies anticipate up to 200,000 Haitians could show cholera symptoms, ranging from mild diarrhea to severe dehydration over the next six to 12 months. WHO spokesman Gregory Hartl says this shows the amplitude of what can be expected.
"No one alive in Haiti has experienced cholera before, so it's a population which is very susceptible to the bacteria."Hartl says the current fatality rate of 6.5 percent is far higher than it should be. Money from the appeal will be used to bring in more doctors, provide essential medical equipment and ensure clean water and safe sanitation. For NPR News, I'm Lisa Schlein in Geneva.
Three months after authorities ramped up security in the Afghan capital, a suicide car bomber has struck again. He attacked a NATO convoy near the new parliament building in Kabul. The military alliance says an Afghan soldier and a NATO service member were hurt in the outskirts of the city.
US stocks still down with investors' worry that China will try to slow its surging economy. At last check, the Dow Jones Industrial Average was down 104 points at 11,179; NASDAQ Composite Index off 34 points at 2,522; and the S&P 500 is down 15. It's at 1,199. |