Thursday, March 3, 2011

Global Market Weekly Review, 03-03-2011

A U.S. stocks rallied, as investors speculated the Obama administration’s plan to rid banks of toxic assets will spur growth and investor Mark Mobius said a new bull market has begun.

The Mortgage Bankers Association boosted its forecast for 2009 home-loan originations by $800 billion to $2.78 trillion as a wave of refinancing and low interest rates spur homeowners to seek out new loans.

U.S. Sales of previously owned homes unexpectedly climbed in February as record foreclosures brought bargain hunters into the market to take advantage of lower prices.

European exports to the U.S. declined the most in five years in 2008 as the global financial crisis curtailed demand in the region’s main trading partners.

Homebuilders in S&P indexes rose, led by a rally of 21 percent in M/I Homes Inc. Purchases of new homes in the U.S. unexpectedly rose in February from a record low as plummeting prices and cheaper mortgage rates lured some buyers.

U.K. retail sales dropped as consumers tightened spending while the recession deepened. The U.K. economy shrank 1.5 percent in the fourth quarter, the most since 1980.

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