General News:
– CPI rose 0.2% and 0.2% core CPI.
– Breakdown of CPI: Food prices rose 0.5%, housing rose 0.3%, apparel fell 0.6%, public transportation up 0.8%, medical care was up 0.2% and tobacco rose 0.5%.
– Housing starts rise to 1.467 million as a result of the multi-family sector with permits down 1.406 million, more than expected.
– Bear Stearns’ troubled hedge funds have shown little value and there is panic that investors may not receive their funds.
– Southern California home sales hit a 14-year low.
Asia/Europe:
Asia:
– According to Japanese government minutes, rate hikes will be gradual and corporate prices are in an uptrend.
– Honda is expanding operation with new factories in Thailand, Vietnam and Argentina.
– India’s Tata Motors may make an offer for Jaguar and Land Rover.
Europe:
– There is a 6 to 3 split on rate hikes in the Bank of England.
– Eurozone construction rose 1.8% in May.
Corporate News:
– Sherwin-Williams Co. (SHW) announced a regular quarterly dividend of 31.5 cents per share. The Cleveland-based company will pay the dividend Sept. 14 to shareholders of record Aug. 24.
– Bank holding company Venture Financial Group Inc. plans an initial public offering of its common stock, according to a filing with the Securities and Exchange Commission.
– Regional bank Harleysville Savings Financial Corp. (HARL) said its fiscal third-quarter profit slipped due to interest rate pressure.
– Quarterly profit at parent company for American Airlines, AMR, falls short of Wall Street’s expectations as revenue sank on weather disruptions.
– Southwest Airlines (LUV) said that its second-quarter profit fell 17% as rising fuel costs weighed on the discount carrier.
– JPMorgan Chase & Co. (JPM) reported a 20% jump in second-quarter profit, as the nation’s third-largest bank benefited from a surge in investment banking fees.
