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Business News

Banks sink on European economic worry (Reuters)

Traders work on the floor of the New York Stock Exchange February 21, 2012. REUTERS/Brendan McDermidReuters - Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.


Fitch downgrades Greece on debt swap plan (Reuters)
Reuters - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.
Home resales at 1-1/2 year-high, supply falls (Reuters)

A labourer selects wooden planks as he works at a residential construction site in Hefei, Anhui province February 18, 2012. China's home prices fell in January from December, marking the fourth monthly fall in a row and showing that the policy-driven property market downturn is deepening, which will add to worries about a hard landing in the world's second-largest economy. REUTERS/Stringer (CHINA - Tags: BUSINESS REAL ESTATE CONSTRUCTION EMPLOYMENT)Reuters - Home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.


HP profit plummets, CEO urges patience (Reuters)
Reuters - Hewlett-Packard Co's earnings fell nearly 44 percent and the world's No. 1 computer maker forecast a second-quarter profit below Wall Street estimates as it struggles with weak sales of PCs and printers.
Burned before, Fed officials cautious on rebound (Reuters)
Reuters - U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.