Emails Point to IRS Officials Using Instant Messages--Update

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By John D. McKinnon WASHINGTON--Lawmakers investigating the Internal Revenue Service's treatment of conservative groups released new emails Wednesday suggesting that top IRS officials communicated through an instant-messaging service that wasn't routinely archived. The revelation adds to lawmakers' concerns about the ...

Germany Approves Plans to Force Creditors to Prop Up Struggling Banks

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Andrea Thomas BERLIN--Germany's cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions. The new bail-in rules are part ...

China Finance Minister Says 7.5% GDP Target Not a 'Floor'

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Bob Davis BEIJING--Chinese Finance Minister Lou Jiwei said that the government's 7.5% economic growth target isn't a "floor," suggesting that Beijing may be comfortable with slower growth. Early this year, China set its annual target at "around 7.5%." But ...

India Predicts Faster Economic Growth This Year

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Prasanta Sahu and Anant Vijay Kala NEW DELHI--India's economy will improve this fiscal year, the government predicted on Wednesday, as a gradual increase in investment helps revive activity, although high inflation and political rumblings in other countries pose hurdles ...

Oil Prices Extend Losing Streak Amid Economic Worries

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Daniel Huang U.S. oil prices continued their longest losing streak in 4 1/2 years on Tuesday as investors doubted the strength of the U.S. economy. Light, sweet crude for August delivery fell 13 cents, or 0.1%, to $103.40 a ...

Detroit's Largest Police Union to Support City's Bankruptcy Plan

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Matthew Dolan A key holdout group in Detroit's municipal bankruptcy case has reached a settlement to support the city's debt-cutting plan, federal mediators said Tuesday night. Detroit and its largest police union reached agreement "on important core economic terms" ...

Detroit Art Valued at Up to $4.6 Billion

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Matthew Dolan DETROIT--A city-commissioned report on Detroit's fine art collection released Wednesday pegs its entire value between $2.8 billion and $4.6 billion, a sharp increase over a previous estimate that could create a headache for the city in bankruptcy ...

European Stocks Tentatively Higher Ahead of Fed Policy Minutes

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Josie Cox European equity markets Wednesday tentatively reversed losses conceded earlier in the week, but investors seemed wary of taking large positions ahead of the publication of the U.S. Federal Reserve's latest policy meeting minutes later in the session. ...

Wholesale Inventories Expected to Rise 0.5% -- Data Week Ahead

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

The following are forecasts for this week's remaining data from a survey compiled Thursday and Monday. DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS (ET) Thursday 0830 Jobless Claims Jul 5 319K (17) 315K 1000 Wholesale Inventories May +0.5% (9) +1.1% Friday ...

MARKET SNAPSHOT: U.S. Stocks Edge Higher; FOMC Minutes On Tap

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch NEW YORK (MarketWatch) -- After two days of selling led by momentum plays, U.S. stocks found their footing and edged slightly higher on Wednesday. Investors await minutes from the most recent Federal Open ...

U.S. Presses China on Currency

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Bob Davis BEIJING--The U.S. and China launched formal economic talks Wednesday, with U.S. Treasury Secretary Jacob Lew arguing that exchange rate liberalization and other proposed measures were in China's interest and Chinese Vice Premier Wang Yang calling for balance. ...

German Chemical Industry Confirms 2% Growth Forecast for 2014

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Neetha Mahadevan FRANKFURT--Germany's chemical industry Wednesday confirmed its forecast for output and sales this year, after a strong first-half was boosted by domestic demand. "The mood in the industry is good. Order books are filling up helped by the ...

French Finance Minister Urges Against Dollar Dominance in Trade

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By William Horobin PARIS--French Finance Minister Michel Sapin said Wednesday that the dominance of the U.S. dollar exposes European countries to unnecessary foreign exchange risk and the euro zone should push for greater use of its own currency in international ...

China Finance Minister Says GDP Target Not 'Floor'

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

BEIJING--Chinese Finance Minister Lou Jiwei said that the government's 7.5% economic growth target isn't a "floor," suggesting that Beijing may be comfortable with slower growth. Early this year, China set its annual target at "around 7.5%." But recent statements by ...

India Predicts Faster Growth This Year

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By PRASANTA SAHU and ANANT VIJAY KALA NEW DELHI--India's economy will improve this fiscal year, the government predicted on Wednesday, as a gradual increase in investment helps revive activity, although high inflation and political rumblings in other countries pose hurdles ...

Polish Rate Setter Sees Room for More Rate Cuts

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

WARSAW--Poland's central bank has room to further ease monetary policy in light of its latest inflation and growth projections, member of the rate-setting panel Jerzy Osiatynski told state news agency PAP in an interview. According to Mr. Osiatynski inflation expectations, ...

Oil Prices Extend Losses After Supply Data

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Christian Berthelsen U.S. oil prices extended losses Wednesday after official weekly data showed an increase in gasoline supplies at a time when the market expected stronger demand. Light, sweet crude for August delivery fell as low as $102.40 a ...

Concerns Over Banco Espirito Santo Rattle Portuguese Investors -- Update

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

By Josie Cox and Tommy Stubbington Portuguese stocks and bonds dropped Wednesday, as continuing concerns over the financial health of lender Banco Espírito Santo rattled investors. That clouded an otherwise quiet session in European markets, with investors seemingly wary of ...

China Jun CPI +2.3% On Year; Market Expected +2.4%

TODAY: Oct. 25, 2014 PUB DATE: July 9, 2014

BEIJING--China's consumer-price index rose 2.3% in June from a year earlier, slower than a 2.5% on-year rise in May, data from the National Bureau of Statistics showed Wednesday. The rise in the key inflation gauge was slightly under the median ...