Morning Business Brief
June 30, 2010, 7:34 AM
- World markets were mixed Wednesday, with major indexes in Asia closing lower but markets elsewhere on the upswing despite concerns the global economic recovery has lost steam. On Tuesday, the Dow dropped 268 points to 9,870. The S&P fell 33 points and the Nasdaq lost 85.
- Oil prices hovered near $76 a barrel Wednesday in Asia. Benchmark crude for August delivery was up 28 cents to $76.22 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.31, or 3 percent, to settle at $75.94 on Tuesday.
- The complex instruments at the heart of the financial meltdown, and the way two giant companies were involved with them, are being examined by the special panel investigating the origins of the crisis. The Financial Crisis Inquiry Commission begins two days of hearings today on derivatives.
- House and Senate negotiators assembling a bank regulation overhaul have rejected a $19 billion bank fee they had previously written into the Wall Street legislation. Uncertainty over the fate of the bill is likely to delay final passage until the second week in July.
- The European Central Bank says it will lend $161 billion to banks for three months -- a move that comes as a larger auction of 12-month loans expires. The ECB says that 171 institutions have subscribed to the three-month refinancing operation.
© 2010 Associated Press. All rights reserved. Material may not be redistributed.