Economy

China April Export Growth Slows to 22%, Trade Surplus Unchanged, Data Show China's export growth cooled in April and the trade surplus was little changed as economies around the world weakened, giving the government room to maintain a slower pace of yuan gains.

U.S. Trade Deficit Smaller Than Forecast as Imports Drop Most in Six Years U.S. demand for imported goods slumped in March, overwhelming the impact of the first export decline in more than a year and causing the American trade deficit to shrink more than forecast.

Greenspan Says Depth of Credit Crisis Hinges on Perception of House Prices Former Federal Reserve Chairman Alan Greenspan said the worst of the credit crisis will pass once investors ``fully'' anticipate the likely losses on securities tied to subprime and other mortgages, where defaults have surged.

Australian Central Bank Raises Inflation Forecast, Cuts Growth Estimates Australia's central bank raised its inflation forecast and said economic growth will slow as consumers reduce spending amid record gasoline prices and the highest borrowing costs in 12 years.

China to Maintain Tight Monetary Policy to Prevent Overheating, Wang Says China will maintain a tight monetary policy to cool price increases and prevent economic overheating, Vice Premier Wang Qishan said.

French Industrial Output Posts First Drop in Four Months as Demand Wanes Industrial production in France fell for the first time in four months in March as global demand waned and domestic spending lost momentum.

Rebates Will Fail to Spark U.S. Economy as Fuel Prices Soar, Survey Says The Bush administration's tax rebates won't prevent the U.S. economy from stagnating in the second quarter as soaring food and fuel bills hurt consumers, a Bloomberg News survey showed.

Automakers, Lumber Mills Still a Drag on Canada's Economy as U.S. Slumps Canada's slumping manufacturers continue to act as a drag on the world's eighth-biggest economy, two government reports showed today, bolstering the case for the Bank of Canada to cut interest rates again.

Japan's Economy May Slow as Output and Exports Cool, Leading Index Shows Japan's economy may slow as cooling export growth prompts companies to cut output, the government's broadest outlook indicator showed.

Argentine Farm Strike May Slow Growth, Curb Exports as Dispute Escalates A standoff between Argentine farmers and the government over agricultural exports threatens to slow the growth of South America's second-largest economy as a national strike disrupts trade for the second time since March.

U.S. Trade Deficit Smaller Than Forecast as Imports Drop: Table of the Day Following is a summary of the U.S. trade balance report from the Commerce Department.

Fed Watch

Fed Direct Loans to Wall Street Bond Dealers Drop for Fifth Week in Row The Federal Reserve's direct loans of cash to Wall Street bond dealers fell 11 percent in the past week, the fifth straight decline.

Hoenig Says `Serious' Inflation Pressures May Compel Fed to Increase Rates Federal Reserve Bank of Kansas City President Thomas Hoenig said ``serious'' inflation pressures may compel the central bank to increase interest rates. The dollar rose against the euro.

Fed Asks Congress for Authority to Pay Interest on Banks' Reserves Sooner Federal Reserve Chairman Ben S. Bernanke, seeking ways to stabilize money markets, will ask Congress for authority to pay interest on commercial-bank reserves this year, a person familiar with the discussions said.

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