Bloomberg:
- The risk of owning corporate debt fell for a fourth day as signs that the credit rout has passes lured investors back to the market, according to credit-default swap traders who bet on creditworthiness.
- Bear Stearns(BSC), the securities firm hit hardest by the collapse of the subprime mortgage market, said it will “weather the storm” and isn’t looking for a cash infusion from an outside investors.
- European Central Bank President Trichet signaled the bank is in no rush to raised interest rates as higher credit costs threaten to slow economic growth.
- Fed district bank presidents are expressing skepticism about the need for further rate cuts, and some investors agree.
- The market where companies routinely borrow for periods of three months or less expanded for the first time in eight weeks as investors regained their appetite for some asset-backed debt.
USAToday.com:
- Boom in high-rise developments reflects cultural change reshaping downtown areas across the USA.
- Ford Motor(F) will push the UAW union for a less-expensive labor agreement than one reached with General Motors(GM).
Financial Times:
- Facebook Inc., the social-networking Web site, may not be worth $10 billion, as has been touted, except to a company such as Microsoft Corp.(MSFT), which doesn’t want to miss out on the next big thing.
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