IMF Cuts Economic Outlook, US Shares Off on Monday (C, MSFT)
On Monday the IMF lowered its growth forecast and warned about the risks of insufficient and slow policy action in the eurozone. The outlook for global economic growth for 2013 dropped down to 3.9% from 4.1%. A report was released that announced retail sales fell again in the month of June. In corporate news, Citigroup's (C) quarterly earnings declined but not as much as was expected. Visa (V) and Mastercard (MA) agreed to move towards a settlement of previous price-fixing allegations.US bond yields were close to record lows and the dollar fell to a one-month low against the Japanese yen.
Word on the Street
- June retail sales show a drop much larger than expected, slipping for the third straight month.Attacks on
- Bob Diamond of Barclays (BCS) continue with Libor testimonies.
- The IMF notes risks of insufficient policy action as it cuts its global growth forecast.
- US companies are even more hesitant to hire due to the European debt crisis affecting global sales.
- Citigroup Inc. (C) shares rise after posting quarterly earnings higher than expected from Wall Street.
- GlaxoSmithKline (GSK) announces acquisition of long-time partner Human Genome Sciences for $3 billion.
- Joint venture between Microsoft (MSFT) and NBC News ends, Microsoft to receive about $300 million.
- The Future of Amazon's (AMZN) Cloud.
Published on Jul 16, 2012By InvestorGuide Staff