Finance News

The dollar declined once again in the Asian session this morning after the strong gains recorded yesterday, benefiting from the correctional move in the market.   The euro inclined versus greenback in the session to trade around 1.3800 areas versus the dollar. The pair recorded the highest so far at 1.3788 and the lowest at 1.3698 and currently hovering around 1.3779. Momentum indicators near overbought areas while over four-hour basis reached oversold areas. Sterling versus the dollar also traded to the upside reaching the highest of 1.5744 and the lowest of 1.5654, and currently the pair is hovering around 1.5723. Momentum indicators over daily basis are nearing oversold areas. As for the dollar versus the Japanese yen, the pair traded with a slight downside tendency, reaching the lowest of 81.31 and the highest of 81.45. Momentum indicators also oversold over daily basis and started to provide upside reversal signals.  

WASHINGTON (Reuters) - The Federal Deposit Insurance Corp said on Friday that U.S. regulators closed six more banks, bringing the total so far this year to 138. The biggest was Hillcrest Bank of Overland Park, Kansas, which had approximately $1.65 billion in total assets and $1.54 billion in total deposits. Regulators also closed First Suburban National Bank of Maywood, Illinois; First National Bank of Barnesville, Barnesville, Georgia; Gordon Bank, Gordon, Georgia; Progress Bank of Florida, Tampa, Florida; and First Bank of Jacksonville, Jacksonville, Florida. A newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts will assume all of the deposits of Hillcrest Bank. The new NBH subsidiary, also called Hillcrest Bank, also agreed to purchase essentially all of the failed bank's assets, the FDIC said. First Suburban National Bank had about $148.7 million in total assets and $140.0 million in total deposits. Seaway Bank and Trust Company, Chicago, Illinois assumed all of First Suburban's deposits and agreed to purchase essentially all of the failed bank's assets. First...

By Toni Clarke and Bill Berkrot NEW YORK (Reuters) - Genzyme Corp made its case for why it is worth more than Sanofi-Aventis's $18.5 billion offer, forecasting 2011 profit above Wall Street estimates and sales of $3 billion for its experimental multiple sclerosis drug. Genzyme's presentation in New York on Friday kicks off a series of meetings with investors over the next few weeks and shows how far apart the two companies are on a potential deal. Genzyme <GENZ.O> executives said their earnings forecast implied a price as high as $89 per share, based on the multiple underlying Sanofi's <SASY.PA> hostile $69 per share offer. But they stressed that $89 was not a negotiating price, merely a benchmark based on Genzyme's earnings forecast. A Sanofi spokesman called $89 per share "totally unrealistic." Shares in Genzyme rose 0.7 percent to $72.45 after the presentation, suggesting that investors believe it had raised the threshold on what Sanofi must ultimately pay. Genzyme investors and analysts polled by Reuters...

BEIJING, Oct 24 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Sunday discussed economic ties with Chinese Vice Premier Wang Qishan in a brief meeting in eastern China. Geithner and Wang, who are designated as special representatives of their respective presidents on U.S.-China economic issues, met at Qingdao airport, a stop-off for Geithner after Group of 20 meetings in South Korea. "The two sides exchanged views on U.S.-China economic relations and the preparation for the (G20) Leaders' Summit in Seoul," according to a statement emailed by the U.S. embassy in Beijing. It did not elaborate. The airport meeting in China came at the end of Geithner's trip to the Group of 20 finance ministers and central bank governors meetings in Gyeongju, South Korea, where officials agreed to refrain from competitive currency devaluations and reduce current account imbalances.  The United States has been pressuring China to allow its yuan to rise more rapidly in response to market forces. Last week, Geithner delayed a semi-annual report to U.S....

  The NZD/USD moved higher as kiwi advanced against its USD counterpart and other major currencies which traded near of a one-month high. The move comes ahead of reports this week forecast to show U.S. factory orders rose for a fourth-straight month and Chinese manufacturing expanded at a quicker pace, support the general positive sentiment in the market. Projection noted that the pair will decline, as the market is still focused on the US fundamental data that are expected to confirm the ongoing recovery in the world's largest economy. Nonetheless, the dollar is still far from reflecting its strong fundamentals as investors are lured towards risk more than the dollar, especially as the Feds did not provide a clear signal for the soon shift in status. On Thursday, the New Zealand economy will release the NBNZ Business Confidence Report at 02:00 GMT that may affect on the pair. On Thursday, the world's largest economy will release the weekly jobless claims at 12:30 GMT and...