Welcome to the Reuters Before the Bell news mail.
All eyes are on Lehman, which is reporting quarterly results shortly. Wall Street isn't sure whether to be upset about expectations of a big loss at the investment bank or to look on the bright side by hoping the Fed will be concerned enough about weakness in the sector to hold off on raising interest rates. Stock futures are pointing sideways.
Speaking of the Fed, we've got chief Ben Bernanke speaking on challenges for health-care reform and Richmond branch President Jeffrey Lacker discussing the economic outlook. Also on tap are housing market data and the New York Fed's manufacturing survey.
U.S. Treasuries are mostly higher after last week's sell-off on inflation concerns. The dollar is up against the yen, but has fallen against an index of currencies after finance ministers from the Group of Eight wealthiest countries took no action on foreign exchange issues.
Oil prices have rebounded somewhat, with U.S. crude above $135 a gallon, after a sharp fall in response to news that Saudi Arabia is pushing output to its highest level in decades.
It was a bad weekend for AIG's CEO, who found himself replaced at the behest of large shareholders who were angry about back-to-back quarterly losses at the world's largest insurer.
Until tomorrow,
Lisa Von Ahn
News Mail Editor
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Wall St set to open flat; Lehman on tap
June 16, 2008 07:39 AM ET
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NEW YORK (Reuters) - Wall Street looked set to open little changed
on Monday, with financial shares under the microscope ahead
of the release of Lehman Brother's quarterly results.
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AIG replaces CEO Sullivan amid subprime woes
June 15, 2008 11:19 PM ET
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NEW YORK (Reuters) - The world's biggest insurer, American International
Group Inc, replaced CEO Martin Sullivan on Sunday after it suffered
two quarters of record losses from risky mortgage bets and its
share price more than halved over the past year.
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Analysts see lower Q2 earnings at investment banks
June 16, 2008 07:36 AM ET
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BANGALORE (Reuters) - Wall Street analysts have forecast a huge
drop in second-quarter earnings for Goldman Sachs Group Inc
and Morgan Stanley, while Lehman Brothers Holdings Inc is expected
to post its first-ever quarterly loss, mainly on hedging losses.
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Charges may come against ex-Bear Stearns execs: report
June 16, 2008 07:23 AM ET
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NEW YORK (Reuters) - U.S. prosecutors are preparing to file criminal
charges against managers of two Bear Stearns hedge funds whose
collapse helped kick off the credit crisis last year, the Wall
Street Journal reported on Monday.
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Corn sets all-time high on U.S. crop fears
June 16, 2008 07:31 AM ET
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LONDON (Reuters) - Corn prices surged to a record high on Monday
and looked set to climb further as widespread flooding in a
key producing region, the U.S. Midwest, helped to heighten concern
about tight supplies, dealers said.
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Starbucks says international growth to cushion U.S. weakness
June 16, 2008 04:43 AM ET
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BERLIN (Reuters) - Starbucks Corp is planning a more aggressive
expansion into overseas markets to compensate for weakness in
the United States, Starbucks CEO Howard Schultz said in a newspaper
interview on Monday.
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Barclays set for bumper equity issue, shares leap
June 16, 2008 06:26 AM ET
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LONDON (Reuters) - Barclays said it plans to sell billions of
pounds worth of shares to new and existing shareholders, sending
its shares soaring on Monday as investors celebrated the move
to boost its stretched balance sheet.
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Japan police arrest 4 in Lehman loan scam case
June 16, 2008 03:25 AM ET
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TOKYO (Reuters) - Japanese police have arrested four men on suspicion
of defrauding U.S. investment bank Lehman Brothers by using
fake documents carrying trading firm Marubeni Corp's letterhead,
a police spokesman said.
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Honda rolls latest fuel-cell car off assembly line
June 16, 2008 04:49 AM ET
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TOCHIGI, Japan (Reuters) - Honda Motor Co kicked off production
on Monday of its newest fuel-cell car, as the automaker gears
up for the battle to dominate the market for next-generation
vehicles.
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Blockbuster deal not on cards for Daimler: source
June 16, 2008 07:06 AM ET
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FRANKFURT (Reuters) - Daimler AG , the world's top truckmaker
and second-biggest premium carmaker, sees no need for a blockbuster
takeover, a company source said, pouring cold water on talk
it could be readying a major deal.
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