| Asian stocks recover from worst losses on report Fed upbeat on economy UPDATE
SINGAPORE (Thomson Financial) - Stock markets across Asia reversed from their worst levels in late trade Tuesday, led by Japan after a press report said the Federal Reserve will publish upbeat economic forecasts for the US when it releases the minutes from its October meeting later today. The Fed will indicate it expects the US economy to pull through the current rough patch and regain strength in 2008, the FT reported on its website. The report will show that policymakers are much more optimistic than financial markets are currently and may challenge expectations of further rate cuts, said the paper. "Optimism here towards the US economy in addition to rumors of an emergency Fed meeting, also heard in late New York trading, resulted in a major rally on the TSE," said Haruya Ida, analyst at Thomson IFR in Tokyo.
Builders see worse times ahead
Home builders' confidence stayed at record low levels in a November reading released Monday, as a slight uptick in buyer traffic was balanced out by a slightly more pessimistic view six months down the road. The overall National Association of Home Builders/Wells Fargo index was 19, which was the same as the upwardly revised October reading. The index measuring how builders view buyer traffic edged up to a reading of 17 from 15 in October. But the subindex measuring builders' view of the market six months from now slipped to a record low 25 from 26 a month ago. The survey of builders found 57 percent now expect a poor market for new homes six months from now. Only 5.7 percent are looking for a good housing market that soon. "The message from today's report is that builders do not see any significant change in housing market conditions as compared to last month," said NAHB Chief Economist David Seiders.
Report Ranks Oakland As 4th Most Dangerous American City
A new report on crime says two cities considered to be among the most dangerous cities in America are in the Bay Area. A report by the research group CQ Press is ranking Oakland as the fourth most dangerous city in the country. Richmond was ranked as the ninth most dangerous city. .
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