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News In Brief

MID-DAY UPDATE: Retail Spending — Just You Wait

Melissa Kaplan Jul 14, 2010

The Mid-Day Update is a five-day-a-week podcast from the Marketplace Morning Report co-hosted by Bill Radke and Steve Chiotakis that wraps up the morning news in a fun little package. Listen here every day at 10 a.m. PT or download it to your iPod by subscribing to the Morning Report Podcast:

U.S. retail sales fell for a second straight month. But our analyst said it’s not that bad. This number includes (temporary) lower gas prices and the predictable effect of federal tax credits expiring. Just you wait — we may yet spend.

Intel stock is up so far. The dominant chip maker reported nearly $3 billion in profits and upped its forecast. Companies must feel a little because they bought more PCs for their employees. So far, so good with earnings season.

U.S. home-buying applications hit a 13-year low last week. Mortgage rates are rock-bottom, but Americans are out of work and in debt and afraid home prices might have further to fall.

Toyota says at least some of those unintended acceleration crashes may have been the driver’s fault. Toyota’s investigation shows drivers were hitting the accelerator instead of the brake.

BPs test of that new ceiling cap has been delayed. The company says the cap test could add to the pressure, which could affect the relief well.

Four Democratic senators have called for an investigation into whether BP encouraged Britain’s early release of the Lockerbie bombing suspect to help the company get a deal to drill off Libya’s coast.

Singapore forecasts 15 percent growth this year, fastest in the world. Singapore is big exporter. Could they be right, that global demand will be that healthy this year?

The congressional panel that oversees the TARP bailout program says smaller American banks are less likely to be able to repay their bailout money than the big ones.

The Federal Reserve makes its new economic forecast today. Bets are, the Fed will lower its sights on growth but not portend the Next Great Depression.

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