US manufacturing shrinks for first time in three years
The Institute for Supply Management reports June manufacturing activity contracted with an ISM index at 49.7, the lowest since July 2009, signaling weakness though not an outright recession. Production and exports fell while new orders plunged, hinting at slower growth ahead.
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California poised to write mortgage settlement into law
California moves to enshrine most of the national mortgage settlement with five banks into state law. The bill requires a single contact for homeowners, bans foreclosure during loan modification discussions, and allows lawsuits for foreclosure relief or damages. Expected to pass with Democratic support. Gov. Brown’s stance is noncommittal. Noncompliance penalties would start Jan. 1 with rules in effect immediately for practice.
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Oil falls as manufacturing weakens global economy
Oil prices slipped 1.4 percent in New York to close at 83.75 a barrel after a 9.4 percent Friday gain. Weak manufacturing data from China and the United States signaled softer demand, as Europe’s debt plan steadied markets but economy remained fragile. Gas prices dropped to 3.326 per gallon, the lowest in six months.
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Chicago Board of Trade futures climb with mixed daily quotes
Chicago futures trading showed open high low and settle prices across several contracts led by July and September pledging gains and losses in various grain futures. Trading data included multiple price points and percentage changes for corn futures across months, illustrating a volatile session.
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