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Monday, November 16, 2009; 2:53 AM
Gold hits another record, Asia shares rise
HONG KONG (Reuters) - Gold hit a fresh record high on Monday as investors hedged against a weak dollar, while Asian shares gained ground after upbeat reports from U.S. retailers underpinned confidence the global economy is recovering. European stock futures were set to open higher, according to financial bookmakers, while U.S. equity futures were up 0.7 percent.
S&P faces 1,100, searches for catalyst
NEW YORK (Reuters) - U.S. stocks could face difficulty gaining traction this week as the S&P 500 bumps against the 1,100 mark and investors become content to cool their heels rather than risk losing gains made for the year. With the vast majority of corporate results already reported, market watchers are casting around for the next catalyst to drive stocks. That will put next week's round of economic data in the spotlight, including retail sales, the Consumer Price Index and housing starts.
GM to start repaying $6.7 billion U.S. government loan: source
WASHINGTON (Reuters) - General Motors Co. will announce on Monday it plans to start repaying a $6.7 billion loan to the U.S. Treasury by year-end due to modest operating improvements, a source knowledgeable about the situation said. GM <GM.UL>, due to unveil its first post-bankruptcy earnings report on Monday, will begin making $1 billion quarterly installments on the loan on December 31. At the same time, the automaker also will start repaying a $1.4 billion loan to Canada at a rate of $200 million per quarter.
Fed's Hoenig says significant weakness in economy
ABU DHABI (Reuters) - A Federal Reserve official said on Monday that the U.S. economy still faced "significant weaknesses" and urged policymakers to allow large financial institutions to fail if needed. "We still have significant weaknesses to work through in the economy in the U.S. and coupled with a rapidly rising level ... (of) debt and enormous moral hazard issues, we have a great deal of work ahead of us," said Kansas City Fed President Thomas Hoenig.
Japan extra stimulus likely, GDP fails to convince
TOKYO (Reuters) - Japan's government could agree as much as $30 billion in new stimulus measures on Monday as economic growth is likely to slow next year due to sluggish personal spending and rising inventories. Economists doubt whether that amount will be enough to push growth up significantly as the Democratic Party-led government will fund the stimulus with money cut from a budget compiled by the previous administration.
Citi to sell Bellsystem stake to Bain for $1 billion
TOKYO (Reuters) - Citigroup Inc <C.N> said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion). Bain has been widely expected to buy Bellsystem24 after securing exclusive negotiation rights earlier this month.
