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Money Parked At ECB Remains At Elevated Level, Borrowing Falls

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05:07 PM

FRANKFURT -(Dow Jones)- The amount of money commercial banks parked at the European Central Bank rose Friday as market uncertainties persisted about Europe’s credit crisis and the global growth outlook.

Banks deposited EUR80.214 billion at the ECB Friday, above Thursday’s 67.044 billion. Deposits to the central bank hit a 2011 peak of EUR145.217 billion a week ago. They subsequently fell back, but have been climbing again since the middle of the week.

“For now, the panic element has been removed from the market, but not the pessimism. This suggests that any revival in risk appetite will be difficult to sustain,” said Daragh Maher, senior currency strategist at CA CIB in a research note.

Obama Says Congress Should Take Immediate Steps To Revive US Economy

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00:39 PM

President Barack Obama on Saturday said Congress needs to move beyond political brinksmanship and pass a series of proposals “right now” that would jolt the economy from its recently slow growth.

“Many Americans are hurting badly right now,” President Obama said in his weekly radio address to the nation. He said later, “Putting these men and women back to work, and growing wages for everyone, has got to be our top priority.”

US Bank Business Loans Up $5.1 Billion In Latest Week

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00:37 PM

WASHINGTON -(Dow Jones)- U.S. banks’ commercial and industrial loans increased $5.1 billion to about $1.277 trillion in the week ended Aug. 3, the latest week for which data are available, the Federal Reserve said Friday.

That followed a $7.8 billion increase the previous week.

Jumbo certificates of deposit fell $73.6 billion to about $1.599 trillion in the latest weekly data, after falling $24.2 billion the previous week. Revolving home equity loans fell $300 million to $558.4 billion after falling $1.7 billion the previous week.

More weekly Fed statistics on the banks’ assets and liabilities will be available on the Internet at: www.federalreserve.gov/releases/h8/Current

Slovak PM Welcomes ECB Bond Buying As Step To Calm Markets

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00:40 AM

BRATISLAVA -(Dow Jones)- The European Central Bank’s decision to buy Italian and Spanish state bonds was a logical step to soothe increasingly panicky markets, Slovakia’s prime minister said Monday.

Late last week, yields on Italian and Spanish bonds rocketed as investors feared the currency bloc’s debt crises were spreading and could lead to a double-dip recession.

The purchasing of bonds by the ECB “was a reaction to calm down the markets because the situation was, I dare say, dramatic,” Iveta Radicova told reporters after meeting Finance Minister Ivan Miklos and other ministers.