Money Daily Brief: Better Christmas sales ahead?
鈥ope for the holidays: Toys 'R Us , which allows consumers to buy big-ticket items over time without credit cards. Economists say this holiday season, citing strong consumer demand and optimistic forecasts from companies like Intel Corp. and TJX Cos., owner of T.J. Maxx and other discount retailers. Toymaker Hasbro saw in the third quarter. Separately, spending on luxury goods and services as high-income consumers unleashed pent-up demand.
鈥ajaratnam fallout: Sri Lanka鈥檚 stock market closed down 1.6 percent, its , on news that Sri Lankan-born billionaire was charged with 13 counts of fraud and conspiracy for insider trading at his hedge fund. Insiders say this is just the beginning of a on insider-trading networks, including hedge-fund managers, lawyers, and other Wall Street players, the result of .
鈥tocks up on oil prices: European and Asian stocks posted as oil prices rose temporarily to a , boosting energy producers. Crude oil jumped above $79 a barrel, as signs of global recovery emboldened investors, .
鈥sian currencies gain: They rose even as Asian central banks tried to over concerns that appreciation will weaken exports. They have already climbed seven weeks in a row, in Indonesia鈥檚 rupiah, Malaysia鈥檚 ringgit, and India鈥檚 rupee.
鈥n my backyard: With its endowment already battered by the market crash, the world鈥檚 richest university by breaking a basic financial rule. Harvard University invested its cash with Harvard Management Co., which invests the university鈥檚 endowment in stocks, hedge funds, and other risky assets. The school on a failed bet that interest rates would rise. The losses have begun to be felt by students and professors, who (gasp!) at faculty meetings.
-- Husna Haq is a Monitor correspondent based in Boston. For a look at how revenues have fallen in all states except one, see Economy may be rebounding, but state budgets are still hurting.
