Mindful Money’s news round-up: Tuesday 9th August 2011

9th August 2011

Story of the day:

From the Wall Street Journal, Why This Crisis Differs From the 2008 Version

And the best of the rest:

In the New York Times, the stock market resumed its free fall Monday on mounting fears about the stalling economy and worries that the government had few options to increase growth, dual concerns that overshadowed the downgrade of long-term United States government debt.

Stocks Suffer Sharpest Drop Since 2008

Some good news about the falling the stock markets from the Financial Times, oil prices fell below the psychologically significant $100 a barrel level for the first time in six months on Tuesday as the sell-off in commodities markets gathered pace amid concerns about a slowdown in global economic growth.

Brent crude dips below $100 a barrel

In the BBC News, inflation in China was higher than expected in July, despite a series of efforts by the government to rein in prices.

China's inflation rate quickens in July as prices rise

The Guardian is discussing how the London riots may affect the UK economy, the weekend's riots and looting may have serious repercussions on long-term efforts to regenerate some of London's struggling high streets, business leaders have warned.

London's high streets count the cost of the riots

House prices are still falling according to the Telegraph, house prices are still falling, the Royal Institute of Chartered Surveyors (RICs) reports today, wiping a total of £250bn off homeowners' wealth since the beginning of the credit crisis, according to the Council of Mortgage Lenders (CML).

House price falls wipe £250bn off homeowners' wealth

More bad news for the UK economy from the BBC News, high Street sales rose in July, but trading remains tough, according to a British Retail Consortium survey.

UK retail sales saw a small rise in July, says BRC

In the Telegraph, growth in the UK has deteriorated for a sixth month running and the recovery across the world has peaked, according to the Organisation for Economic Co-operation and Development (OECD).

UK growth has dropped for sixth month in row

And from Reuters, factory output fell unexpectedly in June, official data showed on Tuesday, highlighting the fragility of the country's economic recovery.

June factory output suffers surprise fall, trade weak

Shares in Bank of America (BofA), one of the largest high-street banks in the US and the owner of the investment bank Merrill Lynch, plunged by almost a fifth amid fears the company will have to raise more money to cope with mounting legal problems, reports the Indpendent.

Bank of America hit by $10bn suit from AIG

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