Market Gawk

WASHINGTON (MarketWatch) — Opposing forces have the U.S. economy precariously balanced, ready to tip one way or the other.

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WASHINGTON — Yen selling may be the feature of the week in currency markets, as the financial officials of the Group of Seven issued a relatively bland statement on the global economic outlook, analysts said Sunday.

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One is a secretive aviation legend who made history by designing the first private manned rocket to reach space. The other is a publicity-savvy entrepreneur shooting to take his famous brand literally out of this world.

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China on Saturday pledged to gradually increase the flexibility of its currency as part of broader policy measures agreed by five major economic players to address global economic imbalances.

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WASHINGTON (MarketWatch) - Financial officials from the Group of Seven industrialized nations stuck their script in Friday’s meeting, neglecting to single out Japan’s currency for special criticism. The global expansion is the strongest in 30 years, the officials said. The communiqué from the G7 ministers stressed once more that ”excess volatility and disorderly movements in exchange rates are undesirable for economic growth.” The consensus statement also urged emerging economies, especially China, to adopt more flexible foreign exchange regimes. The group said progress on trade talks is ”imperative.” And the ministers said they would closely monitor hedge funds, endorsing the American-backed market-based approach instead of a new regulatory regime.
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WASHINGTON (MarketWatch) — The tenure of World Bank President Paul Wolfowitz, who has acknowledged arranging a high-paying job at the U.S. State Department for his girlfriend, is up to a World Bank process to decide, U.S. Treasury Secretary Hank Paulson said Friday. Paulson, speaking after a meeting of the G7 nations’ finance ministers and central bank governors, said he has high regard for Wolfowitz’s career. He added that his support for the World Bank process shouldn’t be read as a ”lessening” of U.S. support for Wolfowitz. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Finance officials expressed satisfaction Saturday with the robust expansion of the global economy but said more must be done to correct trade imbalances.

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European countries on Saturday piled pressure on World Bank President Paul Wolfowitz over a scandal involving a promotion for his girlfriend, with Britain saying it had damaged the bank and Germany questioning whether he still had the credibility to lead the institution.

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