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U.S. Morning Call: Blame it on Ben & weakness in China

Thursday, May 23, 2013 - 02:40

May 23 - Fed Chair spooking markets; a report shows Chinese manufacturing activity shrank for the first time in seven months.

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And -- with a dash of Chinese economic weakness thrown in it's a Thursday morning call. US stocks set for a sharply lower open after closing down Wednesday down NASDAQ and S&P futures decline close to 1% each. Federal Reserve Chairman Ben Bernanke spooking markets by telling congress that banks -- trimmed its bond purchases of one of its next policy meetings. The 85 billion dollars a month buys have pushed stocks to record highs. While a private report on Chinese manufacturing showed factory activity shrank for the first time in seven months. Stocks down big in Japan and experiencing losses in Hong Kong in Europe as well. Better than expected results from -- tech giants helping them up the downward trend. Meg Whitman leading Hewlett-Packard to profit at -- topped expectations. There revenue it was a bit light the company raised its guidance for the third quarter. Investor buying into the turn around shares up more than 10% in premarket. The stock is far and away the best performer in the Dallas 2013. Up that 50% heading into today. No well also closed nearly 3%. Nearly 2% after posting a profit windows 90%. Japan's Softbank cozying up to the US government to try to address security concerns over takeover sprint. The company plans to appoint a security director to the sprint board and give the US government the power to uproot the nominee. This comes as rival bidder did it campaign against south bank tried to convince lawmakers that poses security risks. The idea to have the government approved the director came out in desperate filing with the SEC was first reported by the Wall Street Journal. And don't buy that tropical vacation home just yet but you start browsing. Fidelity says retirement accounts of US workers have jobs along with the market. Its survey of -- 401K counts finds the average balance for all workers -- 80000. And has risen 75% since the market by 2000. While the average balance for those 55 over has hit 255000. Nearly doubling since March and that's good for your Thursday morning call remembered follow us on Twitter at Reuters Insider and get work at play dot com slash later. And that's where it is right.

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U.S. Morning Call: Blame it on Ben & weakness in China

Thursday, May 23, 2013 - 02:40