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U.S. net debtor gap grew in '02
Foreign investors owned $2.387 tril more in U.S. assets than U.S. investors held in foreign assets at the end of '02, Commerce said. That's up $407.31 bil since '01. The U.S. has been a net debtor since '85. The Commerce Dept. said 2002's rise was due to foreign buys of U.S. corporate and government debt while U.S. investors became net sellers of foreign securities.
** Euro area consumer prices in June rose 2% vs. a year ago, up from May's 1.9% annual gain. The rise was the first in four months and eased some deflation fears. The European Central Bank has an official 2% inflation ceiling.
** ECB President Wim Duisenberg, asked if he was concerned about deflation, said, "Not much, because there is none."
German auto workers end strike
Work resumed at a DaimlerChrysler van assembly plant and three Volkswagen factories after IG Metall, Germany's leading industrial union, officially abandoned a strike for a shorter workweek in ...