A look at economic developments around the globe (AP)

AP - TOKYO — Japan's machinery orders, a key gauge of future business investment, rose the most in seven months, a sign that companies are more confident in the economic recovery.

Bankers urge government to pull plug on Fannie, Freddie (Reuters)

Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

Fed survey sees slower growth in East and Midwest (AP)

AP - The economy lost strength in late summer as factory production weakened in areas of the East Coast and Midwest.

Geithner: U.S. scarred by "savage" recession (Reuters)

Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States is recovering slowly from a "savage" recession that has caused deep job cuts and a loss of confidence.

Stocks resume rally as European debt worries ease (AP)

AP - Stocks resumed their rally Wednesday after a successful auction of Portuguese government debt eased worries about Europe's financial system.

Wall Street climbs in low-volume session (Reuters)

Reuters - Stocks rose on Wednesday, as investors latched onto positive news out of Europe in the latest in a string of low-volume sessions suggesting little confidence in market direction.

Panel examining recession's causes meets in Vegas (AP)

AP - Nevada had unrealistic growth expectations before the nation's financial meltdown battered the state's tourism industry and erased billions of dollars in real estate equity, an economist told a federal commission examining the causes of the Great Recession.

Fed report shows widespread signs growth easing (Reuters)

Reuters - The economy has shown "widespread signs" of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting that while the recovery has been faltering, the economy may skirt a second recession.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Consumers cut back on credit card use once again (AP)

AP - Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.

Obama seeks to mend frayed bond with voters (AFP)

AFP - US President Barack Obama Wednesday admitted some of his policies were unpopular and had not revived the economy quickly enough, but sought to rekindle his frayed bond with American voters.

Obama: U.S. can't afford to extend tax cuts for rich (Reuters)

Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, said on Wednesday the United States could not afford to extend Bush-era tax cuts for the rich and accused Republicans of being fiscally irresponsible.

Obama tells Ohio audience of own family struggles (AP)

AP - President Barack Obama is getting a little personal about the sluggish economy, telling a Cleveland audience about his own family's struggles and hardships.

Flash crash report: plunge still a mystery: sources (Reuters)

Reuters - Regulators probing the stock market "flash crash" last May still have not uncovered a single cause but will point to "stub quotes" and other previously identified issues as having exacerbated the market's dramatic drop, according to two sources familiar with the probe.

(AP)

AP - Consumer borrowing falls again in July as credit card use falls for 23rd straight month.

Obama firm: Don't extend tax breaks for wealthiest (AP)

AP - President Barack Obama strongly defended his opposition to extending Bush-era tax breaks for the wealthiest Americans on Wednesday and delivered a searing attack on Republicans and their House leader for advocating "the same philosophy that led to this mess in the first place."

Fidel Castro says Cuban model no longer works (Reuters)

Reuters - Fidel Castro said Cuba's economic model no longer works, a U.S.-based journalist reported on Wednesday following interviews with the former president last week.

Summary Box: Canada ups key interest rate to 1 pct (AP)

AP - BANK OF CANADA UPS KEY RATE: Canada's central bank raised its benchmark interest rate by a quarter point to 1 percent, after similar moves in June and July.

Fed sees 'widespread' signs US economy is slowing (AFP)

AFP - The US economy is showing "widespread" signs of deceleration, the US Federal Reserve warned in its latest Beige Book report published Wednesday.

Kuwait appoints first stock market regulator (AFP)

AFP - Kuwait has appointed its first independent regulatory body, the Capital Market Authority, to oversee its stock exchange, Commerce Minister Ahmad al-Harun said on Wednesday.

Freddie Mac to issue new 5-year note due 2015 (AP)

AP - Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015.

Hungary won't seek to renew IMF, EU loans (AP)

AP - Hungary will not seek any more loans from the International Monetary Fund or the European Union and will be able to meet its financing needs by selling bonds to international and domestic investors, Economics Minister Gyorgy Matolcsy said Wednesday.

Oppenheimer downgrades H&R Block to 'Perform' (AP)

AP - Tax preparation company H&R Block has struggled for the last two tax seasons and faces uncertainty over the mortgages it still holds from its former lending operations, an Oppenheimer analyst said Wednesday.

European stocks up on US gains, Portugal bond sale (AP)

AP - A solid showing on Wall Street and a relatively successful Portuguese government debt sale helped Europe's stocks recover early losses Wednesday to close higher, though fears of a flare-up in the region's debt crisis lingered amid news that Greece's recession deepened in the second quarter.

FTSE 100 closes higher (AFP)

AFP - London shares closed higher on Wednesday after a boost from a successful Portuguese debt auction, although many financial stocks remained weak.

Debit rules bigger risk for Visa than MasterCard (AP)

AP - Payment processors Visa Inc. and MasterCard Inc. face uncertainty as the Federal Reserve begins crafting the new rules for debit card fees called for in the financial reform legislation. But Visa has more debit risk than MasterCard because it dominates the U.S. market, a Citi analyst said Wednesday.

Hillary Clinton on America's future: US retains role as world leader (The Christian Science Monitor)

The Christian Science Monitor - Secretary of State Hillary Rodham Clinton sought Wednesday to paint a picture of a 21st-century world where the United States remains the preeminent leader â though less as a result of unrivaled economic and military might than through new and reinvigorated partnerships.

What Great Chess Players Can Teach Investors (The Motley Fool)

The Motley Fool - The constant iterative calculation of risk and reward required in every chess move translates well to the investing world. I thought it might be instructive to look at three chess world champions and see how their style matches up to various investment styles. Do you see your own style in any of these Grandmasters?

Summary Box: Mortgage lending falls 1.5 pct (AP)

AP - MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.

Economists further scale back U.S. growth outlook (Reuters)

Reuters - Stubbornly high unemployment and signs of persistent weakness in the housing market have prompted economists to further cut their outlook for U.S. growth in the second half of the year, a Reuters poll showed on Wednesday.

Wall Street up as fears for European economy ease (AFP)

AFP - US stocks were slightly up on Wednesday after news of a successful Portuguese debt auction eased the previous day's concerns about the European economy.

Wall Street up as fears for European economy ease (AFP)

AFP - US stocks were slightly up on Wednesday after news of a successful Portuguese debt auction eased the previous day's concerns about the European economy.

Mortgage lending down 1.5 pct as rates inch up (AP)

AP - Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades.

German exports slightly lower on month in July (AP)

AP - German exports dipped by 1.5 percent in July compared with the previous month but were still up a strong 18.7 percent over the same month last year, official data showed Wednesday.

World stocks drop as investors seek safety (AFP)

AFP - World stock markets fell on Wednesday as investors sought safety amid fresh worries about the fragile economic recovery, helping propel the yen to a 15-year high against the dollar, analysts said.

Home buying up in week, but down 40 percent in year (Reuters)

Reuters - Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.

Europe bank fears hit shares (Reuters)

Reuters - Asian stocks fell on Wednesday, led by shares in Japan's big exporters as a rise in the yen to a new 15-year high threatened to erode their overseas earnings.

Summary Box: Europe worries send stocks lower (AP)

AP - EUROPE AGAIN: Reports raising concerns about European banks sent stocks lower in Europe, and the U.S. followed suit. The worries are over how much risky government debt is being held on their books.

A look at economic developments around the globe (AP)

AP - A look at economic developments and activity in major stock markets around the world Tuesday:

How the major stock indexes fared Tuesday (AP)

AP - Stocks closed lower Tuesday following new worries about Europe's debt problems. News reports said European banks may have more risky government debt on their books than was disclosed during "stress tests" earlier this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.