Market News: Boeing Competition, Freddie on Rates, and the Dollar

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Boeing expects more competition in the coming years.  Commercial aircraft maker Boeing Co. said Thursday that its global duopoly with rival Airbus for marketing large jets is coming to an end. Jim Albaugh, chief executive of Boeing Commercial Airplanes, said he foresees five or six competitors in the future coming from Canada, Brazil, Japan, China, and possibly Russia. "Many poh-poh what they are doing," Albaugh said, referring to the countries' aerospace development programs, "but we're assuming they will do it."  - Marketwatch

Mortgage rates have hit a new low for the year.  Freddie Mac said Thursday the 30-year fixed-rate mortgage average fell a year-low of 4.84% with an average 0.7 point for the week ending May 20. In the previous period, the average was 4.93%, and the year-ago average was 4.82%. "Mortgage rates eased back once again this week to the lowest level of the year. Low mortgage rates, coupled with the homebuyer tax credit, helped strengthen the housing market in the first four months of the year. New construction on one-family homes rose for the fourth consecutive month in April to an annualized rate of nearly 0.6 million units and represented the strongest pace since August 2008," said Frank Nothaft, Freddie Mac chief economist, in a statement. - Marketwatch

The euro seems to be heading for more trouble, while the dollar gains.  The dollar rose against the euro Thursday as European stocks took a dive, with the shared currency losing most gains it managed in the previous session.  What prices are doing: The dollar rose 0.7% against the euro to trade at $1.2334. The euro had risen 1.42% on the dollar Wednesday, after touching four-year lows earlier in the week.  The dollar leaped 1.1% versus the British pound to $1.4283. It was down 1% against the Japanese yen at ¥90.77.  What's moving the market: The euro extended its earlier losses as European stocks continued to drop. In morning trading, the FTSE 100 was down 2.8%, France's CAC 40 fell 2.9% and Germany's DAX lost 2.7%.  Both the euro and European stock markets have been battered this week as uncertainty hangs over the zone.  – More at CNNMoney

 

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