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."

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 the recovery was faltering along the East Coast and in the Midwest.

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.

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.

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.

(AP)

AP - Obama: Republicans who want to cut deficit should understand cost of tax cuts for the wealthy.

Fed survey: Slower growth spreads to more regions (AP)

AP - More regions of the country reported slower growth as the U.S. economy lost momentum in the late summer.

Obama: U.S. cannot afford tax cuts for wealthier Americans (Reuters)

Reuters - President Barack Obama on Wednesday ruled out extending Bush-era tax cuts for wealthier Americans, as he sought to draw a sharp distinction between his Democrats and Republicans in this election year.

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.

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.

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.

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.

Obama to challenge Republican foes on economy (AFP)

AFP - US President Barack Obama Wednesday sought to box in his Republican foes on the economy, as the lagging recovery and crippling unemployment threaten Democrats with a mid-term election meltdown.

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.

S&P 500 rises 1 percent (Reuters)

Reuters - The Standard & Poor's 500 index rose more than 1 percent in afternoon trading on Wednesday, while the Dow and Nasdaq added to gains as worries about Europe's banking system decreased, easing risk aversion.

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.

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.

PriceSmart's revenue increase in August (AP)

AP - PriceSmart Inc.'s revenue climbed in August as customers continued to seek bargains on basic items at the company's warehouse clubs amid a soft economy.

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.

Republican leader urges 2-year tax rate freeze (Reuters)

Reuters - House of Representatives Republican leader John Boehner called on Wednesday for a two-year freeze on all current U.S. tax rates, including Bush-era tax cuts for the rich set to expire at the end of this year.

GOP proposes renewing tax cuts, freezing spending (AP)

AP - House Republican Leader John Boehner onWednesday proposed a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before a deep recession took hold of the economy.

China-U.S. ties improving, Hu tells White House team (Reuters)

Reuters - China and the United States said on Wednesday that their sometimes rocky relationship is sounder after talks in Beijing, with both putting an optimistic face on ties that have been jolted by economic and security tensions.

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.

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.

Bullish or Bearish? The World's Greatest Investors Debate. (The Motley Fool)

The Motley Fool - The bears and bulls were battling as ferociously as ever over the past month. Let's dive right into the debate, through the words of some of the world's greatest investors.

NYSE Euronext in joint venture on carbon trading (AP)

AP - NYSE Euronext said Tuesday it plans to combine its European carbon trading unit with a U.S. firm to expand its environmental energy business.