Bonds & Stocks
Wall Street traders gearing up for key inflation data waded through mixed economic figures and awaited a raft of Federal Reserve speakers for clues on the interest-rate outlook. Equities saw small losses in early trading after a report showed the US economy expanded at a slightly slower rate at the end of last year as a downward revision to inventories masked stronger household spending and investment. The data - seen as "uneventful" by many investors - came just 24 hours ahead of the release of the Fed's favored inflation gauge.
Economy
A gauge of US applications for home purchases dropped for a fifth week, approaching the lowest level since 1995 as mortgage rates held above 7%. The Mortgage Bankers Association's index of mortgage applications for home purchases dropped 4.5% in the week ended Feb. 23. At 127.6, the gauge is the weakest since October when it slid to levels not seen in nearly three decades, suggesting momentum in the housing market is fading.
World
Walt Disney Co. and billionaire Mukesh Ambani's conglomerate have signed a binding pact to merge their media operations in India, creating a $8.5 billion sector behemoth in one of the world's fastest-growing entertainment markets. The US media company will control 36.84%, while Ambani-led Reliance Industries Ltd. will own 16.34% in the joint venture, according to a Reliance statement on Wednesday. Viacom18 Media Pvt. Ltd. will control the remaining 46.82%.