Foreign investment slows in long-term U.S. assets
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International investment in U.S. long-term assets slackened in November as the dollar weakened and purchases of stocks slowed.
Foreigners’ purchases of U.S. equities, notes and bonds slowed to a net $68.4 billion, down from a revised $85.3 billion in October, the Treasury Department said Wednesday in Washington. However, including short-term securities, such as Treasury bills and so-called non-market transactions such as stock swaps, foreigners acquired a net $74.9 billion, up from $60.4 billion.
Concerns that the dollar, which lost ground in November, will extend its drop have dissipated as recent reports showed a strengthening labor market and signs of a bottoming in the housing industry. The dollar fell to a 20-month low against the euro in November, a loss it has since partly recouped.
“Investor confidence is high,” said David Powell, a currency analyst with IDEAglobal in New York. “The outlook is favorable for 2007.”
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