U.S. economic prospects are brightening, although Europe's debt troubles serve as a reminder that the United States must tame its own roaring deficit, economists said in a report on Monday.
China's General Administration of Customs on Monday said country's gasoline exports surged 124.23% year on year to 696,888 metric tons in April this year. In a report, GAC said country's total gasoline exports were 2.1 million metric tons in the first four months, up 122.89% year on year.
The United States suggested Europe's debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.
China struck a conciliatory note in talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.
U.S. crude oil fell back below $70 a barrel on Monday, giving up an earlier gain on persistent worries that Europe's debt crisis would slow the global economic recovery.
U.S. crude rose above $70 a barrel on Monday, recouping some of last week's losses, but analysts said sentiment remained fragile and prices could again be hit by macroeconomic pessimism.
China struck a conciliatory note at the opening of talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.
Oil snapped three straight sessions of declines and rose more than 1 percent toward $71 a barrel on Monday, but analysts said sentiment remains fragile and prices could again be hit by macroeconomic pessimism.
The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asian stocks recouped ground from last week's eight-month lows on fears the euro zone debt crisis will hit world economic growth.
World oil prices advanced above $70 a barrel in Asian trade Monday but remained highly volatile, analysts said. Light sweet crude for July delivery was seen trading at $70.35 a barrel at 11.00 a.m Singapore time while Brent crude eased to $71.21 a barrel at the same time in London.
China will stick to gradual reform of its yuan currency, President Hu Jintao told the United States at the start of high-level talks on Monday in which North Korea emerged as a point of potential contention.
China urged the United States to lift restrictions on exports to China as early as possible, Commerce Minister Chen Deming said ahead of talks between the two countries in Beijing.
Treasury Secretary Timothy Geithner said on Monday the United States and China need to work together to reduce trade barriers and develop a more balanced global economy.
North Korea's crumbling economy is feeling the effects of sanctions for nuclear and ballistic missile activities, with foreign trade falling 10 percent in 2009 from the previous year, South Korea said on Monday.
Volatility will be the name of the game on Wall Street this week as uncertainty over the euro-zone debt crisis remains and investors will need nerves of steel to make bets on risky assets like stocks.
Europe's financial crisis should have only minimal impact on the global recovery as governments put in place necessary policy counter-measures, a senior U.S. Treasury Department official said Sunday.
Globally, commodity prices have stabilized after a week of declines although Reuters-Jefferies CRB commodities index dropped 2.3% on the week and 9% so far this month, Financial Times (FT) reported. The report quoting Adam Sieminski, energy economist at Deutsche Bank in Washington said that a combination of the sovereign debt crisis in Europe, credit tightening in China and a cluster of worrisome economic indicators in the US has revived concerns about a W-Shaped recovery.
Treasury Secretary Timothy Geithner said a strengthened global economy is now in better shape to handle the strains emanating from Europe's crisis, China's Xinhua news agency reported on Saturday.
The Foreign Ministry has dismissed as groundless U.S. accusations that China is failing to crack down on copyright piracy, ahead of talks with top U.S. officials next week, Xinhua News Agency reported on Saturday.
Treasury Secretary Timothy Geithner said he did not agree with current opinion that the sovereign debt crisis had become the biggest threat to the world economy, China's Xinhua news agency reported on Saturday.
Jim Owens, chairman and chief executive officer of Caterpillar Inc., is concerned that the U.S. is not on a path to sustain the global economic competitiveness our country has sustained for a long time.
PepsiCo Inc plans to invest $2.5 billion in China over the next three years to expand its presence in a major, growing market where its drinks lag behind rival Coca-Cola Co .
