Gold price rebounded strongly after being pressured in early trading session amid renewed concerns over defaults in peripheral European bonds. CDS for Greek bonds jumped to a record level while that for Spanish and Portugal bonds also soared. Weakness in market sentiment boosted flight for safety and sent gold modestly higher. The benchmark contract closed at 1245.9, up +0.90% but remained -1.63% below the all-time high at 1266.5 (June 21). Today in Asia, gold changes little but reduction in ris...
The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.
The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.
European policymakers defended budget austerity plans on Thursday ahead of a G20 summit set to pit calls for fiscal restraint against warnings that heavy cost-cutting threatens recovery.
Spain's and Portugal's fiscal tightening plans this year and next are appropriately ambitious but both countries should spell out in more detail austerity steps planned for 2011, the European Commission said on Tuesday.
Spain's and Portugal's fiscal tightening plans this year and next are appropriately ambitious, the European Commission said, as it approved progress in fiscal consolidation also in 10 other European Union countries.
Financial markets have overreacted to the euro area's sovereign debt problems, though they are likely to keep testing the region's commitment to the single currency, credit rating agency Fitch s
Moody's cut Greece's credit rating to junk status on Monday over risks to an EU/IMF bailout package, highlighting persisting doubts over the country's ability to exit a severe debt crisis.
Moody's, citing risks on an EU/IMF bailout package, cut Greece's credit rating to junk status on Monday, pushing the euro down, although analysts expect little market impact from the widely expected cut.
It was after 1 a.m. on Monday May 10 when a little-known Dutch civil servant made the suggestion that may have saved the euro. European finance ministers had come together in Brussels late on the Sunday afternoon to thrash out a rescue package to stabilize the common currency. Unconvinced by a 110 billion euro deal for debt-laden Greece eight days earlier, the markets had knocked the euro 4 percen...
European Union leaders will make a new attempt this week to convince financial markets they can contain a debt crisis by agreeing how to tighten economic policy coordination and strengthen budget discipline.
Spain's biggest regional political party, the CiU, on Sunday criticized the government's draft proposal for labor reform as a slapdash job and said it would not support it in its current form.
A draft labor reform package due to be approved by Spain's government on Wednesday will help generate jobs and boost confidence in a struggling economy, Prime Minister Jose Luis Rodriguez Zapatero said on Saturday.
Spain's economy ministry said on Friday it had not made a request for economic aid from the European Union, after a newspaper report that the EU was preparing to activate a package in case Madrid asked for it.
World equities extended their relief rally into a fourth day on Friday on optimism over global economic growth, while the euro steadied as it ran into headwinds above $1.21 after three days of gains.
The European Central Bank, Germany's constitutional court and China's pension fund gave a triple boost to efforts to stabilize the euro zone on Thursday, lifting the single currency and European stocks.
The European Central Bank, Germany's constitutional court and China's pension fund gave a triple boost to efforts to stabilize the euro zone on Thursday, lifting the single currency and European stocks.
* ECB extends unlimited liquidity, bonds buying to continue
Here is a timeline of key events in the euro zone debt crisis since last November, when a new Greek government shocked markets by doubling estimates for the country's 2009 budget deficit.
The European Central Bank faces a grilling over the euro zone's debt crisis on Thursday after a torrid month in which it has abandoned resistance to buying government debt and flung its exit strategy into reverse.
Gold prices have surged to the record highs on the Indian commexes hitting Rs.19,198 per ten grams on Multi-Commodity Exchange (MCX) on Tuesday. However, owing to the profit bookings at the upper levels, prices remained weak on Wednesday trading between Rs.18900 to Rs.18999 per ten grams on MCX.
European shares pushed higher on Wednesday, tracking gains in most Asian equity markets, as news of strong Chinese exports sparked a tentative return of risk appetite while the euro stabilized on options demand.
