IBT Staff Reporter

Financial markets climbed away from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading.

The heads of leading U.S. stock market operators have been called to Washington for an emergency meeting on Monday, days after a spine-chilling plunge in stock prices continued to perplex U.S. regulators.

BP Plc said on Monday it had incurred $350 million in costs so far from the huge oil spill in the Gulf of Mexico as fears mounted of a prolonged and growing environmental and economic disaster.

The Bank of England kept interest rates at 0.5 percent and made no change to its asset purchase target on Monday, keeping in place stimulus measures designed to nurse the economy back to health. The decision was predicted by all 63 economists polled by Reuters, most of whom do not expect interest rates to rise until the fourth quarter of the year at the earliest.

European central banks began buying euro zone government bonds under a $1 trillion global emergency rescue package agreed on Monday, sending the euro and European stocks and bonds surging on relieved markets.

Financial markets stepped back from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading.

The U.S. Federal Reserve reopened currency swap facilities with other major central banks on Sunday to help ease market strains in Europe.

U.S. stock index futures pointed to a strong start for Wall Street on Monday, with shares set to rebound as confidence was boosted after global policymakers came up with an emergency rescue package worth around $1 trillion aimed at preventing Greece's debt crisis from spreading through the euro zone.

The euro rebounded from 14-month lows and Asian stocks jumped on Monday after the European Union and IMF carved out an emergency rescue package of up to 750 billion euros ($1 trillion) to keep Greece's debt crisis from spreading through the euro zone.

China returned to familiar territory by posting a trade surplus in April, but exports only narrowly topped imports, providing limited comfort for policymakers fearful of another round of global economic turmoil. China recorded a $1.7 billion trade surplus last month, defying expectations for a second straight deficit after March's $7.2 billion shortfall.

The euro rallied from last week's 14-month low against the dollar on Monday after European Union leaders agreed on an emergency loan package to prevent Greek's debt crisis from spreading through the region. The package, which with IMF support may reach 750 billion euros, along with measures by central banks to address funding strains and a European Central Bank plan to buy the region's government bonds, calmed nerves after contagion fears triggered a global rout in equities and other risky asset...

A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe's weakest economies can manage their debt.

The euro rose and Asian stocks jumped on Monday after the European Union and IMF carved out an emergency loan package of up to 750 billion euros ($1 trillion) to keep Greece's debt crisis from spreading through the euro zone.

Global oil prices advanced in Asian trade Monday mainly on IMF's aid pack approval for Greece, that might boost energy demand. Light sweet crude for June delivery was seen trading at 76.74 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 79.76 a barrel at the same time in London.

In a situation when the commodity prices are shooting up and giving sleepless nights to the consumers, it has become a common practice to blame Futures trading for the price-rise in the commodities. Futures trading, which has been a historically followed practice in India, has, in recent times, found so many detractors, who have been arguing intermittently for a ban on futures trading when prices of a particular commodity surpass the realistic levels. However, the Union government does apply m...

Gold prices eased in Asian trade Monday after Greek aid pack approval by EU eased concerns over debt crisis in the region. Gold for immediate delivery was seen trading at $1195.31 an ounce at 11.30 a.m Singapore time while U.S. June gold futures was at 1200.69 an ounce at the same time.

The premiums investors demand to buy peripheral euro zone government bonds rather than German benchmarks fell on Monday as safe-haven demand fell after the agreement of a $1 trillion rescue package to shore up confidence in European markets.

Global policymakers cobbled together an emergency rescue package worth about $1 trillion to stabilize world financial markets and resolve the Greek debt crisis that threatened to sink the euro and unravel euro-zone unity.

The impact of a proposed tax on mining firms in Australia hit home on Monday as Peabody Energy cut its takeover bid for Macarthur Coal and Xstrata suspended copper exploration work in Queensland, both citing the tax.

Global policymakers unleashed an emergency rescue package worth about $1 trillion to stabilize world financial markets and prevent the Greek debt crisis from destroying the euro currency.

The heads of leading U.S. stock market operators have been called to Washington for an emergency meeting on Monday, days after a spine-chilling plunge in stock prices continued to perplex U.S. regulators.

Federal Treasurer Wayne Swan has confirmed plans to introduce reform to the Medicare system in Tuesday's budget.

The European Union agreed on a 500 billion-euro ($670 billion) emergency fund in the early hours of Monday to protect highly indebted eurozone countries from the wolfpack of financial markets.

More than 20 cases have been reported of new mothers being given wrong babies to breastfeed in the past three years.

Anyone who discriminates against breastfeeding mothers could face action under proposed changes to the Sex Discrimination Act.

The extreme market volatility of recent days has shaken investors, who still are seeking a clear explanation of what sent U.S. stocks into Thursday's dizzying intraday spiral.

The Medical Practitioners Board is facing legal action over failing to protect the women, who may have been deliberately infected by a doctor who had the virus at a Melbourne abortion clinic.

The volatility in financial markets continued on Friday's trade but thankfully not to the same extent as seen the previously.

OPEC's Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.