Beijing (AFP) - China's consumer inflation fell to a five-year low of 1.4 percent in November, the government said Wednesday, increasing concerns over the risk of deflation in the world's second-largest economy.
Brent crude slid below US$100 a barrel on Monday for the first time in 14 months as Chinese and U.S. data pointed to slower-than-expected growth in the world’s top oil consumers.
Weak economic growth combined with ample supply has pushed oil prices down from a high for the year above US$115 hit in June, complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers.
The pound fell to a 31-month low against the dollar and a 16-month low against the euro, reports The BBC.
Further falls are expected when markets open in Europe amid concerns that the credit downgrade points to further problems for UK economic recovery.
Ratings agency Moody’s made the downgrade on Friday evening, the first cut since the 1970s.
The main story overnight is without doubt the dramatic plunge in the Yen, which following the breach and trigger of USDJPY 100 stops has been a straight diagonal line to the upper right (or lower for the Yen across all currency crosses) and at last check was approaching 101.50, in turn sending the USD higher in virtually all jurisdictions.
Asian stock markets fell Tuesday as talks dragged on to resolve a massive debt mess in Greece before it explodes into a wider financial crisis.Benchmark oil hovered below $97 per barrel while the dollar ...