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.
Greece is on the brink of economic meltdown as Germany looks poised to push the country out of the eurozone.
With Greece set to default on a 1.5 billion euro debt repayment, senior German politicians warned that “enough is enough”.
Stocks dropped around the world after Greece ruled out presenting new proposals to resolve a debt crisis. Oil climbed for the first time in four days, while bunds rose following a decline in German investor confidence.
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.
LONDON: Oil prices fell below $63 a barrel on Monday, weighed down by concerns of a growing supply glut, paring earlier gains spurred by hopes that Greece might avert a default. Oil prices retreated shortly after the opening of trading in New York, highlighting the pressure on the market from a crude oil supply overhang, particularly in the Atlantic basin. Brent crude for August delivery was down 32 cents at $62.70 a barrel by 1320 GMT, after hitting a session high of $63.74 a barrel.
US stocks finished up after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default. Greece, hours from missing a 1.6 billion euro ($1.8 billion) payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders.
Frankfurt (AFP) - Investor sentiment in Germany fell to its lowest level in five months in May as weaker-than-expected growth in the first quarter weighed on confidence, a leading survey found on Tuesday.
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.