Asian stocks fall on fears over European crisis

[AP] - Asian markets crumpled Tuesday as Chinese shares slid on fears of an interest rate hike and the European Union's bailout of Ireland failed to convince investors the continent's debt crisis has been contained.

Hopes dimmed Wednesday that European leaders could come up with the answers to the eurozone debt crisis at a summit crucial for the global economy, despite China offering to ride to its rescue.European Union presidents and prime ministers gather from 1600 GMT for their second summit in days with markets and world leaders urging a watertight deal to ward off fears of global recession.But draft conclusions leaked ahead of the talks show no deal on a figure for recapitalisation needs of banks as diplomats warned further meetings may be necessary later in the week.

European leaders faced intense pressure on Wednesday to deliver on a promise to resolve the debt crisis at a summit crucial to the world economy as they battled to protect Italy from collapse.European Union presidents and prime ministers gather for their second summit in three days with markets demanding a watertight deal to defuse fears that the crisis will deteriorate into a global recession.

WASHINGTON – The United States economy likely expanded slightly in the fourth quarter, according to data on Friday that suggested a surprise drop in GDP reported by the government last week was overstated. The U.S. trade deficit narrowed to its lowest point in nearly three years in December on a drop in oil imports and a surge in exports. Trade data for December paint a reassuring and encouraging picture of the U.S. economy at the end of last year

Oil prices inched higher to near $101 a barrel Thursday ahead of an interest rate decision in Europe and a crucial summit on the continent's debt crisis.By early afternoon in Europe, benchmark crude for ...

Oil prices inched higher to near $102 a barrel Thursday in Asia ahead of an interest rate decision in Europe and a crucial summit on the continent's debt crisis.Benchmark crude for January delivery was ...

Oil prices hovered below $101 a barrel Thursday in Asia ahead of an interest rate decision in Europe and a crucial summit on the continent's debt crisis.Benchmark crude for January delivery was up 12 cents ...