European markets bounced back from early losses on news that the 17-country eurozone has narrowly dodged recession, thanks mainly to strong growth in Germany, though concerns persisted that Greece's political impasse could eventually force it to leave the currency bloc.
Hong Kong (AFP) - Oil prices continued their downward spiral to fresh five-and-a-half-year lows Wednesday, leaving equity markets struggling to recover after a recent sell-off, while Greek political turmoil sent the euro skidding.
ATHENS: Greece's main debt negotiator called on the European Union and the International Monetary Fund to show their willingness to break an impasse in debt talks, ahead of a crucial meeting of euro zone finance ministers on Monday. Prime Minister Alexis Tsipras' leftist-led government, which came to power promising to end the austerity terms under Greece's existing 240 billion euro debt deal, has been locked for months in talks with its foreign lenders over reforms that could unlock much needed bailout funds.
After more than four years of stagnant growth and political uncertainty, largely fueled by the sovereign debt crises that crippled the economies of Greece, Spain, Portugal and Ireland, a crescendo of strong economic indicators out of the euro zone has started a concert of cheer among investors.
Major debt restructuring for both Cyprus and Greece will probably force the struggling euro zone countries to leave the single currency, according to Citigroup's latest economic outlook, which warned markets could again be hit by escalating fears.
FRANKFURT — The eurozone crisis is not over, France’s reforms are slipping and the Bundesbank has set aside billions in new provisions against what it sees as risky European Central Bank moves, Germany’s central bank said on Tuesday.
Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.
We’re engaged in a race against time, and in too many countries, too many people without a job — in particular young people — remind us that the battle is not yet won
BRUSSELS — Unemployment has reached a new high in the eurozone and inflation remains well below the European Central Bank’s target, underscoring just how severe a challenge EU leaders face to revive the bloc’s sickly economy.
LONDON/BEIJING – China’s vast manufacturing sector expanded in December but the eurozone is probably deeper in recession, business surveys suggested on Friday.
Data researcher Markit said its Eurozone Flash Composite Purchasing Managers Index, which combines both manufacturing and services sector data, showed small signs of improvement.
It rose to a nine-month high of 47.3 this month, beating forecasts for 46.8.