Global Indices & Markets News
U.S. Equity Market
U.S. Dow Jones Industrial Average gained 1.2 percent and S&P 500 rose by 0.9 percent last week. Dow and S&P 500 closed at five-year highs on Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season. Financial companies, such as Morgan Stanley, Goldman Sachs and JP Morgan Chase, reported strong results.
U.S. Debt Ceiling Update
Republicans said the House will consider a bill to raise the U.S. debt ceiling enough to allow the country to pay its bills for another three months. The strategy would buy time for the Democratic-controlled Senate to pass a budget plan that shrinks the federal deficit.
U.S. Debt Ceiling Update (2)
U.S. Treasury Secretary Geithner said so-called extraordinary measures he’s taking to avoid breaching the debt ceiling would work only until mid- February to early March and warned that failure by Congress to raise the limit could “impose severe economic hardship” on the country.
Bernanke comments on the recovery in U.S. economy
Bernanke said the U.S. remains in a “relatively fragile recovery.” While there has been some improvement, growth remains moderate.
Joint statement of The BOJ and the government
The BOJ and the government are finalizing a joint statement they plan to issue on Tuesday, which would include 2 percent inflation as the bank's policy goal, deputy economics minister said.
China’s economy reaccelerated
China reported that its economy grew at a slightly faster-than-expected 7.9 percent in the fourth quarter of 2012, a clear sign it has avoided a sharp economic slowdown, though the annual growth rate was the weakest in 13 years.
New Threat to Europe
The euro’s 8.4 percent gain against the U.S. dollar in the past six months is posing a fresh threat to the European economy just as it shows signs of escaping the debt crisis, said Jean-Claude Juncker, who leads the group of euro-area finance ministers.
Downgrade of the global economic growth
The World Bank cut its global growth forecast for this year as austerity measures, high unemployment and low business confidence weigh on economies in developed nations. The Washington-based bank projects the world economy will expand 2.4 percent, down from a June forecast of 3 percent, after growing 2.3 percent in 2012.
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