Swiss GDP unexpectedly surged in the first quarter

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Source: Bloomberg
Swiss economy unexpectedly expanded in the first three months this year, supported by stronger consumer demand. GDP soared 0.7% compared to a fourth quarter of 2011, posting a biggest gain since 2010. Analysts predicted the economy would stagnate. Swiss Franc traded against US Dollar at CHF 0.9693. 
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Thu, 31 May 2012 11:06:10 GMT

S&P 500 index down 1.4%

S&P 500 index erased earlier gains on Wednesday as borrowing costs in Italy and Spain surged while Greece renewed worries it may leave Eurozone. US benchmark index tumbled 1.43% or 19.10 points and closed at 1,313.32. Monsanto jumped 2.2% after firm's CEO said earnings for 2012 will likely soar 25%. Apple remained on the positive side with a 1.2% gain

Thu, 31 May 2012 11:31:46 GMT

European shares tumble on Spain credit rating cut

Europe's equities fell on Wednesday reflecting drop in investor sentiment after Spain's downgrade in Tuesday evening. Stoxx Europe 600 declined 1.5%, Spanish IBEX 35 plunged 2.6% and Italian FTSE MIB dropped 1.8%. Athens General index lost 3.2% and British FTSE 100 shed 1.7%. German DAX index edged 1.8% lower. 

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