Italian GDP shrinks

Note: This section contains information in English only.
Source: Bloomberg

Italy's economy declined in the 3rd quarter indicating the nation may face a new recession. GDP lost 0.2% compared to 2nd quarter when it gained 0.3%. Consumer spending and investment dropped 0.2% and 0.6% respectively. Exports added 1.6% whereas imports edged down 1.1%. Threat to economic growth is fuelled by planned austerity measures which will face final vote tomorrow.

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Wed, 21 Dec 2011 13:50:22 GMT

ECB lends banks more than forecast

The ECB awarded €489 bn ($645 bn) in three-year loans, compared to previous expected estimate of €293 bn. In total 523 Euro Zone banks called for cash which will be provided at a cost equal current benchmark 1%. European debt turmoil has amplified risk of bank and government defaults, therefore financials became more reluctant to lend driving up borrowing costs. By providing cheap cash, ECB

Wed, 21 Dec 2011 13:49:23 GMT

S&P 500 rallies on new housing starts

Standard and Poor's 500 Index jumped 2.98% or 35.95 points on Tuesday and closed at 1,241.30 led by banks, network companies and constructing companies. Recovery in US markets was fuelled by higher-than-expected housing starts, improved German business confidence and successful Spanish bond auction.US benchmark had the best day since November 30 and narrowed its annual loss to 1.3% as all 10 industries within the index

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