Spain decides on new tax increase and government spending cut

Source: Bloomberg
The Prime Minister of Spain, Marianno Rajoy, announced new tax boost and government spending cuts of EUR 65 billion. Sales levy will be increased from 18% to 21%. To lower government spending unemployment benefits will be reduced and no tax rebate will be provided for home buyers. Moreover local governments will be consolidated, while not all public workers will receive bonus at the end of the year. Spain's target is to lower budget deficit, which was 8.5% in 2011, to 6.3% by the end of this year
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Wed, 11 Jul 2012 12:26:57 GMT

Slowdown in the European Stock Market

Due to the slowdown in the international economic growth, European stocks are weakening. The Stoxx Europe 600 Index lost 0.3% and reached 254.89. However, futures on Standard & Poor 500 Index  and the MSCI Asia Pacific Index added 0.5% and respectively 0.1%.

Wed, 11 Jul 2012 14:11:57 GMT

Spot gold prices climb up, futures fall

Spot gold prices went up on Wednesday, July 11, after biggest decline since June. Gain of 0.4% brought price to USD 1574.50 an ounce after 1.4% decline on July 10. However August-delivery gold futures contract fell by 0.3% to USD 1574.80 in the USA. Though gold prices now are highly dependent on Eurozone's finance ministers decision on resolving debt crisis. Analysts expect spot gold to

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