Australian new home sales increased by 0.7% in May

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Source: Reuters
Australia's new home sales rose by 0.7% last month after an interest rate cut earlier in the month.  Sales of multi-units surged by 21.1% in May offsetting a 2% fall in detached home sales. Harley Dale, chief economist at HIA, expects recent interest rate reduction to create a strong positive effect on the property market in the second half of 2012.

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Thu, 28 Jun 2012 10:10:24 GMT

EU leaders to seek exit from crisis at summit

European Union officials are gathering today in Brussels to bring to a conclusion to measures needed to stop region's debt turmoil from spreading. EU leaders prepare to approve the rescue of Cyprus and agree on details how to aid Spain's banks. Arguments, however, are expected on the way how to support Italy and Spain as German Chancellor Merkel refuses to act more to

Thu, 28 Jun 2012 09:48:24 GMT

Yuan weakens after PBOC cuts reference rate

Chinese Yuan dropped first time in last four days after the PBOC reduced the monetary unit's reference rate ahead of EU summit today. The central bank cut its daily fixing rate by 0.03% at CNY 6.3190 per Dollar. The Yuan tumbled 0.09% versus greenback to CNY 6.3614 per Dollar. 

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