Istat: the first quarter of 2012 faces increase in Italy's budget gap

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Source: BBC
According to official data presented by Italian government, the budget deficit of Italy expanded from January to March. Budget shortfall reached to 8% of GDP, which is 1% more than in the previous year. Due to decline of 1% in tax revenues and 1.3%  increase in public expenditures, the country had to raise its debt further. In 2012 the government wants to lessen the deficit till 1.7% through reduced spending, higher taxes and new tax creation on housing. 
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Thu, 05 Jul 2012 07:16:43 GMT

European shares end slightly lower on Wednesday

European stock markets experienced a low volume trading session on Wednesday as US markets were closed for the US Independence Day. Stoxx Europe 600 traded flat at 257, German DAX slipped 0.2% and Spanish IBEX 35 lost 0.7%. French CAC 40 and British FTSE 100 each gave up 0.1%. Athens General Index rallied 4.9%.

Thu, 05 Jul 2012 06:57:40 GMT

Sterling lower after service activity data

The British Pound depreciated for a third consecutive day versus greenback after government report showed nation's service PMI in June dropped more than forecast. The Pound fell 0.6% against US Dollar to USD 1.5594. Forex strategist Lee Hardman expects Sterling to reach two-year low at USD 1.50 in upcoming three months. Currently GBP/USD is trading at USD 1.5595. 

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