Sarkozy and Merkel to look for new treaty

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Source: Marketwatch
© Scanpix/AFP

On Monday German Chancellor and Merkel and French President Sarkozy announced they are aiming at revamping current treaties to strengthen the euro region's fiscal restraints and bring back confidence in Euro. Changes include developing tighter fiscal alliance along with stricter budget rules which would automatically penalize countries which violate deficit and debt limits. 

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Tue, 06 Dec 2011 07:26:18 GMT

US stocks edge up despite S&P announcement

On Monday US shares closed higher as Italian PM proposed austerity measures and investor confidence rose ahead of European summit. Dow Jones Industrial Average gained 0.7% or 78.41 points and closed at 12,097.83. S&P 500 Index added 1% or 12.80 points to 1,257.08. Nasdaq Composite Index surged 1.1% or 28.83 points reaching 2,655.76.

Tue, 06 Dec 2011 07:25:23 GMT

S&P places 15 euro area countries on negative outlook

On Monday Standard & Poor's positioned sovereign credit ratings of 15 nations on CreditWatch negative that could lead to downgrade in forthcoming few months. According to S&P statement, disagreements among European leaders on how to resolve the European debt turmoil are putting negative pressure on overall credit rating of the Eurozone. 15 countries include 6 AAA rated countries: Germany, France, Netherlands Austria, Luxembourg and Finland. Greece

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