Australia cut its growth forecast to 3%

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Source: BBC
The RBA reduced Australia's growth forecast, citing stagnation in the non-mining industries. The bank downgraded expansion forecast for this year from 3.5% to 3%. The decision came after the central bank unexpectedly cut the core interest rate to 3.75%, citing  global fiscal difficulties and deteriorating domestic markets.


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Fri, 04 May 2012 10:12:55 GMT

S&P 500 falls on service PMI

S&P 500 index prolonged losses on Thursday as weaker non-manufacturing PMI data offset gains from better than expected drop in jobless claims. US benchmark index fell 0.77% or 10.74 points and closed at 1,391.57. Prudential Financial plunged 10%, the most in the S&P 500 after the second largest nation's insurance company posted a loss in the 1st-quarter as the value

Fri, 04 May 2012 08:50:53 GMT

China's auto imports slowed in Q1

China's auto imports slowed down in Q1, according to customs statistics. The country imported 284,000 vehicles in Q1, posting a 21.7% gain as compared to about a 30% increase in  Q1 of 2011. Wang Yanxue, an auto analyst, said that the growth rate is normal and the auto imports are likely to increase by 20% this year.

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