Greece to suffer a much deeper recession

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Source: BBC

As reported by Greek Prime Minister Antonis Samaras, Greece is going to fall into a much deeper recession than it was predicted earlier.  Samara expects nation's economy to shrink by 7 per cent, compared to a previous estimate of 5 per cent.  Moreover, Greece may ask for a third financial aid, approximately up to 50bn euros. On the top of that, Antonis Samaras added, that after five years of recession, the economy is not going to grow until 2014.

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Tue, 24 Jul 2012 18:13:32 GMT

China's manufacturing activity increased in July

China's manufacturing output jumped to a five-month high of 49.5 in July from 48.2 in the previous month. A final reading below 50 signals contraction, proving that world's second biggest economy is still under pressure. Asian stocks were little changed today. The Shanghai Composite Index rose 0.1 per cent and the MSCI Asia Pacific Index was little changed from the previous day. The

Tue, 24 Jul 2012 17:51:32 GMT

Oil jumped as China's manufacturing improved

Oil futures advanced on Tuesday as China's manufacturing data improved. Crude oil for September settlement jumped 0.5 per cent, to $88.59 per barrel during today's New York trading session. The boost in prices was provided by the series of debt downgrades by Moody's. Rating agency downgraded the outlooks on Germany, the Netherlands and Luxembourg. Moreover Moody's claimed that the possibility of Greece's exit from the Eurozone

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