The precious metals market followed Wall Street's skid today, as gold and companies that peddle it were driven down by underwhelming retail figures in the U.S., and ongoing concerns over Greece and the Eurozone.
The 17 member nations of the euro common currency union, dragged down by the flagging economies of Greece, Portugal, Spain and Ireland, saw factory activity decrease more than expected in December, the statistical office of the European Union announced Tuesday.
The yen fell on Tuesday as the Bank ofJapan eased monetary policy by expanding its asset-buying scheme, but the impact on the currency may prove short-lived while nagging worries over the euro zone crisis keep it supported as a safe haven.
The euro rose to a session high and shares reversed early losses after key German data bolstered hopes that Europe's largest economy was recovering and a strong Italian bond sale added to signs that financing pressures were being contained.
Output at factories in the euro zone tumbled in December, reflecting a sick European economy that probably shrank at the end of 2011 but it is hoped will recover this year.
Futures on major U.S. stock indices pared earlier losses and point to a slightly higher opening Tuesday ahead of of economic data including retail sales.
Gold prices followed crude oil and global stocks lower Tuesday after ratings firms cut the credit ratings of several European nations and banks and warned that more reductions were likely.
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria, and it downgraded six other European nations including Italy, Spain and Portugal, citing growing risks from Europe's debt crisis.
The summit comes a day right after Moody's downgraded its ratings for Italy, Spain and Portugal, with a negative outlook for France, Britain and Austria.
Moody’s has cut the debt ratings of Italy, Spain and Portugal and put France, UK and Austria on warning, saying they were increasingly vulnerable to the eurozone crisis.
Global shares and the euro eased and safe-haven German government bonds rose on Tuesday as demand for riskier assets stalled after ratings agency Moody's downgraded six European nations, taking the shine off the Bank of Japan's policy easing.
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
Tens of thousands of protesters took to the streets in several nations this weekend demanding political justice, economic opportunity, and a change to the status quo. Demonstrators -- who powered the Arab Spring, the worldwide Occupy protests during the summer, and the anti-austerity marches of the European autumn -- are back on the streets in a winter of discontent.
Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a bottomless pit has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said.
Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a bottomless pit has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said in remarks published on Sunday.
More than 100,000 people packed Lisbon's vast Palace Square on Saturday in the largest rally against austerity and economic hardships since Portugal resorted to a European Union/International Monetary Fund bailout last May -- and organizers vowed to step up protests and labor action.
Euro zone central banks began to fill in some of the blanks surrounding their new, more accommodative lending rules on Friday, revealing banks will get between 90 and 11 percent of the face value of the freshly-eligible loans they can now use as collateral.
Portugal's economy will shrink as much as Greece's this year, according to IMF projections. The two will have identical current account deficits and the red ink in Portugal's budget will be almost as deep as in Greece's.
Greece's debt crisis on Thursday dominated the first day of Italian Prime Minister Mario Monti's visit to the United States, as he urged the International Monetary Fund to be more lenient with Athens in bailout talks to prevent a big potential explosion.
Greece's debt crisis on Thursday dominated the first day of Italian Prime Minister Mario Monti's visit to the United States, as he urged the International Monetary Fund to be more lenient with Athens in bailout talks to prevent a big potential explosion.
