ECONOMY & MARKETS

Market sentiment continued to be negative as a report quoting former Greek prime minister Lucas Papademos stated that Greece was considering preparations to leave the euro zone. Greece will hold fresh elections June 17.

Asian stock markets declined Wednesday as renewed concerns of Greece's probable exit from the euro zone dampened sentiment.

The U.S. economy will likely dip into another recession in the first half of 2013 if planned tax increases and spending cuts are allowed to go into effect in January, the Congressional Budget Office said.

Comments regarding a rebound in the Chinese economy from the Organization for Economic Cooperation and Development lifted stocks earlier Tuesday and kept Asian and European bourses in the green. The comments came after Chinese Prime Minister Wen Jiabao said last weekend his government would focus more on growth than inflation.

The G8 leaders also said that it is ?our imperative to promote growth and jobs?.

AAA projects 34.8 million Americans will travel 50 miles or more from home during the 2012 Memorial Day holiday weekend, but most are still concerned about their budget.

The UK government may have made illegal promises to General Motors Co. (NYSE: GM) to shift production of the Astra compact car to its Opel/Astra plant in England from locations in Germany, reports said.

U.S. sales of previously owned homes rose 3.4 percent in April, reversing three months of declines and suggesting a stabilization of the housing market, the National Association of Realtors said Tuesday.

U.S. home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs for the country's economic recovery.

Bombay Stock Exchange's benchmark Sensex fell Tuesday by more than 145 points, or 1 percent, as the rupee tumbled to a record low of 55.39 against the dollar.

Futures on major U.S. stock indices point to a slightly lower opening Tuesday ahead of existing home sales data that are expected to show a rise in April sales.

Portuguese investment bank Espirito Santo has downgraded Indian bio-technology major Biocon from neutral to sell based on several issues, including accounting practices which the bank says are objectionable.

Asian markets rose Tuesday as China promised to spur growth and France and Germany agreed to prevent Greece from exiting the euro zone.

Asian stock markets advanced for the second day Tuesday as China's commitment to stimulate growth in the world's second largest economy and signs of cooperation between German and French leaders buoyed sentiment.

Japan's Nikkei share average rose in early trading Tuesday, continuing Monday's technical correction as investors picked up bargains after last week's flurry of aggressive selling, triggered by concern over a deepening euro crisis.

Industrial manufacturer Eaton Corp. (ETN) said Monday it would buy electrical equipment company Cooper Industries Plc for $11.8 billion to expand into the electric industry.

The strain in this relationship between Germany and France was apparent Monday as finance ministers from both countries failed to resolve the question whether the euro zone would benefit from issuing joint European bonds. Berlin rejects the idea, stipulating that struggling economies need to clean up their messes before being given a reason not to.

The WTTC argues that travel and tourism?s contribution to GDP is faster than most other sectors in the Americas and will grow by 3.6 percent over the next 10 years, a much faster rate than mining (1.5 percent), education (2 percent), chemicals (2.5 percent) and financial services (3.4 percent).

China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters.

Barclays PLC, the UK's second-largest bank by asset, said Monday it plans to sell its entire $6.1 billion stake in U.S. asset manager BlackRock Inc., as the tougher global regulatory environment has made such holding less attractive.

I have never understood the public's obsession with the wealth and personal lifestyles of celebrities and the super-affluent

This week's economic calendar is relatively light in the U.S. with the releases of existing home sales, durable goods orders, and the University of Michigan consumer confidence survey. Attention will likely focus on data out of Europe. Euro zone PMIs, Germany IFO survey, and first-quarter gross domestic product data for the U.K. will be released.

The Indian rupee Monday touched a record low of 55 against the dollar because of the strong demand for dollar from importers, weak global cues and delay over policy reforms from the government.

The companies whose shares are moving in pre-market trading on Monday are: Ultra Clean Holdings, Seadrill, Yahoo, Frontline, ABB Ltd, Logitech International, United States Steel, Hewlett-Packard and ARM Holdings.

Futures on major U.S. indices point to a slight rebound on Wall Street Monday after a string of losses last week amid worries Greece might leave the euro and an emerging debt crisis in Spain.

U.S. stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.85 percent, Dow Jones futures up 0.49 percent and Nasdaq 100 futures up 0.79 percent at 0842 GMT.

Asian stock markets rebounded Monday after suffering heavy losses last week amid ongoing worries over the euro zone crisis.

Japan's vaunted automakers may soon stop building cars in their homeland for export as a soaring yen combines with Mother Nature's mood swings, and an aging population saps the strength of its domestic market, driving the companies across wide oceans and far from their birthplace.

Air India is planning to hire retired pilots for flying international routes even as a strike by a group of pilots entered the 12th day Saturday.