The United States suggested Europe's debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.
China struck a conciliatory note in talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.
U.S. crude oil fell back below $70 a barrel on Monday, giving up an earlier gain on persistent worries that Europe's debt crisis would slow the global economic recovery.
U.S. crude rose above $70 a barrel on Monday, recouping some of last week's losses, but analysts said sentiment remained fragile and prices could again be hit by macroeconomic pessimism.
World stocks recovered some composure on Monday with emerging markets leading the way after a late Friday rally in banking shares on Wall Street ended what was otherwise a dismal week for equities investors.
The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asian stocks recouped ground from last week's eight-month lows on fears the euro zone debt crisis will hit world economic growth.
World oil prices advanced above $70 a barrel in Asian trade Monday but remained highly volatile, analysts said. Light sweet crude for July delivery was seen trading at $70.35 a barrel at 11.00 a.m Singapore time while Brent crude eased to $71.21 a barrel at the same time in London.
The IMF said Sunday it expects to record a profit of $ 5.1 billion from the sale of gold in the financial year ended April 30, 2010. In a statement, the International Monetary Fund, which sold gold to member countries including India last year, said gold sales is a part of the multilateral lending agency's new income model, mainly aimed at increasing its resources to lend to low-income countries.
Gold prices moved up in Asian trade Monday as investors remained confident on yellow metals status as a safe haven asset in troubles. Gold for immediate delivery was seen trading at $ 1184.51 an ounce at 11.30 a.m Singapore time while gold futures for June delivery was at $US1185.10 an ounce at the same time. Analysts said, Long-term investors maintained their affinity for the precious metal despite the recent rise in volatility in other markets, including stocks.
The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asia stocks fell to hover just above eight-month lows hit on Friday on fears the euro-area debt crisis will hit world growth.
Global miner Rio Tinto described Australia as its top sovereign risk on Monday and said it was reviewing all investments there as its raised pressure on Canberra to overhaul its planned new mining tax.
HSBC has no plans to change its management structure, the investment bank's Chief Executive Michael Geoghegan told CNBC television on Monday.
Treasury Secretary Timothy Geithner said on Monday the United States and China need to work together to reduce trade barriers and develop a more balanced global economy.
OPEC member Venezuela will increase oil production gradually in 2010, then even more next year, President Hugo Chavez said on Sunday.
The Australian Dollar did not revisit the sub 0.8100 territory on Friday's trade as it did the previous day
The Aussie opens at 0.8310 on Monday. Unsubstantiated rumours of Reserve Bank intervention and technical support just above US80-cents halted the recent dramatic slide in the currency on Friday.
Shares of Sprint Nextel could rise to about $6 a share, helped by the introduction of a mobile phone that works on the carrier's new high-speed network, according to business weekly Barron's.
Dubai plans to set up a program to address weaknesses in its financial system while the United Arab Emirates will open a debt management office to coordinate on issuance for state-linked companies, an official said on Sunday.
The Treasury is re-looking at plans to float the Asian unit of AIG in case a bid by Prudential to buy the AIA fails, two British newspapers reported on Sunday.
Volatility will be the name of the game on Wall Street this week as uncertainty over the euro-zone debt crisis remains and investors will need nerves of steel to make bets on risky assets like stocks.
Former Morgan Stanley banker John Hyman will not join Nomura to become its new co-head of global finance at its London operation as had been expected due to regulatory issues, a source said on Saturday.
Russian Internet investment group Digital Sky Technologies, which bought a $300 million stake in Facebook last year, is preparing to buy stakes in dozens of well-known Internet companies, its chief executive said.
Adalberto Lopez' family-run musical instrument shop in the bustling Arizona border city of Nogales sells guitars and accordions to foot-stomping banda musicians and mariachis who cross up from Mexico to shop.
Europe's financial crisis should have only minimal impact on the global recovery as governments put in place necessary policy counter-measures, a senior U.S. Treasury Department official said Sunday.
Greek Prime Minister George Papandreou ruled out defaulting on debt payments or restructuring in a Spanish newspaper interview published on Sunday.
Globally, commodity prices have stabilized after a week of declines although Reuters-Jefferies CRB commodities index dropped 2.3% on the week and 9% so far this month, Financial Times (FT) reported. The report quoting Adam Sieminski, energy economist at Deutsche Bank in Washington said that a combination of the sovereign debt crisis in Europe, credit tightening in China and a cluster of worrisome economic indicators in the US has revived concerns about a W-Shaped recovery.
The U.S. Justice Department has dropped a probe of American International Group Inc executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said on Saturday.
Germany's parliament approved on Friday a $1 trillion safety net to stabilize the euro as fears swirled that Europe's debt crisis and tougher financial regulation may choke economic recovery.
American International Group Inc on Saturday praised a Justice Department decision it did not specifically identify, but may relate to published reports that federal prosecutors will not charge company executives over credit default swaps.
