Several euro zone finance ministers told ECB President Jean-Claude Trichet in a conference call last week they have doubts Greece will meet its fiscal targets and suggested Athens restructure its debt, a magazine reported on Saturday.
Hitting $1472.50 for US investors today, the Gold Price also rose sharply against the British Pound - hitting its best level since New Year at £900 per ounce - but was in flat against most other major currencies. Silver Prices, in contrast, rose to new multi-decade highs across the board.
U.S. stocks declined on Thursday after reports of another earthquake hitting Japan in less than a month, but markets were off their lows after a tsunami warning was lifted.
Diego Iscaro, senior economist at IHS Global Insight , warns that the bailout will not solve Portugal’s economic woes.
U.S. stocks advanced in early trade on Thursday after official data showed that applications for jobless benefits fell last week.
Today, after the ECB followed through and raised interest rates, Trichet explained the decision.
Swiss inflation in March spiked to 0.6 percent month-to-month and 1 percent year-on-year, higher than the expected 0.5 percent and a reading of 0.5 percent in February.
U.S. stocks pared earlier gains as energy companies’ shares declined after a higher-than-expected increase in petroleum inventories and Monsanto Co. shares declined as its revenue fell short of expectations.
Retail sales in eurozone fell unexpectedly in February, as consumers curtailed spending amid rising prices. The volume of retail trade in the 17-nation eurozone dropped 0.1 percent in February compared with 0.2 percent increase in January, the Eurostat said on Tuesday.
The Gold Price rose early Monday in London, nearing last week's high of $1439 per ounce as energy prices led a surge in commodity prices and Silver Bullion jumped 1.9% to fresh 31-year highs.
Standard & Poor's cut Ireland's debt rating by just one notch and gave the thumbs-up to its bank bill on Friday but rival Fitch's warning of another downgrade and a big drop in growth expectations spelled trouble ahead.
Removes reference to ECB adding margin to Irish debt after ECB says that will not be the case due to fourth rating agency DBRS still rating Ireland at A
Standard & Poor's Ratings Services said that it has downgraded its sovereign credit ratings on the Republic of Ireland to 'BBB+/A-2'.
Spot Gold slumped 1.4% lunchtime Friday in London, falling back from its highest-ever monthly close as the Dollar jumped on news of stronger-than-expected US jobs hiring in March.
Standard & Poor's stripped Ireland of its last 'A' rating on Friday, citing future risks to bondholders, but the one notch cut was less severe than feared and gave the thumbs up to the state's bank bill.
Ireland's big bang banking plan failed to convince investors on Friday it can shoulder its soaring debt burden given grim prospects for growth and a lack of expected extra support from the European Central Bank.
Gold shot up by nearly one percent on Wednesday, after four sessions of losses amid broad support from unrest in the Middle East and North Africa, but gains may stay limited by expectations monetary policy in key regions may tighten. Spot gold was bid at $1,430.55 an ounce at 1344 GMT, against $1,415.95 late in New York on Tuesday.
It would make sense for Portugal to seek aid from the European Union bailout fund, although such a decision will be caught up in domestic politics, European Central Bank Governing Board member Ewald Nowotny said.
The European Central Bank is watching energy prices carefully and still wants to move toward a more normal monetary policy despite recent events in Japan, ECB Governing Board member Ewald Nowotny said on Sunday.
Stress tests on Ireland's four main lenders will reveal a capital hole of around 20 billion euros ($28.2 billion), The Sunday Business Post reported, without citing any sources.
The European Central Bank is putting the finishing touches on a new facility that will give troubled euro zone banks liquidity over a longer time frame, throwing a lifeline to Ireland's ailing banks.
European Central Bank policymakers underscored the case for an April rate hike on Thursday as Portugal's political crisis raised the prospect of another spell of reluctant ECB bond market intervention.
