The world's three biggest polluters China, the United States and India refused to move toward a new legal commitment to curb their carbon emissions Tuesday, increasing the risk that climate talks will fail to clinch a meaningful deal this week.
The European Union (EU) summit this Friday will consume market attention, as it will discuss steps to resolve the Eurozone debt crisis. Price sensitivity to headlines will persist, if not intensify, and make for jerky market moves.
Crude oil prices gained in European trade on Wednesday, following hopes that European leaders will approve aggressive plans for tackling the region's debt crisis at Friday's European Union (EU) summit.
After 18 years of negotiations, the World Trade Organization is expected to approve Russia's bid for entry, during its Dec. 15-17 conference.
China's annual rate of export growth slowed in November versus October, vice commerce minister Chong Quan told reporters on Wednesday, confirming market expectations that deteriorating external conditions are dragging on the world's No. 2 economy.
On Monday, S&P placed the euro zone nations on “Credit watch,” which means a 50 percent likelihood of a downgrade over the next ninety days.
The European Commission is investigating whether e-book publishers owned by Lagardere, Pearson Plc, News Corp. and two other firms may have colluded with Apple to block rivals via their pricing deals.
Stocks were set to edge higher at the open on Tuesday as investors hoped S&P's downgrade warning for the Eurozone would help force budget changes at a European Union summit this week.
A European Union committee approved more than 200 health claims Monday for use on food products, which could offer a competitive advantage to companies seeking to target health-conscious EU consumers.
European stocks and the euro slid and most bond yields rose after the threat from rating agency Standard & Poor's to downgrade Eurozone countries en masse if no credible plan to solve the debt crisis emerges at a summit later this week.
Gold prices fell Tuesday on a lack of Asian demand for bullion and investor discouragement that four consecutive daily efforts to push the price convincingly above the mid-$1,700s failed.
India gold futures fell back on Tuesday afternoon to their lowest level in a week, following overseas trends, where fears of a possible credit rating downgrade for eurozone nations by Standard & Poor's weighed.
Standard & Poor's is expected to announce later on Monday that it may downgrade the credit ratings of all 17 euro zone countries, two EU officials told Reuters.
The aforementioned designation suggests a 50 percent chance of a downgrade within 90 days.
Gold prices fell Monday after European leaders and Italy's new head of state produced specific plans for containing their sovereign debt crisis.
Macedonia is symbolically important to Greece since it is the home of legendary heroes like Philip of Macedon and Alexander the Great.
Merkel said France and Germany are demanding structural changes which go beyond agreements.
Syria has responded positively to an Arab League request that it allow observers into the country as part of a peace plan to end an eight-month-long uprising, but on the condition that the League drop sanctions and agree to amendments that league officials have previously rejected, the Foreign Ministry said Monday.
Stocks rallied more than one percent on Monday, building on the previous week's gains, as optimism grew an agreement between French and German leaders would break new ground to resolve the Eurozone debt crisis.
With joblessness at 17 percent as of October, the country also faces a potential downgrade of its sovereign debt rating by credit agencies.
India sees no impediments to importing Iranian oil despite a new wave of sanctions imposed by the West, Oil Minister S. Jaipal Reddy said on Monday.
India gold, which traded steady Monday, is likely to near the all-time high helped by safe haven buying, and silver is likely to follow suit, analysts said.
