A day after cutting the weighting of US dollar and yen in the SDR, the International Monetary Fund (IMF) said it did not include China's yuan in the basket as the currency does not meet the freely usable criteria.
Ireland is “inching closer” to some kind of bailout package from the European Union (EU) and International Monetary Fund (IMF), according to Jan Randolph, director of sovereign risk at HIS Global Insight in London.
S&P 500 Index edged up 0.68 points, or 0.06 percent, to trade at 1,179.73 at 09:53 a.m. EDT. The Dow Jones Industrial Average fell 8.47 points, or 0.08 percent, to trade at 11,015.03. The Nasdaq Composite Index gained 0.24 percent.
European officials are working on a bailout for Ireland that could reach 100 billion euros.
Futures on the S&P 500 gained 3.50 points, futures on the Dow Jones Industrial Average are up 23 points and Nasdaq100 futures are up 7 points.
The US dollar dropped against its major counterparts on Wednesday after data showed October consumer price inflation was slower than expected with housing starts data for the same month also coming in at a weaker-than-expected level.
The next tranche of aid for Greece will be delayed until January, after the data from the country is released, according to Austrian finance minister.
Ireland is open to talks with the European Union and the International Monetary Fund (IMF) over a bailout program for its failed banks, EU Economics and Monetary Affairs Commissioner Olli Rehn said after a Tuesday night meeting of eurozone finance ministers and officials in Brussels.
The US dollar and Japanese yen lost a part of their weighting while that of euro and British pound increased in the basket of currencies that make up the International Monetary Fund's (IMF) Special Drawing Right (SDR), the Fund said on Tuesday. The changes will be effective on January 1 next year.
Stocks plunged on concerns that Ireland might need a bailout from the European Union/IMF and a slowdown in China may hurt its demand for commodities.
The world’s low-income countries coped much better during the global financial crisis than in past global downturns, according to a new study from the International Monetary Fund (IMF).
The Bank of Korea raised a key policy rate by 25 basis points as the central bank's focus shifted from unchecked inflows of foreign funds to rising inflation.
Debt-stricken Greece announced on Monday its budget deficit will contract to 9.4 percent of the GDP this year and said the country has been able to manage a much greater pruning of its deficit than initially calculated, immediately after the European Union Statistical agency revised upwards the country's 2009 deficit to 15. 4 percent.
India's foreign exchange reserves were up $2.25 billion to $300.21 billion as on November 5, 2010, from $297.96 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India on Friday.
France and the International Monetary Fund will work together to develop criteria for the establishment of an international monetary mechanism to establish equity among currencies, and will have something tangible to present to the G-20 nations, and the rest of the world, next year, said French President Nicolas Sarkozy, in a press briefing at the close of the Seoul G-20 Summit.
Brazilian Finance Minister Guido Mantega touted the voice developing nations had in the G20 process and getting the Chinese delegation to change its mind. But he was hit with tough questions about the G20 process and whether it made any real difference to the world economy.
The leaders of the G20 countries completed their summit in Seoul, South Korea with an agreement to push for “market-determined” currency exchange rates, to enhance exchange rate flexibility, and to establish a timetable to lay out “indicative guidelines” for global economies to confront trade imbalances by the first half of next year.
Leadxers' Declaration
Indian gold demand is likely to recover near to its pre-credit crunch level following the fall in demand in 2009, said World Gold Council (WGC) on Friday in a report titled India: Hear of Gold.
Carrying flags representing their various organizations, and hundreds of cardboard stop signs declaring Stop the G-20!, approximately 4,000 protestors marched Thursday afternoon from Seoul Station through the Dongsam-gu district shouting slogans and singing labor hymns, while thunder rolled, rain fell and a silent column of hundreds of riot police in yellow slickers and wielding neon batons kept pace along the marchers' flank.
The global currency war will likely dominate discussions at the G20 Seoul summit. Other issues on the agenda include global financial regulation, development gaps, and dealing with disruptive capital inflow and outflows.
Greece's budget problems are far from over, as its deficit is likely to have narrowed much less sharply than the Government had predicted, Capital Economics said in a note. Greece will now come under heavy pressure to implement an even more draconian fiscal squeeze, Ben May, a European economist with Capital Economics, said.
