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European stock-index futures
rose as Group of 20 leaders debated the region’s
financial crisis, Asian shares edged down on Tuesday
as rising Spanish bond yields stoked fears its tottering banking system is
dragging Madrid deeper into crisis, snuffing out a relief rally that followed a
win for mainstream parties in Greece's weekend election.
Crude oil futures slid as
much as 0.4 percent after declining for the first time in three days yesterday.
Spanish bad loans in April jumped to 8.72 percent of lending, the highest level
since 1994, and data from the Bank of Spain showed. That overshadowed election
wins by pro-bailout parties in Greece.
International talks with Iran resume today in Moscow over the country’s nuclear
program, with President Barack Obama
saying there is still time for a diplomatic resolution.
All the sanctions that are
supposed to come into force on July 1 will come into force on July 1,” EU
foreign-policy spokesman Michael Mann
said in an interview today in the Russian capital. “We’ve taken a political
decision that this is an important measure to put pressure on the Iranian
The Australian central
bank's decision to cut the cash rate in June was "finely balanced,"
according to the minutes from the latest interest-rate meeting, released
Tuesday. The Reserve Bank of Australia minutes showed members weighed up
relatively strong domestic data with "clear evidence suggesting a
softening in global conditions." Uncertainty about the future in Europe
had increased significantly, the RBA said.
The dollar slid against
the euro and yen before the Federal Reserve begins a
meeting today amid prospects policy makers will consider further monetary
easing steps to sustain the U.S. economy.
Leaders at the Group of 20
major economies' summit will promise to take "all necessary
measures" to resolve the European debt crisis, according to several
reports citing a draft version of the group's communique
Gold rose for an eighth
consecutive session on Tuesday, the longest winning streak since July last
year, after a weekend victory for pro-bailout parties in Greek elections failed
to shake off worries about a worsening debt crisis in Europe.
Treasury bonds firmed
slightly in Asia on Tuesday, ahead of a U.S. Federal Reserve meeting at which
the central bank could decide on more monetary stimulus to blunt the impact of
Europe's debt crisis on the struggling U.S. economy.
Foreign investors' holdings
of Japanese government bonds (JGB) rose to a record of nearly $1 trillion,
Bank of Japan data showed on Tuesday, reflecting
their flight to safety as the debt crisis in Europe shows no sign of letting up.
China Leads Nations Boosting
IMF’s Firewall to $456 Billion. Emerging-market nations including China and
Brazil formalized funding pledges to the International
Monetary Fund, helping to almost double its lending power to protect
the world economy from Europe’s debt turmoil.
China’s commerce minister
said his nation’s economy is heading for a rebound this month following
government measures to support growth, adding to signals of confidence among
officials that the slowdown is ebbing.
Microsoft Corp. unveiled
its own family of tablet computers Monday, using the brand of its Surface
computing project for the new line of portable devices.
Face book Inc is paying
$55 million to $60 million to buy Face.com, according to people familiar with
the matter, acquiring the company that provides the facial-recognition
technology used by the world's largest social network to help users identify
and tag photos.