The regime of Libya's Moammar Gadhafi has accepted an African Union peace plan designed to end the current conflict, South African President Jacob Zuma said in Tripoli on Sunday.
China’s first quarterly trade deficit in seven years may ease pressure on the world’s biggest exporter to allow faster appreciation of the Yuan. Asia’s largest economy had a deficit of USD 1.02 bn in the first three months of the year compared with a surplus of USD 13.9 bn a year earlier. Imports jumped 32.6% to a quarterly record of USD 400.7 bn, helped by stronger domestic demand and higher global commodity prices.
Germany warned that deficit-scarred Greece might need more financial relief, reviving European debt concerns just as Portugal seeks EUR 80 bn aid package. German Finance Minister Wolfgang Schaeuble said it is unclear whether Greece, the root of the year-old debt crisis, will need another cut in its bailout rate or a further extension of repayment terms to return to fiscal health.
European authorities are planning a bailout of around EUR 80 billion for Portugal, and aim to seal a deal by mid-May, before a large bond repayment the next month that could deplete Portugal's slender cash reserves.
The inventories of US wholesalers rose 1% to a seasonally adjusted USD 437.99 billion in February, as expected, but their sales fell, a sign of uncertainty in the economic recovery.
On Friday, Indian stock markets opened in the green tracking firm Asian cues. However, gains were pared as profit booking in key stocks dragged the indices lower, to end the session in red. Persistent concerns of rising inflationary pressures amidst surging crude oil prices along with uncertain political environment continued to weigh on market sentiment. Realty and auto stocks were the key laggards. The S&P 500 Index erased its 0.1% gain for the week as Democratic and Republican leaders in Congress failed to reach agreement on a federal budget by the time exchanges closed, raising the risk that the government will shut down for the first time in more than 15 years.
Today, Asian markets were down after Citibank downgraded Japanese automakers amid continued disruption from natural disasters and higher commodity prices. The Indian equity benchmarks were moderately lower in the opening trade tracking Asian peers. Banks and real estate were the key sectors lagging behind in early morning trade.
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