Confidence levels among Australian businesses rose sharply during the first quarter as managers put the worst of January's record flooding in Queensland behind them, but still-soft trading and profits meant business conditions remained flat, according to an industry survey.
The rise in China's CPI inflation is expected to peak at 5.5% to 5.6% in the middle of this year, according to the Ministry of Finance official.
Standard & Poor's Ratings Services said on Wednesday that the status of top-rated US state and local governments wouldn't be affected by the rating agency's recent action to lower its outlook on US government debt.
Brazil's central bank hiked its benchmark interest rates by less than expected to keep inflation in check, in a gamble that soaring global food prices helping drive inflation higher will eventually ease off by themselves.
A restructuring of Greek debt is unnecessary, European Central Bank Governing Council member Athanasios Orphanides says in an interview.
Sales of previously occupied homes in the US rose marginally to an adjusted rate of 510,000 at the start of the crucial spring selling season, but prices fell 5.9%, suggesting any recovery will be slow and modest. Market was expecting sales to rise 2.5% to a 5.0 mn rate.
Overnight US stocks rallied sending the DJIA Index to its highest level since June 2008, as sales at companies exceeded estimates and commodity producers gained.
Today, Asian stocks rose, pushing the regional index to its highest level in 6-weeks, after US companies reported increased profits, signaling the global economic recovery is accelerating, and commodity shares gained. The Indian equity benchmarks rose for the third day on firm cues from overseas market, but profit booking in some large caps capped the upside. All the sectors were in green at the time of writing.
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