 | EU deal for Spain,
Italy buoys markets UNDER pressure to prevent a catastrophic
breakup of their single
currency, eurozone leaders agreed
on Friday to let their rescue fund
inject aid directly into stricken
banks from next year and intervene
on bond markets to support
troubled member states.
They also...
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| | Oil jumps to above $80
after EU deal on banks |
 OIL jumped to above $80 a
barrel on Friday, bouncing
off an eight-month low after
European leaders agreed to
use the continent´s bailout
fund to funnel money directly
to struggling banks.
By early afternoon in
Europe, benchmark oil for
August delivery was up
$2.81 at $80.50 a barrel in
electronic trading on the
New York Mercantile
Exchange. The contract fell
$2.52 to settle at $77.69, the
lowest close since October,
in New York on Thursday.
In London, Brent crude for
August delivery was up $1.40
at $92.76 per barrel on the
ICE Futures exchange.
Policymakers said at an EU
summit early on Friday that
they would create a unified
bank supervisory board and
allow a rescue fund to recapitalize
Spain´s ... | | | Rio Tinto sees 2012 Chinese
economic growth above 8% |  GLOBAL miner Rio Tinto said
it expected economic growth in
China, the world´s top consumer
of raw materials, to rise
above 8 percent this year.
A slowdown in Chinese
growth this year has translated
into weaker consumption of
raw materials such as copper
and oil, contributing to a slide
in commodities prices.
"We expect Chinese
growth to be above 8 percent
this year despite lower
export demand and monetary
tightening," Rio said in a
presentation on its website.
"Recent fiscal and monetary
loosening should lead to a pickup
in growth in H2 2012,"
Vivek TulpulĂ, Rio´s chief
economist, said in a presentation.
A Chinese finance ministry
official said on Thursday
the country was confident it
could meet its 2012 economic
growth target of 7.5 percent... | | | Eurozone inflation steady,
room for ECB rate cut |  EUROZONE inflation held
steady at a 16-month low in
June, kept in check by a sharp
fall in oil prices and supporting
an already strong case for
a near-term interest rate cut
by the European Central
Bank.
Consumer prices in the 17
countries sharing the euro
rose 2.4 percent year on year
in June, EU statistics office
Eurostat said on Friday, the
same rate as in May and as
expected by economists in a
Reuters poll.
The ECB left rates at a
record low of 1 percent earlier
this month. But many economists
expect it to cut borrowing
costs at its July 5 meeting,
taking place against a darkening
economic backdrop and
after EU leaders agreed new
crisis measures overnight to
tackle the region´s debt crisis.
"There is no obstacle to an
ECB ... | |
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