STRASBOURG, France, Oct 23- EU lawmakers on Thursday took the latest step in efforts to bring Kiev closer to Europe, extending Ukrainian exporters' open access to the European Union until a trade deal takes effect at the end of next year. An EU-Ukraine trade deal signed in June is at the centre of tensions between Russia and Europe because Moscow is also seeking...» Read More
The European Central Bank is widely expected to cut interest rates by 50 basis points Thursday, to a record low of 2 percent. But how low will the central bank go? Experts tell CNBC euro-zone rates could bottom at 0.5 percent.
A day ahead of the European Central Bank's rate decision, more dismal data showed the euro zone needs monetary easing. But experts tell CNBC that central banks' interest-rate cuts have little impact on the economy in the current financial turmoil.
The euro remained under pressure Tuesday despite the German government approving a second stimulus package worth $64 billion to help Europe's largest economy.
China's exports suffered their biggest decline in a decade in December as a trade slump that has caused a wave of factory closures and layoffs worsened, according to data reported Tuesday by a government newspaper.
There is a big chance that the Chinese economy will contract, as exports are falling because of the financial crisis that has gripped Western economies, Hugh Hendry, chief investment officer and partner at hedge fund Eclectica, told CNBC.
The euro fell against the dollar and the yen Monday ahead of the European Central Bank's interest-rate decision on Thursday. Experts tell CNBC that the single euro-zone currency will experience headwinds this year.
U.S. employers slashed payrolls by 524,000 in December, driving the unemployment rate to its highest level in almost 16 years, suggesting that the year-long recession was deepening.
China has bought more than $1 trillion of American debt, but as the global downturn has intensified, Beijing is starting to keep more of its money at home, a move that could have painful effects for American borrowers, the New York Times reported.
When American consumers stop buying, companies around the world suffer — even those that do little business in the United States, the New York Times reported.
As the global recession deepens, the news around the world shows how drastic the pullback hits trade between nations. The two poster children for this are China and Japan as their economies are primarily centered around exports.
The developments show how the global financial crisis has torn through the Arab Peninsula, until recently thought immune due to massive sovereign savings and earnings from energy exports, with almost the same violence as in Europe and North America.
Many financial assets across the world are looking cheap after the market ructions of the past year but investors in general have yet to rediscover the impulse to buy.
U.S. President George W. Bush, Chinese President Hu Jintao, Japanese Prime Minister Taro Aso and other members of the 21-nation Asia-Pacific Economic Cooperation group, or APEC, said they would refrain from raising trade barriers over the next 12 months.
China's inflation rate fell further in October, easing pressure on Beijing to contain price rises as it launches a massive stimulus package to boost slowing growth.
China's wholesale price inflation tumbled in October, clearing the way for the central bank to cut rates at any time to support a massive stimulus package aimed at shoring up the world's fourth-largest economy.
U.S. President-elect Barack Obama has pledged to move ahead with the Doha round of world trade talks and to work to strengthen labor and environmental protections in the North American Free Trade Agreement.
Negotiators from Taiwan and China met for their first high-level talks on the island in 60 years on Tuesday, with deals on direct flights, cargo routes and food safety expected to be signed later in the day.
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Australia's current account deficit shrank by a third last quarter thanks to booming resource exports, though trade still proved a slight drag on economic growth.
Total sales at U.S. retailers edged down 0.1 percent in July on another big drop in auto sales, as consumers strain to keep up spending amid rising prices.