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Fundamental pieces are in place for the lowering of oil's price, but until the dollar appreciates and speculators stop betting up the commodity it will remain at high levels, Stephen Schork, editor of The Schork Report, said on CNBC.
Malaysian annual inflation in June probably exceeded 6.0 percent, the central bank chief said on Wednesday, breaching a mark not seen in 26 years and reinforcing expectations of an interest rate hike.
South Korea plans to allow state firms to borrow more abroad, the latest in a series of policy flip-flops in recent months that analysts say could undermine already weakening confidence among investors toward the country.
A key measure of Australian consumer confidence fell to 16-year lows in July as record petrol prices and a sliding share market hurt family finances, in just the latest sign of spreading economic weakness.
Japan's core machinery orders rose a faster-than-expected 10.4% in May, suggesting capital spending was holding up, but economists were cautious about the outlook as soaring costs hurt corporate bottom lines.
The debate about whether stocks are finding a floor is gaining momentum, but traders agree it's the earnings season that will help decide the details.
Oil prices fell again Tuesday, bringing it down more than $9 since Monday, while stocks rose. Following are the day's top five videos.
U.S. Treasury Secretary Henry Paulson said on Tuesday that home foreclosure starts may hit 2.5 million this year, many of them the borrowers' own fault for taking out loans they couldn't afford.
The dollar rebounded broadly on Tuesday, lifted by comments from Federal Reserve Chairman Ben Bernanke, who said the central bank is willing to keep its emergency lending facility open beyond the end of the year for big Wall Street firms.
Gasoline prices will remain above $4 a gallon for the rest of the year, while oil prices will continued to be pressured by the tight market for crude, the U.S. Energy Information Administration said on Tuesday.
Fresh concern about banks' financing hit European shares on Tuesday, although a drop in the oil price and an investor sweep into safe-havens like drugmakers and telecoms helped stem the slide in the broader market.
German industrial conglomerate Siemens plans to cut around 4 percent of its workforce as part of an overhaul and as a result of the global economic downturn, Siemens said on Tuesday.
U.S. wholesale inventories rose 0.8 percent in May, just slightly more than expected, but a measure of how long it would take to sell current stocks fell to a record low on strong sales of apparel and petroleum, a Commerce Department report showed on Tuesday.
The conventional wisdom on Alcoa is pretty simple: surging energy costs + aluminum price increases that lag other commodities = unimpressive profits. Unless the metals giant surprises (nearly) everyone, earnings season is set to start with a whimper.
Federal Reserve Chairman Ben Bernanke said Tuesday the U.S. central bank may keep an emergency lending facility for big Wall Street firms open past year-end while it seeks to restore financial market stability.
The slump in global stock prices could just be getting started as a few months of declines may not be enough to correct the years of booming stock prices, investment managers told CNBC.
Falling sales in a weak home market have left British firms facing their worst cashflow situation since records began in 1992, a survey from the British Chamber of Commerce showed on Tuesday.
South Korea's foreign exchange authorities followed up on morning dollar sales to lift the won, selling a further $500 million in the afternoon on Tuesday and bringing the day's intervention to as much as $2 billion, traders said.
Australian business conditions deteriorated sharply in June as profits and sales fell from the previous month, providing further evidence the economy was cooling and relieving some of the pressure for more rate hikes.
The dollar fell against the euro and erased gains versus the yen Monday as U.S. stocks deepened losses on worries about the credit crisis and the health of the financial sector.
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