The United States is heading for recession despite modest growth in the first half of the year, but strength in Germany is keeping European growth prospects a bit brighter, Fitch Ratings said on Thursday.
The number of U.S. workers filing new claims for jobless benefits dropped by a much bigger-than-expected 58,000 last week to 346,000.
South Korea's central bank kept rates on hold on Thursday as expected, with its battle against inflation now playing out in the currency market where the won jumped as much 1 percent on dollar-selling fears.
Japanese wholesale prices rose slightly more than expected in June from a year earlier to hit a fresh 27-year high on surging oil and commodity prices, adding gloom to firms facing dwindling profit margins.
Wall Street's bears roared back Wednesday, and stocks will have to face down tepid chain store sales and testimony from Fed Chairman Ben Bernanke in Thursday's session.
The Dow fell more than 2 percent Wednesday, followed by similar declines in the S&P and Nasdaq. Here are the day's top five videos.
The dollar fell Wednesday as news that Iran test-fired nine missiles halted oil's steep drop and unsettled Wall Street stocks, with investors concerned about the impact of soaring energy prices on the fragile economy.
Though they have finally begun using less gasoline, US consumers remain pretty much powerless to contain prices at the pump.
The Bank of England's Monetary Policy Committee will find itself in no easier position on Thursday, as it meets again to decide on UK interest rates. With rising inflation and falling growth, there seems no alternative but to wait, see and keep writing letters.
Rising commodity prices are threatening not only the United States but also economies from emerging nations across the globe, Pimco Co-CEO Mohamed El-Erian said on CNBC.
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.
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 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.
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.
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.
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.
The almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency. The long slide is fanning inflation at home and playing a major role in the run-up of oil and gasoline prices everywhere.