Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
New York - The euro eased back from three-week
highs and world stocks stumbled on Tuesday as the latest setback in efforts to
restructure Greek debt triggered more worries about the outlook for the region.
Brent oil prices also fell as investors focused on the chances of a
Greek debt default that could hit energy demand.
Euro zone finance ministers rejected as insufficient an offer made
by private creditors to help restructure Greece’s debts, sending negotiators
back to the drawing board and raising the threat of a disorderly Greek default.
A deal to restructure Greek debt must be agreed before the country
can secure the bailout funds it needs to avoid a disorderly default, which could
hurt global economic growth and Europe’s fragile banking system.
“It’s back to worrying about whether Greece is heading for a soft,
messy or technical default,” Peter Cardillo, chief market economist at Rockwell
Global Capital in New York, said.
The euro last traded at $1.2964 against the U.S. dollar on Tuesday,
a fall of 0.49 percent.
The setback in talks over Greece’s debt overshadowed fresh data
showing Europe’s economy may be headed for a weaker slowdown than many had
feared.
Markit’s Flash Eurozone Purchasing Managers’ Composite Index (PMI),
a reliable indicator of overall economic performance, showed the euro zone
economy grew in January for the first time since August , confounding forecasts
for a contraction.
The MSCI world equity index was down 0.9 percent. U.S. stocks were
lower after the open with the U.S. benchmark S&P 500 down 0.5 percent.
European stocks were down 0.7 percent, while Asian markets were
quiet as many are still closed for the Lunar New Year. Japan’s Nikkei share
average, however, hit its highest closing level in nearly three months.
In the commodities markets, Brent crude oil slipped to $109.89 a
barrel, down 69 cents.
Spot gold eased down from a six-week high as investors await the
outcome of a two-day Federal Reserve meeting, which ends on Wednesday, for any
signs that interest rates will stay lower for longer, as that could put some
pressure on the U.S. dollar.