United States shares staged a late recovery on Monday to post only their second positive close of the month. Earlier, European and Asian markets fell on fears that Greece may default. In Latin America results were much in line with the US.
German Chancellor Angela Merkel said on Tuesday there were generally no taboos in politics but that the Euro zone crisis would not have a mechanism for ‘orderly insolvency’ of one of its members until its permanent rescue mechanism comes into power in 2013.
The Secretary-General of the Union of South American Nations (UNASUR), Colombian María Emma Mejía said that the region has shown “more imagination and audacity in the measures applied” than G7 countries, which are debating how to get out of the mess they are currently undergoing.
On September 10th MercoPress reproduced a piece from Meat Trade News Daily (UK farmers claim Uruguay’s ‘Hereford’ meat labelling is ‘misleading’) in which the UK National Farmers Union, NFU called on Asda supermarkets to change its labelling policy after it emerged that its meat marked ‘Hereford Prime Beef Sirloin Steak’ is sourced 6,800 miles away in Uruguay.
Standard & Poor’s reported that Argentina’s rating remains as “B” (global scale, local and foreign currency) and “raAA” (national scale for Argentina).
A group of Argentine opposition lawmakers presented Monday the August inflation rate, based on reports prepared by some private consultants. The dissident index reached to 1.87%. In July the index was 1.62%
Emerging markets helped boost Scotch whisky exports by 22% in the first half of this year, according to new figures. The Scotch Whisky Association (SWA) said global shipments between January and June reached £1.8bn, up from £1.47bn achieved during the same period in 2010.
China’s imports hit a record monthly high in August, indicating a strong domestic demand despite concerns of a global economic slowdown. Imports surged by 30.2% from a year earlier to 155.6 billion dollars, government data released over the weekend showed.
OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery. In its monthly report, the Organization of Petroleum Exporting Countries said it expected demand growth to drop to 1.1 million barrels per day -- 150,000 barrels per day fewer than its earlier forecasts.
Economic growth is slowing but there is no sign of a worldwide recession, according to global central bankers who said they had no plans for concerted action.