China the world's largest steel producer is seeking iron ore suppliers cut prices to meet the falling international price of steel which has dropped to 1994 levels, according to an official with China Iron and Steel Association (CISA), reports China's official news agency Xinhua.
Brazil expanded at an annual 6.8% in the third-quarter, but the country was still hit hard by the global financial crisis and that has left investors wondering if Latinamerica's largest economy will avoid a further slide in growth.
With fuel costs plunging Chile had in November its first month of deflation in 26 months with prices falling 0.1%, according to the latest release from the National Statistics Institute. The consumer prices index of October had been 0.9%.
Central American presidents meeting in the Honduras agreed to seek regional integration as the way to unite against the world economic crisis and move towards a common currency. The 33rd Summit of the Central American Integration System, or SICA, which ended over the weekend also included a statement containing a package of urgent measures needed to meet the world crisis.
United States shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth. The benchmark Dow Jones index on Monday was up 298 points or 3.5% in afternoon trading in New York, shrugging off Friday's grim unemployment numbers.
In spite of the several stimulus programs announced by Argentine president Cristina Fernandez de Kirchner, manufacturers are demanding a more competitive exchange rate, particularly with the Brazilian Real. Brazil is Argentina's main trading partner.
Inflation in Brazil eased in November amid a slowing economy and dwindling consumer confidence reinforcing the view that the Central bank has room to hold interest rates next week for the second straight month. The Brazilian government is also expected to make further announcements to prop the economy and jobs.
Argentine President Cristina Fernandez de Kirchner unveiled Thursday a new set of measures to boost the economy including credits for the auto sector and consumption as well as a reduction in export duties on wheat and corn.
The US economy lost 533,000 jobs in November, the biggest monthly cut since 1974, the US Labour Department said on Friday. In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.
Uruguay's economic team announced on Wednesday the government's estimates for the next twelve months admitting that the world recession will reach the country but growth rate in 2009 will be in the range of 3%, above the average of the last fifty years.