
The heaviest and most numerous US pig population on record and rebounding Chinese output are creating a surplus that is poised to halt a four-year rally in prices, reports Meat Trade News daily.

Despite desperate attempts from Argentina to deter potential investors and increased interference in Falkland Islands’ activities the objective of an economic blockade has not been achieved, said Governor Nigel Haywood on Wednesday in his ‘state of the nation’ annual speech to the Legislative Assembly.

Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but manageable.

The Brazilian Real fell to a new three-year low after briefly erasing its decline as the central bank sold currency swap contracts for the second time in three trading sessions, holding two auctions on Tuesday.

For the second day running the Argentine Peso weakened against the US dollar climbing half a cent from Monday and closing at 4.43 and 4.48 on the local foreign exchange market.

The Spanish government announced this week it was cancelling all development aid to Latin American countries as a direct consequence of the financial strains the EU member is suffering, which is the worst in decades with record unemployment of 24%.

Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a political stalemate dims the chance that the country can curb its snowballing debt.

Spain said it would meet its deficit targets this year despite a new slippage in its regions' accounts and a further contraction of the economy in the second quarter.

Weak growth in Brazil seems to be coming to an end, but there are still looming risks in the shape of inflation, credit risk and competitiveness, according to the latest outlook published by the Organization for Economic Cooperation and Development, OECD, on Tuesday.

The United States and Japan are leading a fragile economic recovery among developed countries that could yet be blown off course if the Euro zone fails to contain its flaring growth crisis, the OECD said on Tuesday.