German consumer confidence slips on euro debt crisis worries

BERLIN — A new survey finds that German consumer confidence is slipping amid unease about the potential impact of the eurozone debt crisis.

The GfK research group said Tuesday its forward-looking confidence indicator for August stands at 5.4 points. It is down from 5.5 in July, a figure that GfK revised down from its initial forecast of 5.7.

Greece aid package boosts stock markets

Shares have risen following the eurozone's agreement designed to resolve the Greek debt crisis.

UK and French markets gained more than 1% in morning trading, before slipping slightly, with the FTSE 100 index ending up 0.6% and the Cac 0.7% higher.

Eurozone leaders agreed a new package worth 109bn euros ($155bn, £96.3bn).

Players in a Greek Drama

Not only does he have the power to effectively put a “sell” on Uncle Sam, but on Friday he roiled global markets after he said the Greek rescue package would constitute a limited default on the country’s debt.

The analyst, who is based in London, oversees the 30-person government bonds team inside Fitch Ratings, which could soon downgrade the debt of the United States government from its historical, gold-plated, triple-A rating if politicians in Washington cannot agree to raise the debt limit.

Gold hits record high as euro crisis worsens

(Reuters) - Gold prices hit a record $1,578.50 an ounce on Wednesday as concerns over the euro zone debt crisis deepened, and after minutes to the Federal Reserve's June meeting suggested some members were pondering the possible need for additional easing.

Spot gold was bid at $1,572.99 an ounce at 1203 GMT against $1,565.25 late in New York on Tuesday. U.S. gold futures for August delivery were up $11.30 an ounce at $1,573.60, also off a record $1,579.70.

Gold is set for an eighth consecutive day of gains, something it has not achieved since mid-October 2006, when it rose for nine days in a row.

Yuan Weakens Most in July on Growth Concern, Euro Debt Crisis

China’s yuan dropped the most this month as concern growth in Asia’s largest economy is slowing and Europe’s debt crisis is worsening damped investor sentiment.

Data tomorrow will show the Chinese economy grew 9.3 percent last quarter, the least in almost two years, according to a Bloomberg survey. Twelve-month yuan forwards dropped by the most in four weeks after European finance ministers declined to rule out a temporary default on Greek bonds yesterday, struggling to contain the region’s debt crisis as bond yields in Italy and Spain surged. Annual Inflation reached a three-year high of 6.4 percent in June, a July 9 report showed.