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The new Spanish government will present its first budget Friday, with austerity expected to be the overriding theme. The problems facing the euro zone’s fourth-largest economy have not dissipated since the government, led by Mariano Rajoy of the center-right People’s Party, took office last year, and there are now worries that the Spanish population is [...]

Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and said it may strip France and the U.K. of their top Aaa ratings, citing Europe’s debt crisis. Spain was downgraded to A3 from A1 yesterday, Italy to A3 from A2 and Portugal to Ba3 from Ba2, all with [...]

Greek Prime Minister Lucas Papademos struck a tentative deal with political parties on austerity measures demanded by international creditors as European leaders maintained pressure to complete terms for a 130 billion-euro ($171 billion) rescue package. Chiefs of the three parties supporting Papademos’s interim government were due to meet with the premier at about midday to [...]

The market had its sights trained on Italy and Greece for much of 2011 as the Mediterranean economies struggled on the euro zone’s largest debt-to-gross domestic product ratios – and this is unlikely to change in 2012, according to analysts. “The first half of 2012 will be the time when we will get a better [...]

Slowing wage growth in the United States, coupled with rising wages in China and other emerging markets, could soon make the U.S. more competitive. While wage levels in China are still far below the average wage in the U.S,, better technology, transportation and services in the U.S. could help make the difference for companies, according [...]

Europe’s leading central banks returned to crisis-fighting mode, expanding a push by global monetary-policy makers to support economies and financial markets while fiscal authorities struggle to act. The European Central Bank, after a meeting yesterday in Berlin, said it would reintroduce purchases of covered bonds and yearlong loans for banks to support markets rattled by [...]

The trillions of dollars the Federal Reserve has thrown at the U.S. economy has done little to lift the country out of its doldrums; unemployment remains high, consumer spending weak and the housing sector looks set for a double dip. As the government struggles to stave off another recession, one expert suggests that a period [...]

Sales of existing homes fell 3.8 percent in May, not as deep a drop as some had forecast, to a seasonally adjusted annual rate of 4.81 million units. April’s figure was revised down to 5 million. Potential homebuyers continue to be held back by tough credit standards and poor confidence. Sales activity was 15.3 percent [...]

Sales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy. Purchases of existing homes fell 3.8 percent to a 4.81 million annual pace last month, in line with the 4.8 million median estimate in a Bloomberg News [...]