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Tuesday Morning Business Brief

December 4, 2012, 5:51 AM

Tuesday Morning Business Brief

Stock prices lost ground on Wall Street in Monday trading. The Dow fell 60 points to 12,966. The S&P dropped nearly 7, while the Nasdaq lost 8 points. Futures rose slightly this morning.

  • International stock markets meandered today as traders weighed a surprise drop in U.S. factory production against hopes that the U.S. will avoid the so-called fiscal cliff. Benchmark crude oil fell below $89 per barrel. The dollar rose against the euro but fell against the yen.
  • European Union finance ministers say they hope to have a deal by the end of the year that will give the European Central Bank wide-ranging authority to better deal with future financial crises. They're trying to set up a united banking supervisor but remain divided over whether the ECB should oversee all banks or only the largest.
  • The leader of an anti-bailout party leading opinion polls in Greece has called for a delay in the repayment of rescue loans until the country emerges from its major recession, which is heading into a sixth year. Alexis Tsipras, leader of the main opposition Radical Left Coalition Party, argued austerity policies pursued by the three-party coalition government will weaken Greece's economy and leave the country more reliant on emergency loans.
  • The United States is leading an effort at the international Internet conference to reject any proposed oversight revisions. American envoys say they are working with other nations on a proposal to drop all discussions of possible regulations. The concern is new rules could complicate commerce and be used by some nations to justify further cyber-crackdowns.

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