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Monday Morning Business Brief

December 10, 2012, 5:54 AM

Monday Morning Business Brief

Wall Street is coming off of last week's mostly positive showing for stocks. For the week, the Dow rose 130 points, or 1 percent. The S&P gained about 2 points, while the Nasdaq fell 1.1 percent, weighed down by falling Apple shares. Futures trading suggests a lower open today.

  • Rising factory output in China and better-than-expected U.S. hiring helped lift Asian stock markets modestly on Monday, but European shares slumped after Italian Prime Minister Mario Monti's announcement that he intends to resign by the end of the year. Benchmark crude oil rose above $86 per barrel. The dollar rose against the euro but fell against the yen.
  • The Federal Reserve holds a two-day interest rate meeting this week. Capping that, Chairman Ben Bernanke will hold a news conference Wednesday.
  • In an attempt to generate stronger participation in its key government bond buyback program, Greece on Monday extended the deadline for banks, funds and investors who own its debt to declare whether they will sell their holdings back at a heavy discount. The program aims to cut some $25.81 billion from the crisis-hit country's debt load and ensure it continues to get its international bailout loans. The original deadline expired on Friday.
  • China's trade weakened sharply in November, adding to challenges for the world's second-largest economy as a gradual recovery takes shape. And Japan's economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.

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