US economy shrank at annual pace of 0.2% in first quarter

The US economy contracted at an annual rate of 0.2% in the first quarter of the year after being hit by bad weather, spending cuts among energy firms and the strong dollar.

Dollar Heads for Weekly Gain as Data Support Pace of Fed Taper

The dollar headed for weekly gains against the euro and the yen as improving economic data backed speculation the Federal Reserve will remove stimulus this year.

Nowotny eyes 'self-correction' of low inflation, strong euro

(Reuters) - Low euro zone inflation and the strong euro could both start to self-correct this year without necessarily requiring any action from the European Central Bank, one its policymakers Ewald Nowotny said on Tuesday.

Gross Says U.S. Will Avoid ‘Catastrophic’ Default on Debt

Pacific Investment Management Co.’s Bill Gross said the U.S. will avoid a “catastrophic” default on Treasury securities if lawmakers fail to extend the debt limit on the nation’s debt.

Euro, global shares rally on Spanish hopes, U.S. earnings

NEW YORK (Reuters) - World shares rose for a second day on Tuesday and the euro rallied against the U.S. dollar after a report said Germany could show greater flexibility toward aid to Spain and as U.S. corporate earnings surprised on the upside.

Chinese Export Growth Tumbles

HONG KONG — Signs that the Chinese economy is sputtering mounted Friday, in the form of dismally feeble trade data that fanned expectations that Beijing would soon step up its efforts to buttress growth before a key leadership transition this autumn.

Money Funds Cut Barclays Debt While Adding Deutsche Bank

The 10 biggest prime U.S. money- market mutual funds decreased holdings of Barclays Plc (BARC) by $6.65 billion in April, the largest drop in dollars for any bank, ahead of a potential downgrade for the London-based company.

Brazil slams rich countries over "currency war"

BRASILIA (Reuters) - Brazilian President Dilma Rousseff slammed rich nations on Thursday for unleashing a "tsunami" of cheap money that was "cannibalizing" poorer countries such as her own, forcing them to act to protect struggling local industries.

U.S. Stocks Decline

NEW YORK—U.S. stocks fell after a weak reading on U.S. consumer confidence trumped early enthusiasm for a European Union pact to tighten fiscal ties.