Government Report Shows Weakening Japanese Economy
The Japanese government’s October economic report indicates a serious decline in consumer spending and a decrease in exported goods to all world markets, and predicts further weakening of the Japanese economy as a direct impact of the U.S. financial crisis.
Hungary Makes Surprise Rate Increase
Hungary’s central bank has raised interest rates by three percentage points to counter a sharp fall in the value of its currency, the forint. Analysts doubt the effects will last very long, given the worries over Hungary’s banking system.
Crude Falls as U.S. Demand Declines
Crude oil futures for December fell by more than $5.00 to $66.90 a barrel in New York.
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