Japanese Economy is facing tough times as GDP has witnessed decline of 12.7% during the last quarter. The GDP fell for third quarter as exports were lower by 13.9%. Japan’s Nikkei has fallen nearly 12% this year.

While crude oil prices are declining, the price of gasoline is rising in many US States. During year end, the prices of gas were at $1.61 and have climbed up to $1.97 this Sunday. As most refiners have reduced production, the average utilization is at its lowest in last 17 years.

Chinese Officials have criticized “Buy American” requirements of US plans for economic revival. Chinese Commerce ministry official Yao Jian said that Beijing was deeply concerned about protectionism.

Indian Finance Minister will present interim budget on Monday. Market experts believe that the UPA government will offer many Tax sops in the budget during the election year budget.

Canada would see a deficit of $64 billion over the next two years which will include $34 billion during first and $30 billion during the second year.

BMW may soon announce layoffs for 850 Mini workers. Pharmaceutical major Glaxo will announce price cuts for poor nations.

Forex Update

Euro USD 1.2898
USD Yen 91.9600
GBP USD 1.4398
CAD USD 0.8092