Oil traded near the lowest close in three days in New York as rising bad loans in Spain fueled speculation that Europe’s debt crisis will spread and threaten global economic growth.
Futures were little changed after falling for the first time in three days yesterday. Spanish bad loans in April jumped to 8.72 percent of lending, the highest level since 1994, data from the Bank of Spain showed yesterday. That overshadowed election wins by pro-bailout parties in Greece. International talks with Iran resume today in Moscow over the country’s nuclear program, with President Barack Obama saying there is still time for a diplomatic resolution.
“The focus has shifted from Greece to Spain,” Jonathan Barratt, chief executive officer of Barratt’s Bulletin, a commodity-markets newsletter in Sydney, said in a telephone interview today. “Iran has been put on the back burner. There’s no Middle Eastern premium being built in.”
SBI Q4 net profit falls on lower interest income
State Bank of India, the country's largest lender, posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provi
Dubai's MAF picks banks for hybrid bond sale
Dubai's Majid Al Futtaim (MAF), which is buying Carrefour's stake in a regional joint venture, has picked five banks to arrange the sale of a dollar-denominated hybrid bond, a document from lead arra