Morning business round-up: Eurozone markets move up


What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Markets have held steady as they await details of an agreement to resolve the eurozone debt crisis.

Stock markets and the euro rose in early trading, before falling back.

Although a weekend summit of eurozone leaders was inconclusive, the outline of a deal was agreed, with another summit to finalise details scheduled for Wednesday.

While the politicians seek a solution to the debt crisis, the weak state of the eurozone economy has been demonstrated by the latest snapshot of economic health in the currency bloc.

The latest Purchasing Managers Index (PMI) figures showed a second month of contraction in the private sector - leading to fears of a recession in the single-currency region.

The remarks by finance minister Jun Azumi succeeded in weakening the value of the yen against the US dollar in Monday trading.

The yen hit a record high against the dollar in New York on Friday.

The remarks came after the premier visited fresh food markets in south western China over the weekend.

Inflation in China eased slightly in September but high prices remain a concern for the country's population.

New measures should include improving access to finance, especially in the bond markets, the CBI said on Monday.

Media caption,
Biz Heads

It will add to an increasingly competitive market for online film streaming in the UK.

Market leader LoveFilm was recently taken over by Amazon, and YouTube has also announced plans to stream films.

Navigation-system firm TomTom has announced a 50m euro cost-cutting drive after third-quarter sales fall 10% on waning demand.

The Dutch firm reported sales in the quarter of 336m euros from 375m euros a year ago.

The latest edition of Business Daily examines whether the eurozone deal is a milestone and whether the losses agreed on Greek bonds be seen as a default.

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