US Treasury Secretary Jacob Lew on Friday urged the Congress to take swift action and raise the limit of borrowing to ensure confidence in the government’s capability to fund itself and make payments to its creditors.

The price of oil was reported to increase o Tuesday after the U. S. retail sales sought an unexpected rise in April. The price of oil for June delivery was up six cents to $95.23 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 87 cents to $95.17 per barrel on the Nymex.

China has already witnessed substandard first quarter and now concerns are being raised for growth in manufacturing sector in the nation.

According to reports, the US has sent out warnings to Japan saying that the country should not hold down the value of their currency to gain any advantages in the world markets.

The European shares are getting lower from its four and a half year high due to China's weak economic data and Italy's weak factory output and increasing consumer demands.

World's second largest economy, China, has witnessed a decline in its economic growth. As per official data, it has been revealed that the country has witnessed a 13 year low.

European Central Bank President Mario Draghi has said that in order to reduce cuts in the ECB, Europe's economy has to meet the worst stage.

Questioning the proposals that may affect London's position in international banking circles, British finance minister, George Osborne has asked the European Union to re-consider the proposed rules.

With a proposal of merging of the world's largest supplier of the public-traded commodities, Glen Core International PLC (GLEN), with Xstrata PLC, China is reviewing the effect the alliance will put on Chinese copper market. The statement regarding the same was given by the GLEN on Tuesday.

It was last year when the investors were asked to be patient for getting their anniversary rewards but nothing has changed even now. America's favorite store was getting transformed one year back and it is still in a similar position.