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Stock futures up ahead of durable goods, jobless data
24 May 2012 at 6:15am

NEW YORK (Reuters) - Stock index futures edged higher on Thursday as investors were hopeful that data on durable goods orders and initial jobless claims will show the world's largest economy is on the right track to recovery. But trading was expected to be volatile as regional data out of Europe showed some deterioration in economic activity and investors remained concerned about Greece's possible exit from the euro zone. The Labor Department releases first-time claims for jobless benefits for the week ended May 19 at 8:30 a.m. EDT (1230 GMT). ...

BERLIN (Reuters) - German business sentiment collapsed in May and the manufacturing sector shrank as turmoil in the euro zone unsettled firms, threatening to end the immunity of Europe's largest economy to the troubles surrounding it. Germany's "Teflon economy" has so far avoided the fate of its European peers thanks to strong exports to other parts of the world and healthy domestic demand, and data confirmed on Thursday it grew 0.5 percent in the first quarter. ...

LONDON (Reuters) - New economic growth figures showing Britain has fallen deeper into recession than initially thought underscores the tough economic climate and shows recovery will take some time, Prime Minister David Cameron's spokesman said on Thursday. Official data showed the economy shrank by 0.3 percent in the first quarter of this year, a downward revision from an initial estimate of a 0. ...

LONDON (Reuters) - The shadows being cast over the global economy darkened this month as the euro zone's private sector declined further and China's once-booming factories faltered, business surveys showed on Thursday. Worryingly for European policymakers, a downturn that started in smaller euro zone periphery members is now taking root in the core countries of Germany and France, whose tepid combined growth had been keeping the troubled bloc afloat. "We are very much in a period of weakening global growth. ...

LONDON (Reuters) - Brent crude oil rose above $106 per barrel on Thursday as reports of a hiccup in talks with Iran over its nuclear program balanced the effect of weak economic data from China and Europe. Iran accused world powers on Thursday of creating "a difficult atmosphere" that hindered negotiations on its atomic energy program, signaling a snag in diplomacy to defuse fears of a covert Iranian bid to develop nuclear bombs. Brent futures rose 74 cents to $106.30 by 1042 GMT after earlier touching a high of $106.68 before weak Chinese and European economic data sparked a bout of selling. ...

LONDON (Reuters) - The euro hit a near two-year low against the dollar on Thursday after dire German economic data suggested no country in the region was immune from crisis, alarming investors already fretting over the risk that Greece will leave the euro zone. A weaker-than-expected Ifo business climate index and manufacturing PMI data for May suggested growth in Europe's largest economy that has helped the currency bloc dodge recession may be starting to slow. ...

LONDON (Reuters) - The euro hit a 22-month low and safe-haven German bonds achieved record low yields, after data showed Europe's economic woes worsening as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis. Private-sector factory activity in China also faltered in May as demand for exports fell, in a sign the impact of the euro zone crisis could be undermining global economic recovery. Europe is China's largest export market. ...

European stock markets edged up on Thursday, recovering from heavy losses the day before, as investors had expected the continent's leaders to fail to reach a breakthrough in their crisis resolution efforts.

LONDON (Reuters) - Britain fell deeper into recession than initially thought in the first quarter of 2012 due to a slump in construction output, raising the likelihood that the Bank will opt to inject more stimulus to protect the economy from the euro zone debt crisis. Britain is in its second recession since the 2007-2008 financial crisis, and the prospects for a recovery are cloudy as leaders in the euro zone, Britain's biggest trading partner, are still far from resolving their debt woes. ...

FRANKFURT (Reuters) - BMW , the world's biggest premium carmaker, plans to appeal a fine from the Swiss Competition Commission amounting to 156 million Swiss franc ($163 million) within the legal deadline of one month. "We categorically reject the accusations, the argumentation and the amount of the fine," said a spokeswoman for the company, adding that BMW adhered to all laws governing both Switzerland and the European Economic Area. ...