European markets are bracing for a wave of contagion from Greece

LONDON (Reuters) - European markets are braced for a wave of contagion from Greece on Monday, with heavy losses for southern European government bonds and regional stock markets expected as investors scramble to discount a possible "Grexit" that most had still assumed was unlikely as late as Friday afternoon.

Cameron Says EU Renegotiation Will Take ‘Tenacity and Patience’

Prime Minister David Cameron stressed the need for “tenacity and patience” after he began the formal process of renegotiating British membership of the European Union.

Canada’s Weaker Dollar Helps to Blunt Oil Shock, Schembri Says

A weaker dollar is helping Canada’s economy cope with a drop in crude oil prices, central bank Deputy Governor Larry Schembri said.

Fed won't hike rates because they're too scared: Economist

Wall Street breathed a sigh of relief last week, as the Federal Reserve held off on raising interest rates.

Greek debt talks haunted by ghost of Argentina

Buenos Aires (AFP) - With Greece in danger of tumbling into the economic abyss it faces the haunting memory of Argentina in 2001, when the South American country defaulted on nearly $100 billion and was plunged into a crisis it is still battling back from.

Goldman Sachs to advise on RBS and Lloyds sell-off

Goldman Sachs is to play a key role in selling off the taxpayer stakes in Royal Bank of Scotland and Lloyds Banking Group.

Chinese stocks see worst weekly fall since 2008

Chinese markets have suffered their worst weekly performance since the financial crisis due to a flurry of initial public offerings (IPOs) and concerns about stricter trading rules.

Greece Just a Distraction With Fed Rate Hike Looming, UBS Says

As negotiations over Greece rattle traders, the more significant event that will dictate the future of equity markets is the first Federal Reserve interest-rate increase in nine years, UBS Group AG says.

China trying a policy twist to cut borrowing costs

BEIJING (Reuters) - China is looking for new ways to lower stubbornly high long-term borrowing costs and stop the fruits of its looser monetary policy being pumped into speculative plays instead of supporting its slowing economy, policy insiders say.

UK wages rising at fastest rate since October 2007, thinktank says

Employment figures for April due later this week are expected to show the biggest rise in real wages growth for nearly eight years, according to new analysis.

Africa Takes First Step Toward $2 Trillion Free-Trade Bloc

African nations moved closer toward creating a free-trade zone with a combined size of $2 trillion as heads of state gathered in Johannesburg this week.

Osborne confirms Budget surplus law

The chancellor has announced that he will attempt to bind future governments to maintaining a budget surplus when the economy is growing.

U.S. job openings hit record high; small businesses upbeat

U.S. job openings surged to a record high in April and small business confidence perked up in May, suggesting the economy was regaining speed after stumbling at the start of the year.

Japan's growth surprises, but hold off on the party

Japan's economic growth is doing better than originally expected, but economists say to hold off the celebrations. Gross domestic product grew by an annualized 3.9% in the three months ended March, Japan's Cabinet Office said Monday.

Eurozone bank stress tests set for 2016: Report

Europe's banking supervisory board will carry out stress tests of big eurozone banks in 2016, according to an interview with the watchdog's president Daniele Nouy released on Sunday.

OECD tells George Osborne to spread pain of public spending cuts

George Osborne should spread the pain of tough public spending cuts beyond the next two years, according to the OECD in a critique of the chancellor’s debt consolidation strategy.

IMF: Fed shouldn't raise rates until 2016

The International Monetary Fund wants the Federal Reserve to wait until 2016 before it raises its interest rates off their historic lows.

OECD slashes US forecast as gives global economy B minus

The OECD has slashed its US growth forecast for this year and next and given the global economy a "B minus" in its bi-annual assessment.

Germany's jobless rate falls to a 24-year low

Germany's jobless rate has fallen by 6,000 to 2.78 million, as Europe's biggest economy continues to recover.

Markets Face Pivotal Week Amid Greek Deadlock, U.S. Data Glut

Pivotal is proving Wall Street’s word for the week. That’s how Barclays Plc and Credit Agricole SA describe the next five days: Greece faces a payment deadline to the International Monetary Fund; the U.S. releases a glut of data that could influence the Federal Reserve’s next move; central banks in Brazil and India may further widen a gap in emerging-market monetary policies.