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The Wall Street Journal: Economy

Mortgage Deal Lifts Hopes for Markets

The $25 billion settlement with banks over alleged foreclosure abuses will provide financial relief to an estimated one million at-risk borrowers, raising new hopes for an economy still hurting from the mortgage bust.

Greece Sets Austerity Plan

Greece's leaders agreed on austerity moves needed for a new bailout, but euro-zone finance ministers demanded the measures formally pass the Greek parliament.

Budget Ducks Big Benefit Cuts

Obama's budget proposal will offer measures to trim the federal deficit but will leave largely unchanged the biggest drivers of government spending: Medicare, Medicaid and Social Security.

Job-Market Bellwether Strengthens

The number of people applying for jobless benefits each week has fallen steadily in recent months and is now down to levels not seen since the early months of the recession, a sign that hiring has accelerated.

Bank of England Boosts Its Stimulus

The Bank of England said it will buy another $79.1 billion of U.K. government bonds in an effort to shore up the fragile economy. The central bank's key interest rate remains unchanged at a record low of 0.5%.

ECB's Draghi Urges Banks to Take Cheap Loans

The ECB president signaled he is willing to relinquish some of the profits from the European Central Bank's holdings of Greek bonds if needed to help Athens reduce its debt burden, as the bank left rates flat for a second month.

Greek Jobless Rate Jumps to 20.9%

The Greek economy continued to show signs of erosion under the pressure of government austerity toward the end of last year, marked by an accelerating rise in unemployment and a deepening slump in industrial production.

U.K. Trade Deficit at 22-Month Low

The U.K.'s goods trade deficit shrank to its smallest size in 22 months in December, with support from record foreign sales of oil and the strongest ever exports to South Korea, official data showed.

U.S. Officials Lower Jobless Forecast

The recent spate of good economic news has led White House officials to lower their projections for the unemployment rate this year, with a top adviser saying the 8.9% estimate that will appear in the White House's budget proposal Feb. 13 is already "stale and out of date."

German Data Pose Growth Risk

Germany's seasonally adjusted exports fell more sharply than imports in December, posing downside risks to the country's growth for the fourth quarter.

China Pushes Yuan in Latin America

Chinese policy banks are seeking to expand lending to commodities-rich countries in Latin America using the yuan instead of the dollar.

Americans Ramp Up Borrowing

In another sign that the credit freeze is thawing, the Federal Reserve said Americans ramped up their borrowing at the end of 2011.

Bernanke Cites Risks to Recovery

Bernanke faced Senate lawmakers Tuesday, again offering a message for Washington to get its fiscal house in order.

Talks on Payroll-Tax Cut Bog Down

Congress is poised for another 11th-hour standoff over extending the payroll-tax cut. A panel meeting Tuesday was angry and unproductive.

Glaxo Repatriates Euro-Zone Cash

Glaxo has been funneling cash back to the U.K. daily from banks in euro-zone countries as part of its strategy to reduce exposure to risks of a possible breakdown of the European monetary system.

Japan Confirms 'Stealth' Yen Intervention

Japan continued to conduct "stealth" interventions in the currency market after its highly publicized yen-selling campaign on Oct. 31, data released by the Finance Ministry confirmed.

India Cuts Growth Forecast to 6.9%

India again cut its economic growth forecast for the current fiscal year to 6.9%, which will be the slowest in three years, as aggressive monetary tightening at home and a shaky global economy crimped industrial activity.

Focus Turns to ECB Greece Policy

The European Central Bank is widely expected to keep its interest rates on hold, but clues as to how it will deal with the intensifying crisis in Greece are likely to steal the show.

German Industrial Output Falls

Germany's disappointing industrial production data for December confirm that the euro zone's largest economy probably contracted in the fourth quarter of 2011, analysts said.

France Posts Record Trade Deficit

France's trade deficit reached an all-time record last year, underscoring the loss of competitiveness of the country's national production.