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Some of the world's biggest financial firms are locked in a battle over the control of large banks in the $300 trillion market for privately traded derivatives in the United States.

China's trade balance faces the risk of sliding into a deficit for the first time in two decades in 2012 as export demand in Europe and the United States slumps, an academic adviser to the central bank said on Tuesday.

When Santa Claus visits crisis-hit Europe this Christmas, his sack may not be quite so bulging with presents.

The euro zone's debt crisis struck again at the heart of Europe on Monday despite a clear-cut election victory in Spain for conservatives committed to tougher austerity.

Finance officials bit their nails and nervously watched the clock. There were 30 minutes left in a bond auction aimed at funding the deficit and there was not a single bid.

Chinese Vice-Premier Wang Qishan warned on Monday the global economy is in a grim state and the visiting U.S. commerce secretary said China would spend $1.7 trillion on strategic sectors as Beijing seeks to bolster waning growth.

Whatever its future, it's clear that so far, the Occupiers haven't changed many minds on Wall Street over blame for the country's hard times. The cognitive disconnect between the protesters and the captains of finance is alive and well.

Beneath the high ceilings of a factory in the wheat fields of Emilia-Romagna in northern Italy, Lamborghini engineers are building a new supercar. Called the Aventador, it has been described as the closest thing to a stealth fighter jet you'll see on the road. It's also a high-profile symbol of a strategic battle taking shape in the auto industry.

The International Monetary Fund is inserting itself more forcefully into Europe's efforts to resolve its debt crisis, hoping to stem a contagion that is spreading worldwide and threatening global growth.

New claims for jobless benefits hit a seven-month low last week, while permits for future home construction rebounded strongly last month, bolstering views the economy was gaining traction.