Sunday, August 7, 2011


Financial ministers from the Group of Seven leading economies are to hold a teleconference today to discuss world market stability and euro zone sovereign debt.

Japanese media say deputy finance ministers agreed on Sunday to a conference call among the higher-level ministers. Kyodo News agency reported it would likely be held before Asian markets opened this morning.

The countries are concerned the US credit downgrade would deal a significant blow to consumer and business confidence and financial markets.

Stocks tumbled in Middle East markets on Sunday in the first day of business since the Friday downgrade.