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While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Wednesday, 05/26/10

May 26, 2010

GLOBAL STOCKS BOUNCE BACK After two-day dive, European and Asian bourses recover. In early trading, Euro Stoxx 50 index of blue chips rose 2.4 percent, while the FTSE 100 index in London gained 1.8 percent. (NYT)

OECD BUMPS FORECASTS UP, ASIAN RECOVER LEADS WAY Twice-annual OECD forecast adjusts to account for strong Asian recovery. Doubts about debt linger, but no risk of double-dip recession, says Paris-based organization. Global growth now fixed at 4.6 percent in 2010 and 4.5 percent in 2011, nearly full percentage point higher than November forecast. (Reuters)

GERMAN CONSUMER CONFIDENCE DOWN Market research group GFK says German consumer climate index fell for June more than expected, reflecting euro-zone debt crisis worries. (DowJones)

SOCIETE GENERALE TRADER SAYS BOSSES HELPED MAKE BAD BETS In TV interview, Jerome Kerviel, set for trial next month for €4.9 billion trading loss, says top executives at French bank were in on the scheme. (Bloomberg)

BP AT PIVOTAL MOMENT TO TRY TO STEM LEAK As criticism mounts, BP says it will try “top kill” maneuver has never been attempted before under water. If it works, it could slow Gulf spill. (CNN article/video)

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