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News In Brief

MID-DAY UPDATE: China announces trade deficit, Eurozone debt crisis escalates

Katharine Crnko Mar 10, 2011

A surprise from China today — the country said it bought more goods from around the world than it sold. It’s called a trade deficit. And China today recorded its first one in almost a year. And at $7.3 billion, it’s China’s biggest trade deficit in seven years.

The eurozone debt crisis intensified today as Spain’s credit rating was downgraded yet again, after Greece took a ratings hit earlier this week.

The world’s largest bond investment fund doesn’t have much faith in Uncle Sam right now. PIMCO has gotten rid of all of its holdings of U.S. debt over concerns about what will happen to bond prices… once the Fed starts selling its Treasury bonds.

Senators John Kerry and and John McCain are backing an online privacy bill that would create an “online privacy bill of rights.”

The Wisconsin state senate passed a measure Wednesday restricting union bargaining rights, ending the stand-off that shut down the state legislature.

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