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The US stock markets cheered up yesterday due to the more than expected and surprisingly higher GDP numbers for the first quarter of 2008. The numbers were revised to 3.3% from the expected 1.9%. Also the higher durable orders data that came a day back also aided the sentiment. The strengthening of dollar continued and that is expected to keep the crude oil prices under check.
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The inflation in India, the second most populous country in the world after China, has reached a thirteen year high at 12.4% which has raised alarm bells in the Government quarters. The government is indeed really worried since the high inflation is expected to badly impact its poor finances and it may not be able to come back to power in the ensuing general elections unless something drastically happens in the next few months.
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Russian government has formally accepted the rebel territories within Georgia country and this has irked the European Union and the US really badly. The European Union is said to be reviewing the option of slapping sanctions against Russia for its blatant act. Russia seems to be little bothered about this, since it feels that the EU has little head room due to its high dependence on it for their Gas requirements.
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The final tally of Olympics reads totally in favor of the hosting country ie., China with a huge lead on others in terms of gold medal. The second in the line is US and third comes Russia. Other countries following suit are Japan and others. India comes 50th in the ranking with just one gold medal to their credit taken by Abhinav Bindra for individual shooting.
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