Recession, Europe | featured news

The king of Spain offered an unprecedented apology Wednesday for going on an elephant-hunting safari in Africa while his subjects struggle with recession and high unemployment at home.

The United States and China piled pressure on Europe on Saturday to get to grips with its debt crisis before it risks causing bank runs and pushing the global economy into ruinous recession.

Stock markets in Asia opened sharply lower Friday amid signs of a possible U.S. recession and renewed worries over the financial health of Europe's banks.

U.S. stocks edged higher, bolstered by U.S. Federal Reserve Chairman Ben Bernanke's comments that the economy is unlikely to slide into a second recession, but worries about European finances persisted after Fitch Ratings warned that the U.K. faces budget challenges.

The euro region finally sees some modest growth, as Spain and Ireland straggle behind.

Germany and France enjoyed a shock return to economic growth in the second quarter of the year, data showed on Thursday, ending their recessions earlier than many policymakers and economists had expected.