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Mario Draghi, the president of the European Central Bank will soon defend a key bong programme of the European Central Bank in a court challenge next week.

Experts say that the central bank's bold steps have been able to keep the European markets calm over a period of time. The ECB had indicated that it will directly get involved in the bonds market and purchase bonds of troubled member countries, most likely Spain and Italy. Draghi defended the scheme on Monday in a conference in Shanghai, China and claimed that it was able to address fears that the Eurozone is headed for a breakup.

According to the latest figures released, the total capital spending by Japanese firms fell 5.2 per cent during the first quarter of the year compared to the same quarter of the previous year.

Alpha Bank form Greece has been able to raise enough capital from the investors in order to avoid a takeover by the state indicating that the bank might be able to survive through the prolonged financial crisis in the country.

Share markets in China and Hong Kong continued to fall on concerns that the world's second largest economy has only made a fragile recovery following contrasting manufacturing surveys and tightened monetary supply in the economy.

While markets are eagerly awaiting the Reserve Bank of Australia's (RBA's ) imminent decision on policy rates, most economists are of the view that the central bank will leave the cash rate on hold.

Ben Jarman, a senior economist with JPMorgan, said that he didn't expect the RBA to announce any cut in key rates for the second consecutive month on Tuesday.

Mr. Jarman said that the RBA cut rates to an historic low in April, and now the data should show why the country needed deeper cuts.

Lucknow, June 3 : Lashing out at the police for detaining its leaders and workers in Ghaziabad ahead of Uttar Pradesh Chief Minister Akhilesh Yadav's arrival, the Bharatiya Janata Party (BJP) Monday accused the government of trying to gag the voice of the opposition.

Reacting sharply to its party workers being attacked with police batons for protesting the hike in power tariff and spiralling crime, state BJP spokesperson Vijay Bahadur Pathak said the chief minister was following the dictatorial attitude of his predecessor Mayawati.