Quick Overview

The U.S. Consumer Price Index was up 0.6 percent last month - stronger than expected as the costs of energy clothing and airline fares all rose.

China's economy expanded 9.5 percent, faster than expected, putting fresh pressure on Beijing to rein in growth.

Argentina's economy grew a faster than expected 8.6 percent rate in February.

India's weather office on Wednesday forecast normal monsoon rains this year.

Among leading world economies, the U.S. ranks only 11th in Internet users connecting at high-speed. Compared to South Korea, Japan, even Canada, the U.S. is falling behind.

The Department of Energy said in its weekly petroleum supply report that the U.S. supply of crude oil fell last week by 1.8 million barrels to 318.9 million barrels, or 8 percent above year ago levels. Gasoline inventories declined by 1.5 million barrels to 211.6 million barrels, or 5 percent above year ago levels.
The supply of distillate fuel, which includes diesel, was flat at 104 million barrels, or roughly 1 percent above year ago levels, the agency said. Heating oil supplies were up 1.4 million barrels Gasoline demand has averaged more than 9 million barrels a day over the past four weeks, roughly 1.2 percent above year ago levels.

The Federal Reserve's Beige book said that "all twelve Federal Reserve Districts indicate that business activity continued to expand from late February through early April." The districts of Kansas City and San Francisco reported the most positive growth while "some deterioration" in retail activity was reported in Cleveland's district.