Quick Overview

• China's demand for vegetable oils will "rise sizably" despite efforts to slow its economy, Oil World says.

• Nearly 70% of American mayors are cutting back on road maintenance and projects as a result of the prolonged economic downturn, according to a new survey of mayors coast-to-coast commissioned by Reader's Digest and conducted by Harris Interactive.

• Borrowing costs for Portugal and Spain have surged to danger levels on fears that Europe's leaders are losing political control of the Irish crisis and have yet to agree on a coherent plan to tackle the euro zone’s deeper debt woes.

• Sales of U.S. existing homes fall 2.2% in October.

• U.S. third-quarter GDP revised to 2.5% growth.

• Gold prices rose as fears of escalating tension on the Korean peninsula and spreading sovereign jitters in Europe drove investors to seek safety.

• The Russian government will start selling grain from the state intervention fund if domestic grain prices rise to 7,000-8,000 rubles ($224-256) per ton, First Deputy Prime Minister Viktor Zubkov said Tuesday. The current price for grain stood at 6,000 rubles ($192).