ECB: Nicolas Sarkozy, the French president, today threw his support behind Mario Draghi, the governor of Banca d'Italia, to succeed Jean-Claude Trichet, as president of the European Central Bank from November 1 next.
A summit of the 17 Eurozone leaders will make the final decision on the appointment in June.
Axel Weber, who is due to retire as president of the Bundesbank this week, had been the frontrunner.
"We support the candidature of Mario Draghi," Sarkozy said at a joint news conference with Silvio Berlusconi, Italian prime minister, in Rome. "We support him because he is a person of quality," he added.
Draghi (born Sept, 1947) heads the Financial Stability Board, which is a committee of central bankers from G-20 countries, which is seeking to develop frameworks on improved global banking rules.
A former economics professor and investment banker at Goldman Sachs, Draghi was named governor of the Banca d'Italia in 2005.
He has a doctorate in economics from the Massachusetts Institute of Technology (MIT) and he will serve one 8-year term if selected.
US: Ford Motor Co. the second-biggest US carmaker, said today that first-quarter profit rose
22% to the highest level for the period since 1998 as it gained higher prices
for fuel- efficient new models.
US economic news:
Italy's Exporting Market: "It's clearly that Germany is our main export partner," Claudia Serge, general secretary of Assiom Forex told CNBC on Italy's export market:
100 Jobs: Jobs losses are seldom formally announced and today two announcements of up to 100 new jobs were made.
50 jobs are planned in Galway by US-owned software company NEI.
In Dublin, delivery company Nightline says it will add 50 jobs in Dublin when a planned expansion is completed.
NEI is establishing its operation in Galway to meet demand in the European market.
The 50 jobs are in manufacturing and technology support.
Founded in 1997, NEI is headquartered in Canton, Massachusetts, and employs around 250 people worldwide.
In New York Tuesday, the Dow jumped 103 points or 0.83% to 12,583.
The S&P 500 advanced 0.92% and the Nasdaq rose 0.90%.
It's the Economy: "Our favourite month is July, purely because we have the bank stress tests being released in June," David Owen, chief european economist at Jeffries International told CNBC on when the European Central Bank is likely to raise rates:
The pan-European Dow Jones Stoxx 600 has risen 0.31% Tuesday.
In Dublin the ISEQ climbed 0.92%.
CRH is up 0.49%; Elan has risen 5.29%; AIB has added 11.63% and BoI has climbed 3.29%; IL&P advanced 5.29%.
Crude oil for June delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $112.10 per barrel down 18 cents from Monday's close. In London, Brent for June delivery is trading on the International Commodities Exchange at $123.93.
The euro is trading at $1.4623 and at £0.8882
Gold is trading at $1,498.40 per oz in New York.
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