AFP World Economic News Summary

The top world economic stories on Tuesday:


WASHINGTON: President Barack Obama's Democrats will unveil their first budget in four years this week in the US Senate as House Republicans put forward their own blueprint, but the two are unlikely to be reconciled.


VIENNA: OPEC kept its 2013 forecast for global oil demand unchanged, with US demand expected to be flat after two years of falling and Japanese consumption roughly at the same level as well.


LONDON: Global oil prices drifted lower as Chinese economic worries overshadowed last week's upbeat US non-farm payrolls data, dealers said.


DIJON, France: French President Francois Hollande publicly renounced his government's goal of cutting the public deficit to the EU limit of three percent of output this year, saying that it would probably amount to 3.7 percent.


NEW DELHI: India's industrial output grew by a surprise 2.4 percent in January, data showed, suggesting that Asia's third-largest economy may be on track for a modest recovery.


LONDON: Britain's manufacturing output slumped by 1.5 percent in January compared with December, official data showed, dealing a fresh blow to the country's hopes of avoiding a fresh recession.


TOKYO: Japan said it had successfully extracted methane hydrate, known as "fire ice", from its seabed, possibly unlocking many years' worth of gas for the resource-starved country.


FRANKFURT: German carmaker Audi, the top-of-the-range subsidiary of European auto giant Volkswagen, said it booked record sales in 2012 and hopes to achieve further growth this year.


DUBLIN: Irish no-frills airline Ryanair has placed an order for up to 200 Boeing planes worth $18 billion (13.8 billion euros) at list prices, the Irish Independent said.