Japanese stocks surged on Tuesday, hitting a fresh multi-year high, while the Australian dollar fell after the Reserve Bank of Australia cut interest rates.

WSJ: Nikkei Hits Fresh Multiyear High

If demand is cut again, the risks of debt default and a wider collapse in bank credit are high.

ECONOMIST: Letters | The

Unemployment in the eurozone has surged to a fresh record high, while inflation has fallen to a three-year low, boosting expectations that the European Central Bank will cut interest rates.

BBC: Eurozone unemployment at record high as inflation drops

But because of a high drop-out rate, and its failure to meet student recruitment targets, South Bank has been obliged to cut academic jobs, and give back some of its grant to the Higher Education Funding Council for England, the primary government funding agency for universities.

ECONOMIST: Higher education

The Reserve Bank of India has cut interest rates and pumped liquidity into the banking system, but borrowing rates remain high.

ECONOMIST: Asian economies