US retail sales marginally up; Opposition warns against US budget

US shoppers are spend less as retail sales were marginally up at 0.4 per cent, disappointing analysts. Meanwhile, a day after Obama unveils US budget, the opposition warned that it would oppose wealth tax and spending cuts in House of representatives. Sour mood continued in in Europe as ratings agency Moody's downgraded 7 countries including Spain and Portugal while others were warned including UK, France. Also, latest data of European industrial growth showed a sharp decline of 1.1 per cent in December.