The number of people unemployed in Germany during 2011 topped more than 41 million people, a record high since the country's unification in 1990. The economists are warning Germany's economic growth is expected to slow in the coming year, putting further pressure on jobs.

 

China's Premier Wen Jiabao has warned of a difficult start to year amid rising concerns over a sharp slowdown in the economy. He's reiterated his pledge to expand domestic demand to try to ward off the effects of the downturns in both the United States and Europe.

 

China's economy grew by an estimated 9 percent last year, down one percent on the previous year.

 

Let's go to the markets. The Dow Jones has just closed 179 points higher. The Nasdaq gained 44 points. The S&P 500 was up 21 and in London, the FTSE closed 128 points higher.

 

Checking commodity prices now. West Texas Crude is trading at $102.99 a barrel. Tapis Crude is at $118.61 a barrel and Gold is at $1602.89 an ounce. The Australian dollar has firmed. It's now buying 103 US cents, 79 euro cents and 66 pence sterling.