"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Friday, September 21, 2012

Growth and debt crisis concerns

GLOBAL MARKETS-Growth and debt crisis concerns drive shares, euro lower
Reuters
Markets in London, Paris and Frankfurt fell between 0.5 and 0.7 percent. Euro zone Purchasing Managers Index data underlined the effect of the bloc's debt crisis. The composite PMI, which combines data from the manufacturing and services surveys, fell ...

Debt crisis: live
Telegraph.co.uk
To emerge once and for all from the euro crisis, three things would be essential: stronger intervention by the ECB to limit possible short-term damage, credible economic growth strategies for crisis-hit countries, and a longer-term plan that provides...

Telegraph.co.uk

China's Wen Jiabao demands EU lift arms embargo - Telegraph: "Wen Jiabao has used his last summit with the European Union to demand that Brussels lifts its arms embargo on Beijing in a move that doused hopes for a final economic boost from the retiring Chinese premier."

Time for Euro Optimists to Scatter
Wall Street Journal (blog)
Also, although the global economy was still slowing, the prospect of more liquidity from the world's major central banks had been enough to lift market hopes that the worst of the financial crisis was now over. ... Thursday alone brought bad news from ...

EURO GOVT-Spanish yields rise on aid doubts, despite firm sale
Reuters
But Bunds remained higher after the auction and ten-year Spanish bonds under pressure, with traders also worried Madrid's tactic to raise funds in the short end could eventually backfire by shortening the average maturity of its overall debt and ...

Euro zone consumer confidence falls in Sept
Reuters
Consumer spending makes up more than half of the euro zone's economic output, but households are in no position to help a recovery as the impact of the debt crisis cuts their disposable income. EU leaders want to drive economic growth and employment ...

Euro business output gloomiest in three years - Telegraph: "Private sector business activity in the eurozone showed an eighth monthly decline in September hitting its gloomiest patch in three years, survey results showed on Thursday." 

Italy slashes economic growth forecasts - Telegraph: "Italy slashed its economic growth forecasts on Thursday saying it was now expecting contractions of 2.4pc for 2012 and 0.2pc for 2013 due to "a deterioration in the international environment"."

German jobless to rise in election year 2013: study
Reuters
As the euro zone debt crisis saps economic momentum in Germany the average number of jobless will rise next year by some 40,000 to 2.94 million, after falling by 80,000 in 2012, according to estimates by the Institute for Labour Market Research (IAB ...

China says 'to play its part' in resolving euro zone crisis
Straits Times
BRUSSELS (AFP) - Chinese Premier Wen Jiabao said on Thursday that Beijing will maintain its efforts to help resolve the euro zone debt crisis, after months of investing in European sovereign bonds. "China will continue to play its part in helping ...

Straits Times

Irish GDP flat in second quarter, keeps government targets under pressure
Chicago Tribune
Irish gross domestic product (GDP) has been one of the most resilient in the euro zone during thedebt crisis, growing by 1.4 percent last year but the export-led nature of that growth makes it vulnerable to a slowdown among its trading partners ...

Eurozone economic woes suggest ECB's Draghi Plan isn't enough to stem debt crisis - Telegraph: "Private business activity in the eurozone plunged at the fastest rate in more than three years, while consumer confidence also sank, according to “dismal” economic data that doused hopes the European Central Bank bond-buying plan would unleash a wave of optimism." 

Debt crisis: Greece sells London property to raise funds - Telegraph: "Greece is thought to be selling its London consulate in Holland Park as part of a wider sell-off of its diplomatic properties designed to raise funds to secure its next bail-out tranche."

Merkel turns to ex-mentor Kohl to sell Europe to Germans
Reuters
The German leader's tough approach to the euro debt crisis has boosted her popularity in the last two years and polls show she is in a strong position to win the September 2013 vote. But she needs to ensure traditional conservatives in her own party ...

China manufacturing contracts for 11th month - Telegraph: "China's manufacturing activity contracted for an 11th straight month in September, as factories struggled with weak demand and hard-to-sell inventories."

Spain risks break-up as Mariano Rajoy stirs Catalan fury - Telegraph: "The ruling parties of Catalonia have sought guidance from Brussels on the legality of secession from Spain, requesting a “route map” for membership of the European Union and the euro as an independent state."

Euro-Area Services, Manufacturing Slump to 39-Month Low: Economy
San Francisco Chronicle
The euro area's economy is heading for a second straight quarterly contraction after a 0.2 percent decline in the three months through June as fallout from the fiscal crisis damps consumer spending and corporate investment. ... “We had hoped that the ...

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