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Last Updated: Feb 9, 2010 - 7:29:40 AM |
News
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European
German merchandise exports fell 18.4% in 2009; Year marked biggest drop in trade since 1950 - - China becoming the world's top exporter; Exports up 3% in December
German merchandise exports were valued at €803.2bn in 2009 and imported commodities were valued at €667.1 billion in 2009. German exports in 2009 were 18.4% and imports 17.2% below the respective 2008 levels. This was the highest decline recorded in foreign trade in relation to both imports and exports since 1950 and in 2009, China becoming the world's top exporter. Exports were up 3.0% in December, compared with the previous month.
Feb 9, 2010 - 7:24:52 AM
News
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European
Competitiveness of Eurozone economies: Long tradition of tensions
Deutsche Bank Research says that in recent months, soaring government debt has shaped public debate over economic policy in the Eurozone. One often overlooked aspect is that the deficits of some countries are not only attributable to crisis-related revenue shortfalls and higher spending or poor budget policy. They are partly also due to reduced growth prospects resulting from a country’s lack of competitiveness. The differences in competitiveness are increasingly becoming a problem for EMU (European Monetary Union), especially since the gaps between the member states have grown over the past few years. Meanwhile last week, BusinessEurope, the pan-European business group representing 40 national business organisations in 34 countries, slammed governments for paying lip service to the goal of completing the European Union’s single market and for an EU budget that gives undue weight to agriculture over economic competitiveness.
Feb 8, 2010 - 12:42:55 AM
News
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European
European Central Bank keeps benchmark rate on hold at 1%; Trichet to address press conference; Bank of England holds rate at 0.5% - - lowest since 1694
The European Central Bank (ECB) as expected kept its benchmark interest rate on hold at 1.0%, at a meeting of the governing council in Frankfurt, today. The ECB president, Jean-Claude Trichet, will address a press conference and he is expected to be questioned on the economic woes of Eurozone member Greece. The Bank of England kept its key rate at 0.5% - - the lowest since 1694.
Feb 4, 2010 - 12:43:34 PM
News
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European
European Central Bank and Bank of England expected to leave interest rates at historic lows
The European Central Bank (ECB) and Bank of England are expected to leave interest rates at historic lows when their respective rate setting committees meet in Frankfurt and London today. The ECB's benchmark rate is currently at 1% and the Bank of England's rate is at 0.5% -- the lowest since 1694.
Feb 4, 2010 - 5:38:36 AM
News
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European
Euro's role as a reserve currency is growing
The euro's role as a reserve currency is growing and the chart here shows the euro and US dollar shares in international foreign-exchange reserves and their annual percentage change. It can be seen that the share of the euro has risen strongly since the currency was launched eleven years ago. By Q3 2009 it had grown to 27.7%, from 18.1%. This represents an increase of 53% in a growing environment, as total forex reserves have quintupled over the same period. Deutsche Bank economist Nicolaus Heinen says despite the data, eurosceptics consider the euro's role as reserve currency to be in jeopardy at present. They fear that high government debt in some EMU countries could make the euro unattractive to international investors.
Feb 4, 2010 - 4:25:46 AM
News
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European
European Commission accepts Greece's rescue plan but warns further spending cuts and new taxes might be needed
The European Commission today accepted Greece's plan to slash its budget deficit, but warned that further spending cuts and new taxes might be needed to correct the country's public finance imbalances.
Feb 3, 2010 - 3:29:55 PM
News
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European
Eurozone retail sales volume flat in December -- down 1.6% in 2009
In the month of December 2009, the volume of retail trade remained stable in the Eurozone (EA16) and fell by 0.1% in the EU27. In November retail trade decreased by 0.5% in both zones. In the year 2009, the retail sales index dropped by 1.6% in the Eurozone and by 1.0% in the EU27. The average volume of retail trade index for 2009, compared with 2008, fell by 2.3% in the Eurozone and by 1.7% in the EU27.
Feb 3, 2010 - 2:55:57 PM
News
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European
Growth of Eurozone service sector moderated at start of 2010; Ireland was the weakest performer overall
The final Eurozone Services Business Activity Index at 52.5 in January, signalled an expansion of the service sector for the fifth consecutive month. Although the index was down from the 25-month high of 53.6 posted in December, it was slightly above the earlier flash estimate of 52.3. France (which recorded the strongest growth), Germany and Italy all reported increased levels of business activity in the first month of 2010, but rates of expansion eased in each of these nations. Meanwhile, the downturns in the Spanish and Irish service sectors continued. Ireland was the weakest performer overall, with its rate of decline accelerating sharply to the quickest since last July. The contraction in Spain was the least marked during the current 25-month period of decline.
Feb 3, 2010 - 9:09:18 AM
News
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European
Eurozone industrial producer price index fell 0.1% in December - - down 2.9% in 2009; German retail sales rose in December
In the month of December 2009, Eurozone (EA16) industrial producer price index rose by 0.1% and remained stable in the EU27. In November, prices increased by 0.2% in both zones.In the year to December 2009, industrial producer prices fell by 2.9% in the Eurozone and by 1.7% in the EU27. The average industrial producer price index for 2009, compared with 2008, decreased by 5.1% in the Eurozone and by 4.3% in the EU27. These figures come from Eurostat, the statistical office of the European Union. German retail-sales volumes rose 0.8% in December from a month earlier, boosted by holiday-season spending on consumer goods and services, Destatis, the federal statistics office said Tuesday.
Feb 2, 2010 - 12:59:55 PM
News
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European
Eurozone PMI at two-year high in January; France and Germany leading the recovery but Spain, Ireland and Greece fall further behind
Final Eurozone PMI (Purchasing Managers' Index) manufacturing sector data shows the sector started 2010 on a positive footing. The recoveries in production and new orders, which began at the end of Q3 last year, gained further traction in January. Rates of expansion for both variables were also faster than those signalled by their respective flash estimates. France and Germany leading the recovery but Spain and Greece fell further behind. The headline final Eurozone Manufacturing PMI - - a composite index based on measures of production, orders, employment, inventories and supplier performance - - posted 52.4 in January, its highest reading for two years. The index value was above both its earlier flash estimate of 52.0 and the final reading of 51.6 posted in December. The level of the PMI has risen in each month since hitting a record low last February and has now remained above the neutral 50.0 mark for four consecutive months.
Feb 1, 2010 - 9:07:26 AM
News
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European
Eurozone unemployment rose to 10% in December 2009; Ireland's rate was at 13.3%; Netheralnds at 4.0% and Spain at 19.5%
The Eurozone (EA16) seasonally-adjusted unemployment rate was 10.0% in December 2009, compared with 9.9% in November. It was 8.2% in December 2008. The EU27 unemployment rate was 9.6% in December 2009, compared with 9.5% in November. It was 7.6% in December 2008. For the Eurozone this is the highest rate since August 1998 and for the EU27 since the start of the series in January 2000. Ireland's rate was at 13.3%; Netheralnds at 4.0% and Spain was at 19.5%.
Jan 29, 2010 - 10:55:56 AM
News
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European
Eurozone confidence surveys point to continued optimism in January
Eurozone confidence surveys issued today, point to continued optimism in January 2009.
Jan 28, 2010 - 2:37:28 PM
News
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European
Eurozone savings rate falls to 15.8% in Q3 2009 compared with 4.5% in US and 2.0% in Japan
In the third quarter of 2009, in both the Eurozone (EA16) and the EU27, the seasonally adjusted household saving rate decreased and the household investment rate was almost unchanged. The Eurozone savings rate was 15.8% compared with 4.5% in the US in November 2009 up from below zero in 2005 and a Japanese savings rate of about 2%, impacted by an ageing population and over a third of the workforce on temporary contracts, down from over 10% a decade ago.
Jan 28, 2010 - 1:55:59 PM
News
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European
German government revises up forecast of 2010 economic growth to 1.4%; Deutsche Bank says growth of over 2% is likely
The German government today revised up its forecast of 2010 economic growth in its twice yearly outlook. The Eurozone's biggest economy will grow 1.4 per cent this year, compared with the 1.2 per cent growth forecast in October. However, Deutsche Bank, Germany's biggest, is forecasting growth of more than 2 per cent.
Jan 27, 2010 - 5:44:04 PM
News
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European
UK economy exited recession in the fourth quarterly of 2009 but quarterly growth rate of 0.1% was very weak
The UK economy exited recession in the fourth quarterly of 2009 but the quarterly growth rate of 0.1 per cent was very weak, Nevertheless, the economy has resumed growth after the longest recession on record.
Jan 26, 2010 - 10:16:20 AM
News
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European
German business confidence rose to an 18-month high in January
German business confidence rose to an 18-month high in January as the global economic recovery boosted the demand for exports.
Jan 26, 2010 - 9:50:08 AM
News
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European
German consumer climate marks a cautious start to the New Year
The slight cooling of the consumer climate in Germany will continue in February, according to market research company Gfk.. Economic expectations are recording stable development, and the propensity to buy is increasing slightly again. In contrast, income expectations have recorded losses. The overall indicator is forecasting a value of 3.2 points for February 2010, following a revised value of 3.4 points in January.
Jan 25, 2010 - 1:27:54 PM
News
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European
Eurozone recovery continues in January but output growth slows
The Eurozone recovery continued in January but output growth slowed. The Markit Flash Eurozone Composite Output Index, based on around 85% of normal monthly survey replies, registered 53.6 in January, indicating an increase in private sector output for the sixth successive month. The index fell for the first time since bottoming out in February of last year, down from 54.2 in December, signalling a modest easing in the rate of expansion.
Jan 22, 2010 - 1:26:24 AM
News
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European
French and German governments raise their economic growth forecasts for 2010
The French and German governments on Monday raised their economic growth forecasts for 2010, signalling a continued but muted recovery in the Eurozone’s two biggest economies.
Jan 19, 2010 - 2:16:22 AM
News
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European
UK recovery reliant on a roaring trade with the tiger economies; Decade of painful readjustment to follow decade of debt
The UK recovery is reliant on a roaring trade with the tiger economies according to the quarterly forecast from the Ernst & Young Item Club. In its report, the Big 4 accounting firm says the economy has moved out of a decade of debt and into a decade of painful readjustment.
Jan 18, 2010 - 8:59:53 AM
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