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Eurozone Gross domestic product (GDP) Records Fastest Drop in 13 Years
Gross domestic product (GDP) in the 16-country Eurozone fell the most in 13 years in the first quarter as industrial exports plummeted, the European Union’s statistics office in Luxembourg reported Friday. However, some analysts are convinced the data indicates an economic bottom has been reached.
Eurozone economic activity dropped 2.5% from the fourth quarter, the biggest drop since the data was first compiled in 1995. The drop exceeded the 2% decline economists forecast in a Bloomberg News survey.
18May2009 | Money Morning | 0 comments | ContinuedWall Street Bonuses: A Key Financial Crisis Catalyst
In a report released last week, New York State Comptroller Thomas P. DiNapoli estimated that the securities industry granted its employees $18.4 billion in bonuses – a revelation that President Barack Obama characterized as “shameful.”
Not surprisingly, the audacity of The Street’s greed is far more shameful than people realize, because the total payout was actually much higher than the report found.
What wasn’t widely reported is that the $18.4 billion was only the cash portion of the bonus payout and only accounted for the money paid to securities-industry employees who worked in New York City. In other words, bonuses paid to…
5Feb2009 | Money Morning | 0 comments | ContinuedFor the U.S. Economy in the New Year, the Pain Will Precede the Promise
If there’s a proverb that captures the outlook for the U.S. economy in the New Year, it’s the one that says: “It’s always darkest before the dawn.”
Regardless of any formal announcement of whether or not the United States drops into an actual recession, the ongoing credit crisis guarantees a contraction of the American economy by virtually every measure we know. That period of darkness will be marked by a dramatic slowdown in economic activity, as well as by rising unemployment, additional declines in U.S. stock prices, and constant volatility. It could last as long as 12-18 months.
But when the dawn…
10Nov2008 | Money Morning | Comments Off | ContinuedECB Cuts Interest Rate by Half Point as Recession Grips Eurozone
The European Central Bank (ECB) today (Thursday) cut its benchmark interest rate by half a point to 3.25%. The reduction was widely expected, as economic growth has supplanted inflation as the central bank’s chief concern.
“Interest rates have to be appropriate for the economic environment,” ECB council member Axel Weber said Oct. 30. “If the economy cools, then rates have to come down rapidly so one doesn’t risk falling behind the curve.”
Gross domestic product (GDP) in the 15-nation Eurozone contracted by 0.2% in the second quarter, and the European Commission said Nov. 3 that the economy probably shrank by 0.1% in…
6Nov2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Verizon Helped by Wireless Sales; Kraft Produces Profit; Raytheon Teams with NASA; Ryanair Crashes and Burns; Dow Dives 240 points; Oil Rallies on Political Tension; White House Lowers Growth Estimate; Amgen Profit Slides
-Verizon Communications Inc. (VZ) reported strong quarterly profit boosted by wireless sales. Second-quarter profit was $1.88 billion, or 66 cents a share, up from $1.68 billion, or 58 cents a share, a year earlier. Excluding items such as merger integration costs, earnings per share were 67 cents, beating the average analyst forecast for 64 cents a share, according to Reuters Estimates.
-Kraft Foods Inc. (KFT), the nation’s largest food and…
29Jul2008 | Money Morning | Comments Off | ContinuedEuropean Growth Strong in the First Quarter, but Will it Last?
Powered by the biggest German expansion in 12 years, the European economy shrugged off the U.S. slowdown to post first-quarter growth numbers ahead of analyst estimates.
Gross domestic product (GDP) in the 15-country Eurozone increased by 0.7% in the first three months of the year, Eurostat reported. Analysts had predicted a growth rate of 0.5%.
Germany and France – which together account for nearly half the Euro region’s GDP – made the difference. The German economy, the continent’s largest, expanded by 1.5% in the first quarter, compared with a growth rate of 0.3% in the final three months of 2007. France also turned…
16May2008 | Money Morning | Comments Off | ContinuedWith a Rate Decision, GDP Report Due Today, the Fed Walks the High Wire Again
If U.S. Federal Reserve policymakers make the expected quarter-point rate cut at the end of their meeting today (Wednesday), the impact will be felt well beyond U.S. borders.
Indeed, the interest-rate reduction could set in motion a series of diverse global events that will impact such seemingly unrelated areas as European inflation, global food prices, the U.S. dollar, American exports, and the already chilly relationship between the European Central Bank (ECB) and the government of France.
For any of this to happen, however, the Fed first has to act. Most observers believe the U.S. central bank’s policymaking Federal Open Market Committee (FOMC) will…
30Apr2008 | Money Morning | Comments Off | Continued
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