EU News Highlights 12-01-08


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With no sign of a meaningful response, and, worse yet, no safe channel to get it done even if they wanted to, systemic risk in the eurozone continues to escalate.

Highlights

European Manufacturing Contracts More Than Estimated
German Retail Sales Drop as Recession Damps Spending
Spanish Manufacturing Contracted at Record Pace in November
ECB to Cut Benchmark Rate 1/2 Point, Economists’ Survey Shows
EU’s Barroso Sees Right Conditions For ECB Rate Cut
Italy approves economic aid, boost for banks
European Government Bonds Gain on Signs Slump Is Deepening


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EU Inflation Rate Drops to 2.1%


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Another tenth and the ECB will hit it’s inflation target for the first time since inception!

That’s why they called this the ‘beneficial recession.’

Just in time for year end performance bonuses…

Highlights

Europe Inflation Rate Drops Most in Almost Two Decades to 2.1%
Trichet Says Stability, Growth Pact Must Be Fully Respected


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2008-04-15 EU Highlights

As a point of logic seems their best move is to try to pressure the Fed to stop cutting.

Highlights:

ECB’s Stark, Ordonez Say 4% Key Rate May Not Contain Inflation
French Government Will Lift Minimum Wage by 2.3% on May 1
French annual inflation jumps to 17-year high
Italian inflation jumps to highest level since 1996
German Investor Confidence Unexpectedly Fell in April