September 2012 International Economic Fundamentals
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Spain: One in four is unemployed
Spain suffered the highest level of joblessness in the eurozone in July, as overall unemployment in the region held steady at a record high.
One out of every four citizens in Spain is unemployed, according to the latest statistics from Eurostat. The situation is even worse for young Spaniards. The unemployment rate for those under 25 years old is now approaching 53%.
Spain has been dealing with high unemployment for years. The nation's jobless rate has been above 20% since May 2010, according to data from the European Central Bank. In July, the rate rose to 25.1%.
Read the full article here.
Spain suffered the highest level of joblessness in the eurozone in July, as overall unemployment in the region held steady at a record high.
One out of every four citizens in Spain is unemployed, according to the latest statistics from Eurostat. The situation is even worse for young Spaniards. The unemployment rate for those under 25 years old is now approaching 53%.
Spain has been dealing with high unemployment for years. The nation's jobless rate has been above 20% since May 2010, according to data from the European Central Bank. In July, the rate rose to 25.1%.
Read the full article here.
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Number of unemployed in France passes 3 million
PARIS (AP) -- The number of French unemployed has broken through the 3-million barrier for the first time since 1999, the country's leaders say.
The latest total adds pressure on President Francois Hollande, whose administration is under attack for doing not doing enough to fix the economy. France's unemployment rate is currently 10 percent.
Read the full article here.
PARIS (AP) -- The number of French unemployed has broken through the 3-million barrier for the first time since 1999, the country's leaders say.
The latest total adds pressure on President Francois Hollande, whose administration is under attack for doing not doing enough to fix the economy. France's unemployment rate is currently 10 percent.
Read the full article here.
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Move over BRICs, here come the MISTs
In 2001, Jim O`Neill kicked off a decade-long investment boom with a catchy acronym for the four largest emerging-market economies`Brazil, Russia, India, and China. The Goldman Sachs (GS) Asset Management chairman is now promoting a new foursome of fast-track countries: Mexico, Indonesia, South Korea, and Turkey.
Read the full article here.
In 2001, Jim O`Neill kicked off a decade-long investment boom with a catchy acronym for the four largest emerging-market economies`Brazil, Russia, India, and China. The Goldman Sachs (GS) Asset Management chairman is now promoting a new foursome of fast-track countries: Mexico, Indonesia, South Korea, and Turkey.
Read the full article here.
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Don't bet on the end of China's growth miracle
In 2011, China`s economy grew 9.2 percent, compared with 10.4 percent in 2010. In the second quarter of 2012 that growth rate had fallen further, to 7.6 percent. That`s set alarm bells ringing about the fate of the China miracle. Will the most successful and rapid decline in global poverty in the history of humanity shudder to a halt? Will the Asian Century be postponed, leaving the U.S., against the odds, as the undisputed top nation for the foreseeable future?
Don`t bet on it. There are still strong reasons to believe fast growth remains possible for China during the next two decades. And even if its growth were to collapse by 2 or 3 percentage points a year, the country will still get rich awfully fast.
Read the full article here.
In 2011, China`s economy grew 9.2 percent, compared with 10.4 percent in 2010. In the second quarter of 2012 that growth rate had fallen further, to 7.6 percent. That`s set alarm bells ringing about the fate of the China miracle. Will the most successful and rapid decline in global poverty in the history of humanity shudder to a halt? Will the Asian Century be postponed, leaving the U.S., against the odds, as the undisputed top nation for the foreseeable future?
Don`t bet on it. There are still strong reasons to believe fast growth remains possible for China during the next two decades. And even if its growth were to collapse by 2 or 3 percentage points a year, the country will still get rich awfully fast.
Read the full article here.
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A look at the Eurozone's dangerous week ahead
PARIS ` The eurozone enters a dangerous week, strewn with potential landmines, in a somewhat more optimistic mood after investors welcomed a European Central Bank plan to prevent a breakup of the single currency.
German judges, Dutch voters, IMF inspectors and Brussels regulators could all spring surprises that make it harder to resolve a sovereign debt crisis which is almost three years old and weighing on the world economy.
Wednesday is the main day to watch.
Read the full article here.
PARIS ` The eurozone enters a dangerous week, strewn with potential landmines, in a somewhat more optimistic mood after investors welcomed a European Central Bank plan to prevent a breakup of the single currency.
German judges, Dutch voters, IMF inspectors and Brussels regulators could all spring surprises that make it harder to resolve a sovereign debt crisis which is almost three years old and weighing on the world economy.
Wednesday is the main day to watch.
Read the full article here.
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China's imports shrink in sign downturn is worsening
China`s imports shrank unexpectedly in August in a sign its economic slump is worsening and the Chinese president warned growth could slow further, prompting expectations of possible new stimulus spending.
Imports declined 2.6 per cent from a year earlier, below analysts` expectations of growth in low single digits, data showed Monday. That came on top of August`s decline in factory output to a three-year low and other signs growth is still decelerating despite repeated stimulus efforts.
Read the full article here.
China`s imports shrank unexpectedly in August in a sign its economic slump is worsening and the Chinese president warned growth could slow further, prompting expectations of possible new stimulus spending.
Imports declined 2.6 per cent from a year earlier, below analysts` expectations of growth in low single digits, data showed Monday. That came on top of August`s decline in factory output to a three-year low and other signs growth is still decelerating despite repeated stimulus efforts.
Read the full article here.
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In Europe, "More kicking of the can down the road"
The other day I met a friend, the boss of a well-known private equity firm in London, at an outdoor cafà in obscenely wealthy Mayfair, watching as Rolls-Royces and Jaguars and executives clad in Armani suits glided by. There was nothing in view to suggest that anything was amiss in the European or global economies.
Read the full article here.
The other day I met a friend, the boss of a well-known private equity firm in London, at an outdoor cafà in obscenely wealthy Mayfair, watching as Rolls-Royces and Jaguars and executives clad in Armani suits glided by. There was nothing in view to suggest that anything was amiss in the European or global economies.
Read the full article here.
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Albertas retaining their financial rosy outlook
Albertans are the most optimistic in Canada when it comes to assessing their personal financial situation for the coming months.
RBC's Canadian consumer outlook, released today, says 71 per cent of Albertans believe they have a good level of financial knowledge. However, 74 per cent rated the financial knowledge of the average Canadian as "not very good/ terrible."
Read the full article here.
Albertans are the most optimistic in Canada when it comes to assessing their personal financial situation for the coming months.
RBC's Canadian consumer outlook, released today, says 71 per cent of Albertans believe they have a good level of financial knowledge. However, 74 per cent rated the financial knowledge of the average Canadian as "not very good/ terrible."
Read the full article here.
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China's economy, inflation trend stable
BEIJING (Reuters) - China's central bank said on Tuesday that it will "fine tune" policy to cushion the economy against global risks while closely watching the possible impact from recent policy loosening in the United States and Europe.
"We will continue to implement prudent monetary policy, make policies more targeted, flexible and forward-looking, while fine tuning policy according to the economic situation," the central bank said in a statement after its third-quarter monetary policy meeting.
"We will use various policy tools to guide the steady and appropriate growth in money and credit and maintain reasonable social financing aggregate," the central bank said, adding that it will improve financial resource allocation and resolve the structural distortions in credit supply and demand.
Read the full article here.
BEIJING (Reuters) - China's central bank said on Tuesday that it will "fine tune" policy to cushion the economy against global risks while closely watching the possible impact from recent policy loosening in the United States and Europe.
"We will continue to implement prudent monetary policy, make policies more targeted, flexible and forward-looking, while fine tuning policy according to the economic situation," the central bank said in a statement after its third-quarter monetary policy meeting.
"We will use various policy tools to guide the steady and appropriate growth in money and credit and maintain reasonable social financing aggregate," the central bank said, adding that it will improve financial resource allocation and resolve the structural distortions in credit supply and demand.
Read the full article here.