Tag: euro

Global stocks down on euro zone and recession fears

Global stocks down on euro zone and recession fears

Global stocks have fallen to a one-week low today with banks among the worst performers. Concerns that the euro zone may not be able to contain its debt crisis, together with fears of the US slipping back into recession sent European shares falling this morning. Deutsche Bank lost 7.3% in early trading today, Societe Generale [...]

September 5, 2011 | 0 Comments More
Merkel and Sarkozy aim to restore confidence

Merkel and Sarkozy aim to restore confidence

French President Nicolas Sarkozy and German Chancellor Angela Merkel have pledged to put an end to the debt crisis and restore confidence in the euro. The two leaders of the euro zone’s largest economies last night called for “true economic governance” for the region and wants bi-annual meetings of the 17 leaders of the euro [...]

August 17, 2011 | 0 Comments More
Swiss Government holds emergency meeting as franc rises

Swiss Government holds emergency meeting as franc rises

The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil. Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917. A report from the Bloomberg news agency suggests the franc is higher this year [...]

August 8, 2011 | 0 Comments More
IMF: Italy must introduce spending cuts

IMF: Italy must introduce spending cuts

The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]

July 13, 2011 | 0 Comments More
European stocks and euro down on contagion fears

European stocks and euro down on contagion fears

Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]

July 11, 2011 | 0 Comments More
Italy in spotlight as euro zone debt crisis fears continue

Italy in spotlight as euro zone debt crisis fears continue

European stock markets have lost ground today as the euro zone debt crisis continues and Italy becomes the latest nation to come under scrutiny. European stock markets were down earlier today with London’s FTSE, Germany’s Dax and France’s Cac 40 all losing between 1.6% and 1.9%, following falls in Asia earlier. Meanwhile, the euro slipped [...]

May 23, 2011 | 0 Comments More
German unemployment falls further in February

German unemployment falls further in February

Germany, which is Europe’s largest economy, saw a further fall in the number of people out of work in February to 3.07 million - the lowest since September 1992. The Federal Labour Office said unemployment dropped by 52,000 in February, taking the unemployment rate to 7.3%, from January‘s 7.4%. The country’s job market has performed [...]

March 1, 2011 | 0 Comments More
Portugal’s borrowing costs rise

Portugal’s borrowing costs rise

Speculation is mounting again that Portugal may need financial assistance after a sharp rise in bond yields. In early trading, yields on Portuguese 10-year bonds climbed to almost 7.6%, their highest since the euro was introduced more than a decade ago. The country’s borrowing costs have risen in recent months – mimicking what happened in [...]

February 10, 2011 | 0 Comments More
Euro zone manufacturing sees strong growth in January

Euro zone manufacturing sees strong growth in January

Manufacturing activity in the 17-member euro zone exceeded expectations in January after the Markit Purchasing Managers’ Index (PMI) posted a reading of 57.3 in January - climbing steadily from December’s 57.1. The index continues to remain above the crucial 50 level which indicates expansion and the PMI has been above this level for 16 consecutive [...]

February 1, 2011 | 0 Comments More
China pledges to help euro zone

China pledges to help euro zone

China has said it is prepared to support the euro zone, a spokesperson for the Chinese Foreign said today. Foreign ministry spokeswoman Jiang Yu said: “We are ready to support the euro zone to overcome the financial crisis and realise economic recovery” and suggested the country will buy more euros in the future. China has [...]

December 23, 2010 | 0 Comments More
EU agrees to set up permanent euro zone bailout fund

EU agrees to set up permanent euro zone bailout fund

At yesterday‘s EU summit, leaders agreed to establish a permanent mechanism to bailout any nation whose large public deficits threaten the 16-member euro zone. The agreement comes after Greece and Ireland have already been the recipients of multi-billion euro bailouts from the European Union and the International Monetary Fund. EU President Herman Van Rompuy said [...]

December 17, 2010 | 0 Comments More
Moody’s warns Spanish rating may be cut

Moody’s warns Spanish rating may be cut

Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]

December 15, 2010 | 0 Comments More
Portugal reiterates it does not require financial assistance

Portugal reiterates it does not require financial assistance

Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis [...]

December 1, 2010 | 0 Comments More
Euro continues to fall over debt fears

Euro continues to fall over debt fears

The euro is continuing its slide against the US dollar over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, such as Portugal and Spain – despite reassurances from both countries that the recent Irish bailout will stabilise the euro [...]

December 1, 2010 | 0 Comments More
Contagion fears hit Italy and Belgium

Contagion fears hit Italy and Belgium

Fears have been mounting for Spain and Portugal over recent days as borrowing costs surge but spreads on Italian and Belgian bonds have now risen as Ireland’s bailout does little to reassure the markets. The euro continues to slide, hitting a two-month low of $1.31, while London’s FTSE dived nearly 118 points to 5,550. Nick [...]

November 30, 2010 | 0 Comments More
Euro falls despite Irish bailout

Euro falls despite Irish bailout

The euro has today hit a fresh low despite news that Ireland’s rescue package has been signed off. The single currency dipped to $1.3181 - its lowest level since late September - as investors digested the news of Ireland‘s bailout. Full details of the rescue package, which is worth €85 billion (£72 billion), will be [...]

November 29, 2010 | 0 Comments More
EU dismisses reports of Portugal seeking bailout

EU dismisses reports of Portugal seeking bailout

Speculation has been mounting that Portugal is under pressure to seek a bailout from the EU rescue fund – however, the country continues to strongly deny the claims. European Commission President, Jose Manuel Barroso, has today also denied reports that the country is looking for a financial rescue package. Mr Barroso said the reports were [...]

November 26, 2010 | 0 Comments More
OECD confident for euro zone’s future

OECD confident for euro zone’s future

As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”. Fears have been raised that the 16-nation euro currency will fail in the [...]

November 25, 2010 | 0 Comments More
Irish bailout brings political uncertainty

Irish bailout brings political uncertainty

The emergency bailout for Ireland has resulted in political uncertainty after the Green Party (a partner in the Government) called for a general election. The Green Party’s leader, John Gormley, said: “We have now reached a point where the Irish people need political certainty to take them beyond the coming two months. “So, we believe [...]

November 22, 2010 | 0 Comments More
Euro zone nations work to convince Ireland to ask for help

Euro zone nations work to convince Ireland to ask for help

Yesterday’s meeting in Brussels of euro zone finance ministers concluded with failing to convince Ireland to ask for financial aid. The Irish Government continues to reject a bailout, insisting it is fully funded until at least the middle of next year. However, the country’s financial situation was described as “our most pressing challenge” by EU’s [...]

November 17, 2010 | 0 Comments More