Europe

  • 2013-01-24 02:03


    PMI (flash) - January - mfg svc

    Median Forecast 45.0 45.7 High forecast 46.0 46.5 Low forecast 44.2 45.2 Previous period 44.6 45.2 - Number of responses 9 8 - ABN AMRO n/a n/a Barclays Cap.

  • 2013-01-23 14:47


    -Rate Hikes Over 3 Yrs Still Ultimate Direction But Not Any Time Soon -Presents Dovish Present/Outlook For Canadian Economy

    OTTAWA (MNI) - Bank of Canada Governor Mark Carney Wednesday, following a dovish Monetary Policy Report that restrained the Bank's outlook for Canada's economy, said the BOC's rate hike bias remains but "the timing has shifted" outward.

    "The direction is clear," Carney told a press conference, saying that rate increases over the next three years "is still the ultimate direction." However, he said, "the timing has shifted." He repeated the MPR statement that modest withdrawal of monetary stimulus is "less imminent" because of three factors.

    Carney said the factors are: (1) A muted inflation picture, with the headline and core CPI h

  • 2013-01-23 14:08


    -Updating Story Published 12:50 ET

    DAVOS, Switzerland (MNI) - Business leaders and investors at the World Economic Forum Annual Meeting have shown "concrete interest" in opportunities in Italy, Italian Prime Minister Mario Monti said Wednesday at the World Economic Forum in Davos.

    "Today the atmosphere around Italy has changed. Italy has gained back respect and confidence in its ability to bounce back," Monti said in an address to the Annual Meeting.

  • 2013-01-23 13:50


    DAVOS, Switzerland (MNI) - Business leaders and investors at the World Economic Forum Annual Meeting have shown "concrete interest" in opportunities in Italy, Italian Prime Minister Mario Monti said Wednesday at the World Economic Forum in Davos.

    "Today the atmosphere around Italy has changed. Italy has gained back respect and confidence in its ability to bounce back," Monti said in an address to the Annual Meeting. "I am confident in the future of Italy because I see that the tide is turning."

    In this context, Monti cited falling spreads on Italian sovereign debt, a balanced budget in structural terms this year, a significant surplus in the trade balance and a likely return to growth in the second half of 2013.

  • 2013-01-23 13:42


    LONDON (MNI) - Current Governor of the Bank of England Mervyn King and Chancellor of the Exchequer George Osborne are united in the belief that the UK's inflation targeting regime should not be ditched, but King thinks it could be made more transparent.

    Osborne, who calls the shots on the issue as the government determines the regime, has said he has no plans to change the inflation targeting framework.

  • 2013-01-23 11:40


    PARIS (MNI) - The Spanish government has become increasingly vexed with its EU partners, as its representation at important European institutions has fallen to what some officials say is the lowest level since it joined the EU in 1986.

    "We have hit bottom, we can only improve," Spanish Finance Minister Luis de Guindos said this week, according to the Spanish daily El Pais.

    Spain registered its displeasure on Monday when de Guindos abstained from backing the new Eurogroup chief Jeroen Dijsselbloem. Late last year it attempted to block Yves Mersch from taking the Executive Board seat at the European Central Bank that was once held by Jose Manuel Gonzalez-Paramo.

  • 2013-01-23 11:37


    LONDON (MNI) - As Bank of England Governor Mervyn King made clear last night, the Monetary Policy Committee might be ready to inject more stimulus into the economy should that become needed.

    But, with doubts being cast on the effectiveness of further QE in the present environment, the bar has clearly been raised to additional asset purchases.

    And as King hinted in his speech last night and as the set of minutes for the January MPC meeting today confirmed - there is a debate underway as to "how further stimulus could be delivered".

  • 2013-01-23 11:32


    PARIS (MNI) - Eurozone consumer morale recovered more than expected in January, regaining another 2.4 points to -23.9 after a 0.6-point upturn in December from November's 42-month low, according to the European Commission's preliminary estimate released Wednesday.

    Most analysts had expected a gain of at most half a point in a range of -27.0 to -25.0.

    As was the case in December, most consumers no doubt perceived little improvement in the economy and were probably even more worried about their jobs. On the other hand, inflation worries may have subsided further, perhaps allaying personal financial concerns.

  • 2013-01-23 09:55


    BERLIN (MNI) - German Chancellor Angela Merkel said Wednesday she wants the UK to remain in the European Union and is willing to discuss the demands of the British government.

    UK Prime Minister David Cameron said earlier on Wednesday that he will give the British public a referendum on whether to remain in the EU, provided his ruling Conservatives win the general election in 2015.

    In his long-awaited speech on Europe, Cameron also said that the government will seek to repatriate some powers from Brussels before giving Britons a simple "in/out" referendum on whether to remain in the EU on the new terms.

    "Germany and me personally wish that Great Britain remains an important part and active member of the EU," Merkel told reporters here.

  • 2013-01-23 09:40


    BERLIN (MNI) - The German Finance Ministry does not fear that the decision of the Japanese central bank for a more loose monetary policy will lead to an international race of currency devaluations.

    "If you look at the developments of the yen-euro rate over recent years, then the current fluctuations are in a normal range," ministry spokesman Martin Kotthaus said at a regular government press conference here.

    "At the moment, one cannot speak of something like [a currency devaluation race]," the spokesman asserted.

    --MNI Berlin Bureau; tel: +49 30-226-20580; email: twidder@mni-news.com

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