UK Economy Not Set for Recovery Until 2012
The National Institute of Economic and Social Research (NIESR) – a well-respected economic think-tank – said today that it could be a full two years before Britain’s economy shows sustained positive growth. More
Yen and Dollar Advance on Euro
The dollar and yen both gained on the euro today as continuing stock market losses have investors rejecting the euro.
Ã¢â‚¬Å“Safe-haven currencies, particularly the dollar, are outperforming because of whatÃ¢â‚¬â„¢s going to be, or what has been, a difficult risk environment,Ã¢â‚¬Â said Phyllis Papadavid, a currency strategist in London at Societe Generale SA. More
Retreating Stock Markets Kill Oil Rally
Investor confidence is rapidly declining as global stock markets extend losses for another day bringing crude oil prices down as well. May delivery contracts fell by $1.11 in Singapore to $48.05 a barrel. More
Moody’s Lowers Rating for Irish Banks
Just one day after the Irish Republic released its second budget in six months which included a scheme to swap the “toxic” assets held by the country’s banks for government debt, ratings agent giant Moody went ahead with a downgrade of the banks. This is a clear indication that despite the asset exchange, Moody’s believes there is an increased risk that the banks could yet default on their debt. More
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