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WHAT TO WATCH: European finance ministers meet to approve bailout payment to Greece. 9 a.m. The ministers early today moved closer to an agreement on a single euro-area bank supervisor. EU leaders start their two-day summit. The Federal Reserve tied its interest-rate outlook to unemployment and inflation and committed to an even faster expansion of its balance sheet. (See page 2.) [...]
WHAT TO WATCH: Mario Monti told Italy’s head of state he has lost lawmakers’ support and will resign, while Silvio Berlusconi announced plans to return to power. Greece is close to its debt buyback target, an official said. German October exports rose 0.3 percent. Industrial output in France (7.45 a.m.) and Italy (9 a.m.) probably fell, surveys show. Click here [...]
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Commentary by Joseph Brusuelas, Bloomberg Economist With the U.S. House of Representatives scheduled to adjourn until next year on Dec. 14, policy makers are now on a strict deadline to act in time to prevent a fiscal shock that may push a fragile economy into recession in the first quarter. The combination of spending cuts and tax increases scheduled to take [...]
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WHAT TO WATCH: U.K. Chancellor George Osborne will tell lawmakers today he’s no longer on course to cut government debt in 2015 and may extend austerity for another year. 12.30 p.m. Irish Finance Minister Michael Noonan is also likely to present another austerity budget for 2013. 2.30 p.m. The final euro-area composite PMI will probably match the initial [...]
Euro-area consumer confidence for November, on Thursday, may drop to 25.8, according to a Bloomberg survey, after unemployment reached a record high. The index has been below the 10-year average of minus 14.8 for 15 months. This sample data is from Economics Europe. To take a trial click here.
FX WATCH COMMENTARY BY Da vid Powell, Bloomberg Economist The sharp slowdown in the accumulation of foreign-exchange reserves by the People’s Bank of China has removed a pillar of support from the euro versus the U.S. dollar. The Chinese central bank reported over the weekend its holdings of foreign currencies rose to $3.29 trillion in September from $3.24 trillion [...]