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View post: French Retail Sales Drop 10th Month Accompanied by Sharper Drop in Employment; Italy Retail Sales Drop 23rd Month;…
View post: French Retail Sales Drop 10th Month Accompanied by Sharper Drop in Employment; Italy Retail Sales Drop 23rd Month;…
While pondering what Dragi knew or didn’t, let’s turn our focus on actual losses. Reuters reports Monte Paschi Shares Plunge on Derivative Loss Fears Shares in Banca Monte dei Paschi di Siena, Italy’s third-biggest lender, fell more than 5 percent for the second day in a row on Wednesday on worries of mounting losses on some financial derivative positions which it took in 2008 and 2009
While pondering what Dragi knew or didn’t, let’s turn our focus on actual losses. Reuters reports Monte Paschi Shares Plunge on Derivative Loss Fears Shares in Banca Monte dei Paschi di Siena, Italy’s third-biggest lender, fell more than 5 percent for the second day in a row on Wednesday on worries of mounting losses on some financial derivative positions which it took in 2008 and 2009
Bloomberg reports Draghi’s Bond Rally Masks Trapping Spain Debt Doom Loop . The bond rally has sent Spanish borrowing That costs to 10-month lows has distracted attention from the nation’s growing debt pile. Spain’s budget deficit probably exceeded 9 percent for a fourth year in 2012 as Europe ‘s highest unemployment rate, a third recession in four years and the cost of bailing out its banks offset almost all of the government’s 62 billion euros ($ 83 billion) of spending cuts and tax Increases, According To Economists at Societe Generale SA (GLE) , Lombard Street Research and the Madrid-based Applied Economic Research Foundation.
More: 60% of Spanish Companies are Losing Money, Social Unrest Evident; Unemployment Rate Drops
The newspapers and politicians do not see it that way and Gloves come off in Google v Germany . Google and German newspaper publishers are poised to trade blows at a parliamentary hearing at the end of January over plans to allow Germany’s print media to charge internet search engines for displaying links to newspaper articles
Car sales are up in the UK, but down 10% on average in the EU. Overall sales, including the UK, are down for the 14th consecutive month
Read the article: ECB Leaves Rates Unchanged, Significantly Downgrades 2013 Economic Forecast; Is Italy Falling Into the Abyss?
Sales fall for thirteenth month running in November German sales remain flat while Italy records another severe fall Rate of decline in France slows to weakest in five months Summary of November findings The Eurozone retail sector remained stuck in a sharp downturn during the penultimate month of 2012, according to Markit’s PMI® data. Sales fell for the thirteenth consecutive month, and remained well below the level seen one year earlier.