Billionaire investor George Soros and 95 prominent politicians, business leaders and academics urged euro zone leaders to take swift action to resolve the crisis plaguing the region, calling for the creation of a euro zone treasury and stressing that the euro can only be saved if all 17 countries that share the currency act in unison.
Moody’s ratings agency on Monday put Franco-Belgian financial group Dexia’s three main businesses under review for a downgrade, prompting a sharp drop in the group’s shares and further speculation that the bank may see more government aid after a first bailout in 2008.
Fitch ratings agency on Monday revised down its growth forecasts for all major advanced economies, and said it expected growth in emerging economies to slow as well due to financial market volatility which has dented confidence and caused a drop in private consumption and business investment.
The 17 European countries that make up the euro zone face a 40 to 50 percent chance of recession by the end of the year, economists at Goldman Sachs predict, adding that “at best, the European recovery looks to be weak and hesitant”.
Oil investors should brace themselves for a fall in Brent crude prices to about $88.50 a barrel from around $100 currently and make the most of a minor bounce to $110 in the very short term that offers a selling opportunity, ING Wholesale Banking Senior Technical Analyst Roelof van den Akker said on Tuesday.
The U.S. economic outlook has "clearly" deteriorated this year, and "conditions still aren't much different from an economy still in recession," Chicago Fed President Charles Evans said.
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