Henar Fuentes held out the white cardigan sweater as if she wanted nothing more in the world. It was on sale for 8.45 euros ($11.44) at a Madrid boutique just a few minutes’ walk from the Puerta del Sol.
Larry Summers stirred a lot of interest with a talk he gave last week at an International Monetary Fund conference. The former Treasury secretary asked an unsettling question: What if the U.S. needs financial bubbles to maintain full employment?
Union Bancaire Privee, the Swiss private bank and asset manager founded by Edgar de Picciotto in 1969, said it’s investing more in developed-country equity markets, which will continue to rally next year.
Japan won’t weaken the yen to become more competitive with other countries in trade and any currency intervention would be aimed at restraining excessive moves, Vice Finance Minister Fumihiko Igarashi said.
Japanese Finance Minister Yoshihiko Noda said currency devaluations are undesirable, while defending the government’s intervention last month, as the yen rose to higher than 82 for the first time since 1995.
Gold analysts are the most bullish in three weeks after the Federal Reserve’s surprise decision not to taper stimulus increased demand for bullion as a hedge against accelerating inflation and currency debasement.