Jonathan Loynes News
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The euro-area recession deepened in the first three months of the year as investment and exports plunged, and the region may continue to struggle this quarter.
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Euro-area unemployment increased to a record in April after the currency bloc’s recession deepened in the first quarter, increasing pressure on its leaders and the European Central Bank to spur economic growth.
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Spain will probably secure two more years to tame the largest budget deficit in the European Union as first-quarter data show the effects of the toughest austerity measures in its democratic history.
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The yen gained the most since June versus the dollar as the Bank of Japan failed to offer additional stimulus efforts, fueling bets it will fall short in its effort to stoke economic growth by weakening the currency.
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Euro-area services and factory output shrank for a 15th month in April as the currency bloc struggled to emerge from a recession, adding to pressure on the European Central Bank to do more to boost growth.
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Spanish Prime Minister Mariano Rajoy’s equivocation on seeking a European bailout amounts to a bet that another bout of market turmoil will enable him to broker better terms over German resistance.
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Manufacturing weakened from China to Europe last month as the euro region’s debt crisis darkened the outlook for the global economy.
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Spain’s budget deficit was the largest in the European Union last year, underlining the challenge faced by Prime Minister Mariano Rajoy as he prepares a new plan to foster an economic recovery.
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Spanish unemployment rose more than economists forecast in the first quarter to the highest in at least 37 years as efforts to tackle the European Union’s biggest budget deficit crimped economic growth.
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Spain’s budget deficit was the largest in the European Union last year, underlining the challenge faced by Prime Minister Mariano Rajoy as he is due to present a new plan to foster a recovery.
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