German business confidence unexpectedly surged to a three-year high in July after exports boomed and economic growth accelerated.
Jean-Claude Trichet had almost four years to settle into the role of European Central Bank president before being thrown into crisis-fighting mode. Mario Draghi goes to battle on day one.
European Central Bank Governing Council member Ewald Nowotny endorsed investors’ expectations of a further tightening of monetary policy this year after inflation climbed to its highest since 2008.
German investor confidence plunged in June on concern that the sovereign debt crisis will undermine export prospects and crimp growth in Europe’s largest economy.
The European Central Bank’s ability to tackle the euro area’s sovereign- debt crisis won’t end with the departure next year of President Jean-Claude Trichet , the continent’s most experienced monetary policy maker.
The last time Jean-Claude Trichet refused to bow to market pressure, he was forced into a U-turn. This time the stakes may be even higher.
Japan’s power utilities reported combined losses of about 1.6 trillion yen a year ago, the equivalent of $20 billion at the time. Yesterday, they repeated the performance.
The European Central Bank kept interest rates at a record low as investors look to President Jean-Claude Trichet for an announcement on how the bank will fight the worsening sovereign debt crisis.
European Central Bank President Jean- Claude Trichet is buying time for the euro region as investors speculate on whether the $1 trillion bailout plan is enough to stop the sovereign debt crisis.
"I have a hard time seeing the government declining the move for higher tariffs, I do not think they can."
- Klaus Baader on Apr 30, 2013
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