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.
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.
Mario Draghi isn’t just battling to save Europe’s monetary union, he’s being asked to run it.
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.
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.
Investors are buying what Mario Draghi and Angela Merkel are selling.
"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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