Roling coverage of the ongoing turbulence in the stock markets,and original growth figures from across the eurozone.
US retails sales grow more strongly than expectedGreece back in recessionProtests in AthensEuropean stocks are rallyingEurozone grew by 0.3% in last quarterItaly only managed 0.1% growth, Portugal manages 0.2% 3.39pm GMTThe University of Michigan survey suggests a falling outlook for inflation:5-10yr #inflation expectations in the U. of Mich. survey fell 0.3% to 2.4% - lowest reading in the history of the series#Fed will take note of the plunge in long-term #inflation expectations. Assuming no revisions, or this raises concerns about inflation outlook 3.22pm GMTThe US consumer confidence figures are not too improper under the circumstances,reckons James Knightley at ING Bank:US consumer confidence as measured by the University of Michigan dipped to 90.7 in February versus 92.0 in January. This is a bit weaker than the 92.3 consensus, but isn’t too improper given the scale of fairness market sell-off.
Indeed, or strong employment gains,rising genuine incomes and a firm housing market are providing enough offsetting effects for now and with retail sales having come in stronger than expected (when upward revisions are included) it looks a reasonably encouraging consumer spending fable for now.
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Source: theguardian.com