Thursday, June 17, 2010

German economy expands - euro rises - Spanish bonds advance

June 17 (Bloomberg) -- The Kiel-based Institute for the World Economy raised its growth outlook for the German economy this year, saying the weakening euro is helping boost demand for German manufactured goods.
The German economy, Europe’s biggest, will expand 2.1 percent this year, the institute said today in an e-mailed report, after forecasting 1.2 percent growth in March.
“Economic dynamism in the first half of the year is probably much higher than we estimated in March,” the institute said today in an e-mailed report.
June 17 (Bloomberg) -- European stocks and U.S. index futures gained and the euro strengthened as a Spanish bond sale eased concern the government will struggle to finance its burgeoning deficit. ... The euro rose, mirroring the gain in the S&P 500 futures index. The currency advanced 0.5 percent to $1.2374, and 0.4 percent to 112.99 per yen...
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Comment: I guess that news like that will simply be ignored by the chattering class of the US economics pundits who, unfortunately for the US financial and business community, still receive way too much of an undeserved hearing.

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