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RBS expects Europe to go into recession
worldtraveller
Posts: 14,013 Forumite
Royal Bank of Scotland has put out a research note this morning saying it expects Europe to go into recession, shrinking in the final quarter of this year and the first quarter of 2011.
Courtesy of FT Alphaville, RBS said:
With financial market developments spilling over into the real economy, a likely sizeable contraction in the industrial sector in Q4 and chances of a disorderly Greek default remaining elevated, we now expect euro area GDP to contract in both Q4 (-0.2% q/q) and Q1 (-0.4% q/q).
The bank also said it sees a 60pc chance of the European Central Bank cutting interest rates by 0.5 percentage points at its October meeting.
That'll probably be just behind us then......_pale_
Courtesy of FT Alphaville, RBS said:
With financial market developments spilling over into the real economy, a likely sizeable contraction in the industrial sector in Q4 and chances of a disorderly Greek default remaining elevated, we now expect euro area GDP to contract in both Q4 (-0.2% q/q) and Q1 (-0.4% q/q).
The bank also said it sees a 60pc chance of the European Central Bank cutting interest rates by 0.5 percentage points at its October meeting.
That'll probably be just behind us then......_pale_
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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