Europe and U.S. Diverge on Rate Prospects
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As the Fed signaled it would likely cut interest rates, the  U.S. central bank and its European counterpart are  showing diverging readings of the economic tea leaves.
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Good news has been in short supply for Europe&#39;s traditional industrial economies like Germany and France. Growth remains weak, unemployment high, labor markets are still rigid and the euro is soaring, pricing their exports out of the market.
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The Motley Fool - We're heading into a recession. You've heard about it for months, even years, what with the housing bubble, the war in Iraq, overextended consumer credit -- you name it. A recent Merrill Lynch (NYSE: MER - News) report says that the U.S. economy will grow by only 1.9% next year, down from 3.4% this year, and slower than the global growth rate of 5.2%. Even slowpoke Europe should pass us at 2.1%, though the U.S. is ahead of the average European GDP growth rate of 2.7%.
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Europe&#39;s main stock markets experienced mixed fortunes Tuesday in cautious trade before a US interest rate decision, as the British banking sector rebounded slightly led by troubled Northern Rock.
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Stocks climbed in Europe and Asia on Wednesday, after a surprise hefty U.S. interest rate cut, but persistent worries about a U.S. recession and expectations of even lower rates to come lifted safe-haven government bonds.
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European complaints over a strengthening euro are falling on deaf ears in Washington, where officials see a weaker dollar as a key to unwinding global economic imbalances, analysts say.
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The United States and Europe are drifting further apart on security issues and the use of force in the aftermath of the Iraq war, a major transatlantic opinion survey released on Thursday showed.
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U.S. fund managers seem inclined not  to make any big shifts in allocations among the major asset  classes, but a new Reuters poll shows money moving into Europe  outside of the Eurozone and into non-Japan Asia.
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The ECB says it is ready to raise interest rates, but the euro&#39;s strength along with record oil prices and uncertainty from the US home loan crisis has delayed a hike that now looks even less likely.
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With the euro hovering above $1.30 against the US dollar and the market consensus calling for even higher levels in the next 12 months or so, the likelihood of an economic slowdown in the eurozone next year ...
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The U.S. dollar was mixed against other major currencies in European trading Friday morning. Gold fell in Europe.
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Amid U.S. market volatility, some analysts say the European Central Bankâs focus on inflation may be misplaced.
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NEW YORK/LONDON  - Central bank officials said market turmoil made a euro zone rate rise far from certain while three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit worries on Friday.
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"Consumers in Europe have no reason to lose confidence, the economic situation in Europe seems to be uncoupled from the situation in the U.S."  Euro nations see no immediate need to react to the growing threat of a U.S. slowdown that sent stock markets plunging Monday, the head of the group of 15 euro finance ministers said after they met for talks. via BusinessWeek
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The level of attention that next week's European Central Bank policy meeting is likely to attract might seem strange given that not one of 83 economists polled by Reuters expects any change to interest rates.
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Major currencies moved in narrow ranges against each other as the focus turned to a US labor market report due out on Friday.
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The economic outlook for the United States and Japan weakened slightly in October, but prospects for the Eurozone improved slightly, according to an early warning indicator issued by OECD on Friday.