Death Star Economics



The parade of superlatives

The British PMI (Purchasing Manager’s index) rose from 49.7 to 52.1 in January, crossing the 50-mark that separates contraction from growth. Voices get louder that the UK might avoid a double-dip recessionread article To get an idea of the impact of this little number, here is what the situation looked like before the PMI came out this morning: read article

But the good news can be off-set with this: the FT reports that everyone except for Germany is subject to a eurocrisis-induced credit squeeze according to a survey by the ECB.

In New York, the NYSE and NASDAQ are waiting to receive the paperwork for Facebook’s $5bn-IPO (preliminary target), the largest public offering in history. The NASDAQ is also the home of Google ($2m IPO), Apple and Microsoft, but Facebook’s listing is not a done deal yet. read article

In other news, Fred Goodwin, who was CEO of Royal Bank of Scotland until 2009, lost his manhood knighthood. Under Goodwin’s lead, RBS lost £24bn, the biggest loss in UK corporate history.

The EU now has officially blocked the merger of Deutsche Boerse and NYSE Euronext on the grounds of EU competition law. The merger would have created the largest stock exchange in the world. NYSE Euronext is still advertising the deal on its website. Maybe the whole thing wouldn’t have been a bad idea after all, the website crashed on me 5 times this morning… read article

Otherwise, we remain to be oh so close to a Greek debt swap deal.

Finally, Pragmatic Capitalism explains why Americans shouldn’t be happy about the expected deficit drop. (Reminds me of “Life After Debt” that Planet Money found way back in October.)

So long.


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One Response

  1. […] the manufacturing PMI rose earlier this week, the British services sector is doing better again as well. Forecasts saw slow growth for the […]

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