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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Greece contracts in a good way, Japan grows in a bad way

GDP digest:

The advanced reading of Greek Q2 GDP shows a 6.2% year-on-year contraction – and that’s the good news. The general consensus had been around -7%, so this is not only beating expectations but also the Q1 reading. Go Greece. Hm.

The other GDP announcement came from Japan, where economic growth slowed down to 1.4%. That is 4.1% less than the revised GDP growth of Q1 and around 1% below various forecast. Collectively, Asian indices went tumblingread article

Meanwhile, Spanish 10-year yields hit 6.91% and Mariano Rajoy is presumably busy preparing for that bailout request phone call. Also, the Philadelphia Fed has lowered its prediction of Q3 US GDP from 2.5% to 1.6%.

Otherwise, Francois Hollande is celebrating 100 days in office, though the celebration is somewhat tainted by all the sentiment polls showing that he’s doing pretty mauvaisread article

Google-owned Motorola Mobility is looking to cut 20% of its workforce, which amounts to about 4,000 employees, including 40% of its vice presidents.

Earlier the New York Times reported Google’s plan and said it was looking to shrink operations in Asia and India, by not just exiting unprofitable markets but also stopping asking low-end devices and focusing on a few cellphones instead of dozens. read article

Mitt Romney announced Ayn Rand-fanatic Paul Ryan as his choice of vice president on Sunday morning; Jerry Seib, bureau chief of the Wall Street Journal in DC, looks into his economic beliefsread article

So long.

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