“Any relief…would be brief” says Moody’s

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The Euro has gained some ground this week after Merkel and Sarkozy have showed their firm commitment to support the European banks. Two more banks were bailed out yesterday just days after the €4bn rescue of the Belgian lender Dexia. The GBP/EUR rate dropped to 1.14.

The European leaders are now under pressure to agree a comprehensive strategy to bail out banks. However, even if they do, Moody’s believe that “any relief…would be brief”.

Eyes are also on the EU, IMF and ECB mission in Greece which is meant to conclude today. Their decision will determine whether the Greeks will get the next €8bn aid from Europe. Without it, Athens could run out of cash in November.

Ratings agency Fitch downgraded Spain and Italy’s debt yesterday. Fich said that the crisis in the region had weaken Italy’s sovereign risk profile but reiterated that a solution in both countries “is politically and technically complex and will take time to put in place and to earn the trust of investors”.

Despite some good figures for the industrial production index in Italy and France, the European investor confidence fell to the lowest in more than two years in October due to concerns that the region’s debt crisis and the weaker growth in emerging markets will hurt economic expansion. According to the latest Sentix, an index measuring sentiment on the 17 nation region, the investor confidence in the Eurozone sank to -18.5 from -15.4 last month. That is the lowest since July 2009.

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News from the UK has not helped to lift the GBP/EUR rate either, after a leading survey of businesses highlighted the fears of economic stagnation in the UK. The British Chambers of Commerce (BCC) reported that exports from both manufacturing and service sectors fell to their lowest levels since 2009 while they are expecting the service sector future export orders to contract.

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“Any relief…would be brief” says Moody’s

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