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Asian Shares Rise After Bernanke Comments

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http://news.bbc.co.uk/1/hi/business/10261754.stm

Asian shares have edged higher after Ben Bernanke said he was hopeful the US would not fall back into a double-dip recession.

Following the comments overnight by the chairman of the US Federal Reserve, Japan's main Nikkei index ended up 0.2% or 17 points.

On Monday, the Nikkei had plunged 4%, its biggest one-day fall for 14 months.

Hong Kong's Hang Seng index was also up, adding 0.4%, while Australian shares advanced 0.9%.

Shares in Shanghai, South Korea, Taiwan and Singapore had also risen.

"My best guess is we will have a continued recovery, but it won't feel terrific," said Mr Bernanke.

His comments came after Wall Street's main Dow Jones index ended Monday down 1.2%.

All we need is talk for this recovery.

Happy clappy cheerleading wins over facts. He's hoping and the market has a happy clappy jig and increases.

God the economic collapse is easy to fix.

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Bernanke says Europe committed to euro's survival

European leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries, Federal Reserve Chairman Ben Bernanke said on Monday.

In remarks to the Woodrow Wilson Centre in Washington, Bernanke said a euro stabilization package of nearly $1 trillion (690 billion pounds) was "a lot of money" and enough to protect Greece, Portugal and Spain from volatile credit markets for a number of years.

But he acknowledged that investors were not yet convinced Europe's debt problems would be resolved, and said more European rescue money may be needed.

"European leadership is strongly committed to doing whatever is necessary to preserve the euro, preserve the euro zone, preserve the European project, and avoid financial problems that would certainly arise," Bernanke said.

In a wide-ranging question-and-answer session, Bernanke said a regulatory reform bill which Congress is finalizing contained strong measures to address the problem of financial firms being "too big to fail."

"The acid test of the reform will be, will it control 'too big to fail?'" he said, pointing to measures including tougher bank capital rules, resolution authority to safely close failing firms, and "living wills" that require companies to plan for their own unwinding.

When asked whether he thought the bill was more helpful than harmful, Bernanke replied, "Oh yes, I do."

He also said the U.S. economy appeared to have enough momentum to avoid a "double-dip" recession, citing strengthening consumer and business spending.

"There are some signs the private sector is picking up the baton," he said.

However, Bernanke noted that the pace of recovery was moderate considering the depth of the recession, and unemployment would probably decline only slowly.

On China, Bernanke said he was probably the only U.S. official who had attended every Strategic and Economic Dialogue since the enhanced program was started by former Treasury Secretary Henry Paulson during the financial crisis.

Even better, is he suggesting the ECB should just print the money to meet the obligations?

Bernanke says it's all not a problem, I'm relieved he's such an economic expert.

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'European leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries' laugh.giflaugh.giflaugh.giflaugh.giflaugh.gif

well of course they have - that's not where the problem lies of course (but you knew that right?)

(think moral hazard and painful restructuring of the EU economies...)

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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