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S&p Downgrade Italy

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Sorry if already posted:

http://www.foxnews.com/us/2013/07/09/sp-downgrades-italy-credit-rating-saying-economic-prospects-are-weak-and/

Standard & Poor's Ratings Services is downgrading Italy's credit, saying the country's economic prospects are getting weaker. S&P lowered its long-term sovereign credit ratings to 'BBB' from 'BBB+'. The new rating remains investment grade and is two notches above "junk" status. The firm took a negative outlook, saying it could make another downgrade in 2013 or 2014.

S&P says Italy's output is falling and its economic prospects are getting worse after a decade of weakness. It says the country is having trouble competing economically and growth is weak because of "rigidities" in the labor and product markets. That makes Italian labor expensive compared with other EU countries.

Euro took a tumble.

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Reuters link

In our view, the low growth stems in large part from rigidities in Italy's labor and product markets

Yep, and the same applies to the other piggies too - been saying this for ages on here.

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Not even worthy of news in the UK - house prices are rising. Such news is on a par with learning of the victories at Traflagar and El Alamein.

I am expecting the BBC to start a news bulletin with "Rejoice, rejoice! House prices on the rise!".

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Not even worthy of news in the UK - house prices are rising. Such news is on a par with learning of the victories at Traflagar and El Alamein.

I am expecting the BBC to start a news bulletin with "Rejoice, rejoice! House prices on the rise!".

Do a big Busby Berkeley dance/tap number in the news room to "We're In the Money"

Edited by Secure Tenant

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Not even worthy of news in the UK - house prices are rising. Such news is on a par with learning of the victories at Traflagar and El Alamein.

I am expecting the BBC to start a news bulletin with "Rejoice, rejoice! House prices on the rise!".

...shame the facts show otherwise.

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Backing this up are yet more troubled industrial production figures from Italy as discussed and analysed below.

Industrial Production

This morning we were update on this front and let me start with some apparent good news.

In May 2013 the industrial production index seasonally adjusted increased by 0.1% compared with the previous month.

Okay so that is the minimum recordable increase but after a 24 hours where the UK,France and the Netherlands have all recorded decreases, it is of note. Unfortunately when we look for perspective and balance the news is more disappointing.

The percentage change of the average of the last three months with respect to the previous three months was -1.3

As we dig deeper we see that in fact the performance looks pretty much the same as we had previously seen in 2013.

The calendar adjusted industrial production index decreased by 4.2 % compared with May 2012 (calendar working days in May 2013 being the same as in May 2012); in the period January- May 2013 the percentage change was -4.3 compared with the same period of 2012.

The underlying seasonally adjusted index is at 91 where 2010=100. the unadjusted number looks more hopeful at 100.8 but this compares to 104.8 in May 2010.

If we look even further back we see the evidence of a lost decade and hence a depression here as back in May 2003 industrial output was 19% higher. The credit crunch era has wreaked terrible destruction in this area. What happened to the recovery?

http://www.mindfulmoney.co.uk/wp/shaun-richards/how-will-italy-escape-the-economic-depression-it-is-in/

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  • 245 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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