Thursday, September 12, 2013
Credit crunch for EU small business in Italy and Spain.
"Industrial output fell sharply". "Production slid by 1.5pc from a month earlier, with a shock fall of 2.3pc in Germany and 8.7pc in Ireland where pharmaceutical output appears to have buckled. The biggest drops were in large capital goods and consumer durables, a clear sign that "imported" monetary tightening from the US is squeezing credit. Borrowing costs have jumped by some 70 basis points across the world since the US Federal Reserve began to talk of winding down stimulus, with knock-on effects though the eurozone". Italy faces a HPC as the oldies sell up & exit the housing market (Zerohedge/Bloomberg). Unemplyment up in the south - again. Not sure how many more bailouts Greece needs :-(