OECD sees economic recovery spreading to Europe, Japan
PARIS (AFX) - Global economic growth has remained robust in the face of rising oil prices and the economic recovery is now expected to spread to countries where growth has been weak until recently, the OECD said in its semiannual economic outlook.
‘Already strong in North America and most of Asia, economic momentum now looks well established in Japan, and continental Europe is progressively recovering from its latest bout of weakness,’ chief economist Jean-Philippe Cotis said.
Global growth has been ‘exceptionally vigorous’, with the most resilient economies weathering the impact of higher oil prices better than those with structural weaknesses, he said.
More: forbes.com
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OECD sees Europes economy strong
The Organisation for Economic Development (OECD), the Paris-based think tank, has raised its forecast for European economic growth for 2006.
Europes recovery seems sufficiently robust, the organisation says, to boost eurozone growth to 2.7% in 2006 - up from its May forecast of 2.2%.
Growth of that magnitude would justify higher interest rates, OECD chief economist Jean Philippe Cotis said.
More : news.bbc.co.uk
OECD warns of Europe growth risk
Europe is set to suffer most from the unwinding of global economic imbalances if market turmoil continues, the OECD has warned.
OECD chief economist Jean-Phillippe Cotis said that a decline in the value of the dollar could damage Europes prospects for recovery.
A brutal unfolding of such imbalances would hurt the world economy, with perhaps the largest output losses concentrated in the least resilient regions, not least the euro area, he said.
More: news.bbc.co.uk
Europe and Japan in effort to shore up yen
Finance ministers from Europe and Japan have launched a co-ordinated effort to shore up the yen, voicing concern over the recent sharp decline in a move designed to stop the Japanese currency falling any further.
After a meeting of ministers and central bank governors of the G7 in Singapore at the weekend, Sadakazu Tanigaki, the Japanese finance minister said the yens value should reflect Japans economy, which is recovering, and added that the recent drop in yen had been a little rough.
Jean Claude Trichet, president of the European Central Bank, said: We noted
Nike earnings up on US boost but sales in Europe, Japan down at heel
NIKE, the world's largest athletics shoe company, reported better than expected third-quarter earnings as robust sales in its core US market helped offset challenges in Europe and Japan.
US sales rose 14 per cent to $US1.4 billion ($1.9 billion), spurred by demand for new footwear such as the $US160 Air Max 360 running shoe as well as the Air Jordan XXI and Kobe Bryant signature models.
While Nike is faring well in the US, it faces pressure in Europe and Japan.
Sales for Europe, the Middle East and
In Europe, a Wariness of Inflation
Jean-Claude Trichet, the president of the European Central Bank, has signaled that policy makers are considering whether a steady and gradual pickup in borrowing costs might be needed to contain prices, a sign that a blossoming economic recovery might be here to stay.
During its monthly policy meeting Thursday, the banks governing council voted to keep interest rates at 2.5 percent, after raising them a quarter-point in March. But during a news conference after the decision, Trichet, in his most explicit language yet, indicated that the bank was considering further increases in the months ahead
