Reuters - European stocks were set to open higher on Monday after data about China helped allay fears of a hard-landing in the world's second-largest economy, while the euro steadied on hopes that Europe's leaders were making some progress toward tackling the region's debt crisis.
HONG KONG (Reuters) - European stocks were set to open higher on Monday after data about China helped allay fears of a hard-landing in the world's second-largest economy, while the euro steadied on hopes that Europe's leaders were making some progress toward tackling the region's debt crisis.
George Soros, one of the most outspoken critics of Germany’s proposed austerity policies to solve the European debt crisis, said the euro is here to stay and will gain as other nations seek to devalue their currencies.
Soros, who made US$1-billion shorting the British pound in 1992, said that while the causes of the euro crisis haven’t been solved, the acute phase of the turmoil is over.
Germany will always do “the minimum” to preserve the currency, Soros said Thursday at the World Economic Forum in Davos, Switzerland. He forecast a “tense” two years for the euro region.
The euro-area economy will shrink in back-to-back years for the first time, driving unemployment higher as governments, consumers and companies curb spending, the European Commission said.
Gross domestic product in the 17-nation region will fall 0.3% this year, compared with a November prediction of 0.1% growth, the Brussels-based commission forecast Friday. Unemployment will climb to 12.2%, up from the previous estimate of 11.8% and 11.4% last year.
TOKYO (Reuters) - Asian shares rose and the euro steadied on Tuesday, keeping gains from the previous day as investors grew more confident about European leaders coming to a broad agreement to contain the region's debt crisis.
Reuters - European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reelecting concern that the crisis could spread to Italy, the region's third largest economy.