Monday, November 7, 2011

European Shoppers Still in Funk

As of September anyway, but it's hard to imagine that news since has improved the mood.

The contraction in 2011 is rather gentle - considerably more so than in 2008 - but it's still unambiguously a contraction.

In other business, Italian government debt is now considerably cheaper than it was before the ECB began its intervention:

The European financial crisis has not stabilized yet and I expect further tears in the fabric of expectations before things can be patched together into a more permanent arrangement.

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