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MENAFN - ecPulse - 29/11/2012

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A busy day is anticipated on Thursday, with major fundamentals scheduled to be released by the worlds largest economies, starting with eurozone confidence for November which is expected to show a slight improvement following the procedures set to ward off the crisis.

Global financial markets will see some fluctuations today, due to the variety of data released, as confidence reports for the Eurozone will show the overall sentiment of the Eurozone markets, while the investors’ eyes will focus on second release of the U.S GDP reading, which is expected to show better growth levels.

The global concern is generally focused on the U.S economy, with the possibility of applying the so called “Fiscal Cliff” if the Congress conflict between Democrats and Republicans over the federal budget doesn’t reach an end, as the fiscal cliff will enforce automatic tax increases and spending cuts to collect around 600 billion.

Although the global markets may have had some relief, after the U.S House spokesman John Boehner stated his optimism regarding an agreement over the federal budget to avoid the fiscal cliff that might enforce recession into the U.S economy.

Along the mixed market sentiment today, we will see some of the Eurozone confidence reports, which could show some improvement in overall Eurozone sentiment although the area is technical recession.

The Business Climate Index is expected to slightly increase to minus 1.60% after Octobers reading of minus 1.62%, while Industrial Confidence Index is also expected to show some improvement from last months minus 18 to minus 17.1.

Moreover, Economic confidence and Consumer Confidence indices are expected to stay unchanged In November, while the Services Confidence Indicator for the same month is estimated to drop to minus 12.5 after Octobers reading of minus 12.1.

Generally, any improvements recorded in confidence levels could be a reflection of some of the recent positive data, while the prevailing pessimism remains over the Eurozone economic conditions, especially            the sovereign debt crisis and the fear of its expansion could only bring more uncertainty for investors.

Eurozone Gross Domestic Product has contracted by 0.1% in the third quarter, along with second quarter contraction, which made it fall into technical recession.

The increasing Unemployment rate in Europe, last recorded at 11.6%, only puts more pressure on the economy and its lawmakers in the war against the crisis and to reduce its devastating effects.

The Eurozone largest economy, Germany, will release its Unemployment rate report for November and it is expected remain constant at 6.9%.

While investors will be anticipating the Eurozone confidence indices, and how the economy will correspond with the recent stimulus measures, the global eye will be directed at the United States, as the GDP indicator will be released, which will decide the U,S Federal Reserve policies for the upcoming period.


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