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Posted by Monitor on July 30, 2008, 5:37 am
European Economic Confidence Slumps Most Since Sept. 11 Terrorist
Attacks
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSaSV.o6ScLQ&refer=home
July 30 (Bloomberg) -- Europeans' confidence in the outlook for the
economy dropped the most since the Sept. 11 terrorist attacks as
soaring energy costs and the euro's advance against the dollar rattled
consumers and executives.
An index measuring sentiment in the euro area fell 5.3 points to 89.5
this month, the European Commission in Brussels said today. That is
more than economists had forecast and the biggest slide since a 6.3
drop in October 2001, the month after the attacks in the U.S.
Rising commodity prices have boosted inflation across Europe, sapping
consumers' purchasing power and pushing up companies' costs. That is
adding to pressure on the economy as the global turmoil in credit
markets restricts access to capital. It also may limit the European
Central Bank's scope to increase interest rates to fight inflation
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