Bond Outlook
The changes taking place in Egypt and other Arab countries generate concern – most notably about oil supplies – but also hope, in that their economies might take off in the way Indonesia’s did after its liberation from dictatorship. That hope is adding to the positive tone of Western financial markets, buoyed expanding manufacturing, movement towards improved governance in the euro zone, and growing household consumption in the USA. |
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The details of the emerging European “pact for competitiveness” are unclear, but certainly include surveillance of national budgets, and a degree of “federalisation” of sovereign debt. |
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