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Wednesday October 31
European Central Bank board member Benoit Coeure warned that the bank should be careful in regards to asset risks, according to Reuters’ reports. This could suggest a new more cautious approach from the ECB to the new bond-buying scheme.
After announcing that it was cutting 10,000 jobs by 2015, UBS group warned that its rivals may have to follow the move, according to Chairman Axel Weber. Bloomberg BusinessWeek reported on Wednesday that the Swiss giant will bring large parts of its fixed income trading business down to a non-core unit.
Thursday November 1
Despite the country deep recession in the past months, Greece’s economy is expected to shrink by 4.5% in the next year. As the country’s budget was drafted last week, The BBC reported that Greek government debts would rise 189% of economic output in 2013.
Ahead of the Mexico G20 meeting, world finance chiefs are expected to seek reassurance from European countries on their debt crisis, Reuter reported last Thursday. Finance officials will also press the US for solutions to prevent the US’s fiscal problems hitting the global economy.
Friday November 2
On the European scene, David Cameron seems to be pushing for a complete freeze of Britain’s contribution the EU budget, The FT reported. A bust up with other EU leaders is likely as senior advisers at Downing Street are reported to have told the Financial Times that a deal was unachievable.
The bill for UK banks on the mis-sold payment protection insurance scandal seems to increase daily, and according to the FT, is set to hit £10.8bn. Following RBS’s increase of the provisions by £400m on Friday, shareholders’ concerns are intensifying and the consequences seem to be spiraling.
Monday November 5
The Chinese economy slowdown and decreasing demand were very noticeable at the country’s largest industrial fair, the FT reported on Monday. The Canton Fair’s organizers declared that orders from Europe dropped 10% while Japanese demand fell to almost a third, which is probably a result of recent tensions between the two countries.
Meanwhile at the G20 meeting in Mexico, leading economies allowed themselves a bit more room to meet targets for cutting budget deficit, Reuters reported on Monday. "In light of the weak pace of global growth, they will ensure that the pace of fiscal consolidation is appropriate to support the recovery," the meeting’s communiqué stated.
Tuesday November 6
“Apple loses big slice of tablet market” was the title on the front page of The Financial Times on Tuesday. It reported that the group’s shares have fallen from two-third to a half in the past six months. Google's Android has quickly become the dominant smartphone overtaking the iPhone according to recent figures. The International Monetary Fund on Tuesday that France risks falling behind if the country does not reform its economy.
Following a strong industrial decline, the IMF declared that poor competitiveness was France’s biggest problem. In response to a report by French industrialist Louis Gallois, President Francois Hollande stated "the government will draw conclusions from the Gallois report and tough decisions will be taken", according to Agence France Press.
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Tags: banking , central banks , China , economic recovery , EU , euro , European Central Bank , eurozone , financial crisis , Greece , regulation , UK