Germany’s Angela Merkel and France’s Emmanuel Macron have propesed a €500 billion European coronavirus reconstruction plan. The aim is the recovery fund that should give grants, not loans to EU member states.
West African Nations Sever Common Currency to France and Euro
Eight West African countries have agreed to sever a common currency from France. The countries have agreed to change the existing bloc currency to Eco from CFA Franc and sever currency ties to its old colonial master. The announcement was made by France’s President Emmanuel Macron and Ivory Coast President Alassane Ouattara at a joint news conference at the Petit Palais in Abidjan on December 21, 2019. Ivory Coast is the world’s top cocoa producer and France’s former main colony … Continue reading “West African Nations Sever Common Currency to France and Euro”
French Service Sector Expands While Manufacturing Falls Back Into Contraction
French manufacturing output fell back into contraction in July, overall France saw modest growth driven by the service sector with an expansion in business activity for the fourth month in a row.
Resiliant European Service Sector Contrasts With Weak Manufacturing Output
The European services sector strength contrasts with weak manufacturing conditions. Growth was led by Germany and Spain. Suggesting that the domestic economies aren’t as burdened by the global trade war and Brexit drama. Resilient rate of growth that has lost some momentum.
European Manufacturing Sector Soft With Germany and Italy Weakest
European manufacturing PMIs were mostly soft as the global trade war and Brexit drama weighed. Germany and Italy were notable contributors to the stronger decline. Netherlands and Spain the only two over 50.0
Spanish, Italian and French Banks Are Most Exposed to Turkey
The Turkish crisis escalated over the past week and has sent flight risk contagion ripples through emerging markets. The fallout extends to those that are Turkey’s biggest lenders. There are five banks most exposed with Spains BBVA the most at risk
France says Trade War Already Started and Europe United
Despite world wide investor apathy the Trade War iniiated by U.S. President Trump is quickly escalating. French Finance Minister Bruno Le Maire on Sunday said “he question is no longer whether or not there will be a trade war, the war has already started”.
Who Blinks First, G7 Faceoff Between America and Rest
This year’s G7 summit begins Friday in Canada at a time when tensions between the U.S. and the other six nations are on edge. Why, in a nutshell America wants new trade agreements, Germany, France, Italy, Canada, Japan and the U.K. say nope.
EU Negotiates Free Trade Agreements With Australia And New Zealand
The European Commission on Tuesday released a statement “welcomes green light to start trade negotiations with Australia and New Zealand. The deal follows Brexit and The U.S. and China putting their trade war on hold. Australia is a major trading partner of China and considered America’s closest ally.
France’s Total buys Denmark’s Maersk Oil for $7.5 billion
French oil major Total $TOT is buying Maersk Oil & Gas A/S from Danish shipping giant A.P. Møller – Mærsk A/S in a share and debt transaction valued at US$7.45 billion. The deal adds reserves equivalent to around 1 billion barrels of oil for Total.