The Euro zone having a weak performance. All major indices are lower but pushing to flat finish. News and data release during the trading section have contributed to it. The Bank of England it is forecasting a for growth this year to close to zero percent. Confirming that England recovery is been affected by the eurozone crisis.
Further in land the German industrial output declined in June to 0.9 percent compared to the previous month of May when the output rose to 1.7 percent. Other data release show that construction output fell by 2.0 percent in June and manufacturing output was down 1.0 percent. The decrease was in line with expectation and that is perhaps the reason why market haven’t been punish today. market are fairly lower but trader are not panicking.
The most out of place news for the section so far, has been the new Greece downgraded to a outlook of negative. I think people don’t know how to react to the Standard & Poor’s downgrade. It is kind of a farce. How did the agency manage to keep a Greece outlook better than negative. it is inexplicable.