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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (97005)	4/23/2001 10:25:40 AM
From: Ilaine	Read Replies (1) of 436258

>>German Business Sentiment Falls, Supporting Calls for ECB Rate Cut A WSJ.COM News Roundup MUNICH -- Business leaders in Western Germany were surprisingly pessimistic in March, lending support to the view that the European Central Bank should lower interest rates in the face of a slowdown in the euro zone's largest economy. The Ifo Institute said Monday that its index of business sentiment fell to 93.9 in March from 94.9 in February -- below a consensus forecast from economists surveyed by Dow Jones of a drop to 94.5. The Ifo index's nearly continuous fall since May -- excluding an unexpected rise in February -- has led some economists to conclude that the ECB's policy is too tight and is strangling economic growth. But the fall in March is unlikely to prompt the ECB to cut rates, as central bankers have repeatedly said their chief concern is price stability, not economic growth. A poor export market and troubled stock markets were to blame for business leaders' pessimism in March, economists say. The manufacturing sector has so far led the Ifo decline, and the prospects portion of the index has also fallen continuously since May, with only one exception being in October when prospects rose. The decline gives little hope that the Ifo index will rise in coming months. The index for western Germany accounts for around 90% of the country's industrial output. Meanwhile, in France, the euro zone's second-largest economy, the country's central bank said it expects to see a rebound in consumer spending in the first quarter this year as inflation cools and purchasing power rises. Euro-zone inflation was steady at an annual 2.6% in March, remaining well above the ECB's target of 2% and marking the 10th consecutive month that inflation has surpassed the tolerance level. The ECB meets Thursday to set interest rates, and most observers expect the central bank to hold the line on interest rates for the 12-member economic bloc.<< interactive.wsj.com

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