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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (4916)10/19/2001 10:08:59 AM
From: John Pitera  Read Replies (1) of 33421
 
---The headline Ifo German business climate index plunged to 85.0 in September from 89.5 in August. The September reading was the lowest since 1993, when Germany was emerging from a unification recession. In addition, business expectations fell all the way to 90.6 last month from 92.9 in August, the lowest level since April of 1993. The euro dipped below the $0.9000 level following the release of the survey, punished yet again by the rigidity surrounding the ECB. While this dynamic may seem a bit tired to some, we have to remember just what exactly is at stake here. The seemingly unfettered deepening of US contagion clearly supports the need for another credible consumption channel in the global economy. In other words, Europe needs to pick up some of the slack. However, while finance ministers remained handcuffed by the Maastricht Treaty, the ECB has maintained a backward-looking mentality that has only exacerbated our quality of recovery concerns.---
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