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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (9836)	8/3/2008 5:09:05 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 71456

fugly.

To: RockyBalboa who wrote (9836)	8/6/2008 5:47:50 AM
From: RockyBalboa	Read Replies (3) \| Respond to of 71456

More gloom, though it is "expected". The Eur gets doggish. ECB tomorow... Except... SPAIN: >>> UPDATE 1-Spain industrial output dives record 9.0 pct y/y Wed, Aug 6 2008, 09:11 GMT afxnews.com MADRID, Aug 6 (Reuters) - Spanish industrial output fell a record 9.0 percent year-on-year in June as the euro zone's fourth largest economy took another lurch towards recession, government data showed on Wednesday. The fall was the biggest in the indicator's eight-year history after a 5.8 percent decline in May and massively undershot the 2.7 percent contraction forecast in a Reuters poll. "To me the Spanish economy is in recession, there's absolutely no doubt. Domestic demand is extremely weak," said Veronique Riches-Flores, European Chief Economist at Societe Generale in Paris. Production of consumer goods -- including white goods and cars -- plunged 20.2 percent from a year earlier, almost double May's 10.6 percent fall. Spain's energy sector was the only industry to increase production, National Statistics Institute (INE) figures showed. Wednesday's data confirmed the bleak outlook presented by last Friday's PMI survey, which showed the Spanish manufacturing sector shrank faster than any other in the European Union in the history of the survey conducted by research organisation Markit. "It is clearly a signal of recession," said Antonio Zamora, economist at Banco Urquijo in Madrid. Since June of this year, practically every piece of Spanish economic data has come in worse than expected as Spain is simultaneously hit by a domestic housing crisis, the global credit crunch and soaring oil prices. Spanish Economy Minister Pedro Solbes on Monday said he did not rule out the risk Spain would suffer its first recession in 15 years, possibly starting in the fourth quarter. The Bank of Spain estimates growth tumbled to 0.1 percent quarter-on-quarter between April and June while annual growth fell to 1.8 percent. Riches-Flores said Societe Generale was likely to cut its third quarter GDP forecast on the back of Wednesday's data. It currently sees a 0.2 percent contraction in quarterly growth. The bank's forecast for zero annual growth in 2008 is already way below the Spanish government's estimate of 1.6 percent expansion after 3.8 percent in 2007. (Reporting by Ben Harding and Manuel Maria Ruiz, editing by Mike Peacock) Keywords: SPAIN INDUSTRY/ tf.TFN-Europe_newsdesk@thomsonreuters.com jlw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.