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France and Germany delivered a late threat to derail Gordon ditherer Brown’s efforts to secure a global recovery deal last night by demanding new concessions from the United States on financial regulation. In a classic show of eve-of-summit brinkmanship, Angela Merkel and Nicolas Sarkozy joined forces to give warning that they would refuse to sign any [...] German retail sales for February have fallen 0.2% against the consensus of a rise of 0.2% this morning reinforcing the weak sentiment in Germany. Yesterday we saw unemployment levels rise to 8.6% as the powerhouse of Europe comes under real pressure- this will heighten the cause for more action from the ECB tomorrow. Today, news from [...] Gordon Brown’s plans for a $2 trillion (£1.4 trillion) “New Deal” to revive the global economy have been quietly dropped to preserve the facade of unity as world leaders gather in London for the G20 summit. The US and Britain have both backed away from spending proposals worth 2pc of global GDP, accepting that each country [...] Gordon ditherer Brown’s hopes of leading the world out of recession at next month’s pivotal summit in London were undermined yesterday when European leaders flatly rejected calls for a further massive stimulus package. The incompetent Prime Minister has been forced to lower expectations for the G20 summit, where leaders of the richest 20 countries will gather. Mr [...] There was actually very little focus at the G20 on the forex markets and recent volatility. The main interest was the pledge to double the amount of resources of the IMF, this essentially comforted the markets and encouraged risk appetite. For the week ahead, the main highlight will be the US interest rate decision on Wednesday [...] The results from the G20 meeting are at first sight disappointing. Barack Obama didn’t show, there was no mention of further co-ordinated monetary easing and no agreement on the wisdom of a large global fiscal stimulus. Only an agreement to lay out a work plan, to be finalised before the next get-together in April next [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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