German elections and Europe’s economy: Five things you need to know
A new anti-euro party AfD may have won enough support to win its first seats but didn’t make the big breakthrough it wanted. Google+ Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer . Morningstar: 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc.
China, Europe orders signal economic healing but U.S. disappoints
Merkel’s stewardship of the German economy has been good for the country, but not for all of its citizens. Since she was first elected in 2005, Merkel has steered a steady course, shielding German output from the worst of the financial crisis. This is reflected in upbeat readings for business confidence and a 75% appreciation for the Xetra Dax, the nation’s main bluechip stock index. While unemployment soared in the eurozone and in the U.S. after 2008, Germany’s jobless tally decreased. READ MORE: How Merkel become more American Has crisis split Europe in two? Economists have also argued Germany’s exports benefit greatly from being priced in a currency that is much weaker than the Deutsche Mark would otherwise have been. Barroso: Europe not out of crisis However, large numbers of people are reliant on low-paid “mini-jobs” which leave them struggling to make ends meet. The Social Democrats are calling for a national minimum wage to combat the problem of the “working poor.” Human toll of economic crisis The OECD warned recently that the gap between rich and poor in Germany was wider than in any of the group’s member states, which include the U.S. and Mexico. How did Merkel survive while the rest fell? As only the third person in post-war times to win three terms in office — joining Helmut Kohl and Konrad Adenauer — Merkel has cemented her place in the history books. She is now positioned to topple Margaret Thatcher from the top spot as most powerful female politician of all time. Her style has been bred from her upbringing under communist rule in East Germany. The ever-present secret police — the Stasi — taught her the importance of discretion and knowing when to speak up or not.
Europe fractures even as it shakes off recession
Most analysts now say the 2013 target will be met. (Additional reporting by Koh Gui Qing and Natelie Thomas in Beijing and Krista Hughes in Washington; Editing by Toby Chopra and Andrea Ricci) @yahoofinance on Twitter, become a fan on Facebook Related Content Chart Your most recently viewed tickers will automatically show up here if you type a ticker in the “Enter symbol/company” at the bottom of this module. You need to enable your browser cookies to view your most recent quotes. Search for share prices Terms Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges . Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page . Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. All information provided “as is” for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo!
Now, its export-led economy drives the 17-nation eurozone, with Chancellor Angela Merkel — battling for third term in this weekend’s federal elections — a central figure during Europe’s crisis. Merkel’s popularity remains high in Germany, and her party, the Christian Democratic Union, is expected to gain the most votes. Merkel’s leadership during the crisis saw her named as the world’s most powerful woman by Forbes three years in a row. Efforts to combat the crisis included the implementation of bailout funds, closer fiscal cooperation and austerity measures. When asked if Germany is taking over Europe, Monti replied that the continent’s largest economy would have more dominance if it had retained the deutsche mark “because they would then become the only relevant monetary policy power in Europe.” Countries that went too far too rapidly, had bubbles Jean-Claude Trichet As it is, Germany remains shackled to the weaker countries in the euro, many of which continue to struggle with spiralling unemployment, high national debts and growing political instability. Greece, Portugal, Cyprus and Ireland have received over 400 billion euros ($534 billion) in bailout packages from the euro-area’s rescue funds. Last year European finance ministers approved a 39.5 billion euro ($51.6 billion) lifeline for Spain’s banks, struggling after the property bubble went bust. Yet Spain and Greece still have unemployment above 27%. Portugal and Ireland are also struggling with chronic unemployment. Anti-austerity protesters in the worst-hit nations have held demonstrations against government cuts and the lack of jobs, with many turning violent. DIY giant sees growth And Eurostat’s 2013 growth forecasts for eurozone nations show a growing chasm between the region’s prosperous north and its struggling south. Former mining company masters reinvention READ MORE: German Finance Minister, on the campaign trail Coffee giant eyes global expansion Germany is expected to post 0.4% growth this year while all the Mediterranean countries’ economies are likely to contract. The imbalance had created a system “where the creditor nations rule and impose their conditions and the others are subservient to that,” Paul de Grauwe, a professor at the London School of Economics, told CNN. “At some point, these countries will not continue to accept this recipe.” The common currency’s future Public opinion continues to support the political push to integrate the eurozone, Almunia said. Discontent shown by the region’s constituents is “with the way the European institutions tried to solve the problems,” he said.