Word: euros
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...companies. On Tuesday, Germany had rejected Sarkozy's call to create a European-wide sovereign fund that could prevent Europeans waking up "to find European companies belong to non-European capital, bought when share prices were at their lowest point". Sarkozy also wants governments in countries that use the euro to have greater powers to manage it against other currencies, and to significantly extend the term lengths of the rotating E.U. presidency - which France just happens to hold at the moment. Both suggestions met opposition from other European countries...
...Currencies have been moving just as wildly. The U.S. dollar continued its surge against the euro by pushing below $1.27 against the European currency Friday - a dramatic rebound from its record low of $1.60 in April. As investors sell out of stocks in other parts of the world they are rushing back into dollar assets, a traditional safe haven. That would ordinarily be good news for Asian and European exporters, whose products have suddenly become more competitive. But with American consumers cutting back spending, there may not be anyone to sell...
...Click here for a look back at EURO...
...cellar," says economist Marc Touati, director general of research and strategy group Global Equities in Paris. Touati adds that recent developments - including American and European bail out plans for banking and financial systems valued together at over $4 trillion and the drop in oil prices and value of the euro - have given markets lots of reason to be bullish big time. "But they're are acting like spoiled kids throwing a tantrum: They've gotten gifts and excessive daily attention, but they just rant harder. Let's leave them a bit to work through it, calm down, and get back...
...economic glass as half full or empty almost daily. When investors eventually return to reasoned trading, some observers think, the wider picture won't be as dark as many people expect. Touati notes, for example, the rescue plans, rate cuts, drop in oil prices, and fall of the euro are all positive developments for businesses. The downward pressure on stock prices across the board, meanwhile, suggests speculative markets are already factoring in anticipated declines in company results as the economy slow down. In other words, Touati says, a lot of the pain now being felt prepares the gain...