Europe Day Ahead: Divisions Expected at Budget Summit
Wednesday, November 21, 2012 - 02:21
Nov. 21 - EU leaders meet on Thursday to overcome deep divisions over the bloc's spending plans, worth almost €1 trillion.
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EU leaders meet on Thursday to try and overcome deep divisions over the Bloc's spending plans for 2014 to 20/20. The budget is worth almost one trillion euros. Net contributors like Jeremy and Clinton won 100 billion euros comes from the commission's tough budget proposal but can't agree on which -- us to trust. Meanwhile members -- -- benefit most of EU funding like Poland and Hungary unlikely to oppose cuts. It wouldn't seem too strange to -- governments all across the eurozone. Beat in the court and in the periphery are tightening their belts putting European Union's budget also to be content or any case to remain the same. Well that's not the position of some other countries and as a big object to give him a burning building up we think. On the data front spill gets a better view of the German French and you know zone economies when we get the latest flash PMI numbers tomorrow morning. French and German manufacturing and services PMI for November are seen largely unchanged from October so still contracting. Same story for the eurozone and that's eleven GMT will get the latest read on UK funds failed those with the release of the CBI's industrial trends survey. Last month but this factory orders posted a surprise fall. Prompting fears that a decent exit from the session won't last. Then at 15100 GMT the Euro zone releases its latest consumer confidence figures that's on November. And fixed income Spain is selling 35 a nine year bonds the sale is expected to go pretty smoothly. The south African reserve bank meets on interest rates it's expected to keep rates unchanged at 5%. This comes off that a surprise fifty basis point cut in July when the -- of slowing domestic economy. There is out by toughest one to twelve growth forecast to two point 7%. From two point 9% in May. The -- currently hovering at more than three and a half you lows against the US dollar. Pines and -- pretty used going course after two billion dollar takeover of mine and extracts of will get the formal blessing of EU antitrust regulators on Thursday. Say sources familiar with -- up. How about going course still needs to deal to be cleared by China's ministry of comments and South Africa's competition authorities before the takeover is complete. Not some look ahead to Thursday -- TV media but this is -- --
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