Europa: Miscellany as we wait for Wednesday’s summit
An Indian stock dealer watches share prices on his terminal at a brokerage house in Mumbai on September 26,
It's a special anniversary in the City of London. 25 Years ago this week the financial district underwent the "Big Bang."
Under Margaret Thatcher's leadership the City's finacial markets were de-regulated. The new no-rules world came into effect Oct 27th 1986. London became the financial center of the world … the place where anyone and anything could trade … result: Financial Services industry is now the single largest sector of UK gdp. London is the home of the international nomenklatura, and property prices continue to rise.
A full appreciation of this momentous event by David Kynaston, author of the City of Lond: The History is here.
When the Going Gets Tough:
Deutsche Welle has an interesting piece on German consumers … latest indicators show their economy is slowing down dramatically … so, naturally, they have hit the bricks and are shopping.
And its not just German consumers doing their bit: tock markets in Britain and Europe are, as I write this, floating at their highest levels for months.
I guess despite Paul Krugman's scepticism some people think a euro deal will get done. Maybe even tomorrow (no way, there's a whole week before th G-20 summit … days of brinkmanship lie ahead.)