Tag Archives: Recovery

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ArcelorMittal to Rise with Recovering Eurozone

The sares of ArcelorMittal (MT), the world’s biggest steelmaker, are set to rebound as European manufacturing exits an almost two-year downtrend.

A recovery in the Eurozone Manufacturing PMI Markit Survey Ticker pushed the gap between the index and ArcelorMitta’s hare price to the most since Laksmi Mittal eclipsed Arcelor SA in 2006. With the ending of a recession in September car sales rallied the most in more than two years.

ArcelorMittal decreased its 2013 earnings forecast last August due to lower-than-expected demand in the U.S. and Europe. In 2013, the shares of the European steel industry have declined 4.3 percent.

The European PMU survey, however, surpassed the level of 50 in July for the first time in two years, signifying an increase in manufacturing in comparison with the previous moth.

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The euro falls as Cyprus mulls bailout

Euro Falls As Cyprus Mulls Bailout

The ailing single currency fell 0.25 per cent on Tuesday as the country’s parliament was expected to reject the planned levy on Cypriot depositors. The euro hit a new three-month low, dropping to a dismal $ 1.2882. Now that all eyes are on the tiny island state, it is unlikely that any positive figures would prompt much optimism around the eurozone as investors are nervous about the potentially dramatic consequences of the Cyprus bailout. Some even see the levy as a watershed moment for the single currency while others expect the bailout to pass and thus see the euro live yet another day. A spokesman for the Cyprus government said that it is unlikely that the levy on bank deposits will be approved by the parliament, Reuters reported.

 

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