Saudi Arabia slams Israeli attempts to destabilize Syria through continuous attacks    Commerce ministry: Shoppers can refuse receiving shipment if product is defective    Meeting of emirs reviews enhancing security and achieving comprehensive and sustainable development "King and Crown Prince direct to make things easier for the people"    Saudi Arabia surpasses self-sufficiency in figs    Istituto Marangoni to open Riyadh campus in August 2025    621 car maintenance businesses operate under franchise system in Saudi Arabia    Visitors at Prophet's Mosque reach over 14 million during first half of Ramadan    Ceasefire shatters as Israel pounds Gaza with wave of deadly strikes Death toll rises to 330    Civil Defense bolsters safety measures for pilgrims in Makkah and Madinah    Crown Prince Historic Mosques Project restores Al-Abasa Mosque in Abu Arish    Mexico arrests alleged MS-13 leader on FBI's most wanted list    Lebanon and Syria agree to ceasefire after cross-border attacks kill 10    Princess Reema bint Bandar greets Saudi Special Olympics team in Jeddah    AFC Champions League Elite Finals draw sets stage for Jeddah showdown    Cannes award-winning actress Dequenne dies at 43    Newcastle United ends 70-year wait for domestic glory with Carabao Cup triumph    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Singer Wheesung who wooed Korea with his ballads, found dead at 43    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euro zone and China herald global slowdown
Published in Saudi Press Agency on 05 - 12 - 2011

Europe's debt crisis might have pushed its economy into a steeper contraction than earlier thought and growth in China is sputtering, according to surveys on Monday that pointed to a sharp global slowdown underway, according to Reuters.
While the service sector in the United States grew at its slowest pace in nearly two years in November, it continued to display underlying strength, with sturdy gains in both new orders and business activity.
The softer economic data from China and weak figures from the euro zone came at the start of a week that could prove crucial in resolving a debt crisis which threatens to tear apart Europe's common currency area - something that could have catastrophic implications for the world economy.
The euro zone's composite purchasing managers index (PMI), while improving slightly month-on-month in November, still tallied with a 0.6 percent quarterly rate of decline for the last three months of this year.
In the United States, the Institute for Supply Management said its services index fell to 52.0 last month -- the lowest since January 2010 -- from 52.9 in October. The reading was below economists' forecasts for 53.5.
There was a rare piece of good news from Britain, where its services PMI unexpectedly rose last month, suggesting the UK may avoid recession, although perhaps not stagnation.
While recession in the euro zone now looks a foregone conclusion, there are worrying signs the Chinese economy is starting to sag -- perhaps unsurprising given the European Union is China's biggest export partner.
Chinese service sector growth cooled in November to its weakest pace in three months, further backing a view that authorities will have to fine-tune monetary policy again.
German Chancellor Angela Merkel meets French President Nicolas Sarkozy on Monday to outline joint proposals for EU treaty changes that would involve tough sanctions for fiscally wasteful members.
Then on Friday there is a wider EU summit that some see as make-or-break for the euro zone after a string of half-measures that have failed to stop bond market contagion spreading from Greece to Ireland, Portugal and now Italy and Spain.
World stocks rose as confidence grew that European leaders would make big strides in solving the debt crisis.
But the most recent Reuters polling of leading global economists suggests the euro zone will not survive intact in its current form, unless Europe's leaders are willing to take action on a scale not seen in the last few years.


Clic here to read the story from its source.