Regardless it's not good news that TC is still at that point that people are still writing articles about the risk of TC going BR. It's really not off the table from looking at the PPS. Maybe it's darkest before the dawn with TC but I'm thinking it's still along way till the sun comes up and the PPS for that matter!
LONDON (Reuters) - The euro zone economy may face another contraction after business activity grew less than expected in November despite heavy discounting, surveys on Wednesday showed, although Asian readings were more upbeat.
Firms across the euro zone cut prices again. That, and signs that the bloc's core economies are struggling, will concern the European Central Bank which has launched a raft of measures to revive growth and drive up dangerously low inflation.
In contrast, a survey covering China's services industry showed slightly faster expansion. But after data on Monday said manufacturing growth was its weakest in at least six months, it may not be enough to allay concerns about a softening economy.
"There are clear downside risks to various areas of the world economy including the euro zone and to some extent China," said Philip Shaw, chief economist at Investec. "The euro zone numbers do indicate the economy is moving forwards but at a snail's pace, (and) the pressure remains on the ECB."
Markit's final November Composite Purchasing Managers' Index (PMI), based on surveys of thousands of companies across the euro area and seen as a good indicator of growth, sank to 51.1 from October's 52.1, missing an earlier flash reading of 51.4.
November was the 17th month the index has been above the 50 level that separates growth from contraction. But the new business index fell below that mark for the first time since the middle of last year, suggesting a further downturn in December.
"The region is on course to see a mere 0.1 percent GDP growth in the final quarter of the year, with a strong likelihood of the near-stagnation turning to renewed contraction in the new year unless demand shows signs of reviving," said Chris Williamson, Markit's chief economist.
A Reuters poll last month predicted 0.2 percent economic growth this quarter and 0.3 percent next. (EUGDPQ)
A PMI covering the region's dominant service industry fell to 51.1 from October's 52.3 and showed firms have been cutting prices for three full years now to drum up business.
Retail sales, a proxy for household demand and one of the weaker elements of the euro zone's slow and fragile recovery, picked up less than expected last month, official data showed.
Inflation dipped to 0.3 percent in November on a year earlier, deep into the ECB's "danger zone" for price moves, although the central bank is not expected to further ease already very loose policy when it meets on Thursday. [ECB/INT]
The ECB is offering banks long-term cheap loans and buying covered bonds and asset-backed securities. But facing resistance from Germany, there is only an even chance it will buy government bonds, a Reuters poll found last week.
Conversely, the Bank of England is expected to begin tightening policy next year and after a survey showed its services sector expanded more than expected last month, recently revised forecasts for a later hike may be brought back in.
Dtime is exactly correct! The European banking system is still in shambles. It never left ! As I also stated TC will follow oil lower. His $1.35 is almost a certainty based on the chart. Sorry longs. There is no insider buying , uncertainty as far as a secondary crusher and contined European weakness. Add in a rising $ and whatever tax loss selling gets us lower!
Maybe so. Also why would anyone be buying right now when it keeps going down everyday. Just from Nov 25th the stock is now down to this from around $1.92. The slide is accelerating if anything!
Just seems nothing really matters. It just keeps going down almost daily. What a drop from the recent 3.00PPS. May be something else there. Who knows!