Financial Market Overview – 10.1.2012

Europe

European stock exchanges opened higher due to the continued recovery in the U.S. economy and signs of progress in the eurozone debt crisis.
German Chancellor Angela Merkel and French President Nicolas Sarkozy, met yesterday in Berlin, to formulate rules to strengthen fiscal discipline amongst the 17 countries of the euro.

U.S

On the other side of the Atlantic the U.S. economy seems to be strengthening. Consumer credit, which reflects the total loans of U.S. residents, jumped in November by 20.4 billion dollars, compared with previous month, the biggest increase since November 2001.
The extent of credit was 2.48 trillion dollars, as the the Federal Reserve announced, This represents a 10% increase (annual rate), significantly higher than Wall Street economists forecasts.

Asia

Earlier Today it was announced that Chinese imports fell to a two-year low in December,this reinforces the fears of a slowdown in the world fastest growing Economy.
However this is not a significant slowdown or a breakdown.