Euro area falls into recession for the second time since 2009

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Source: Bloomberg
© Scanpix/Reuters
The Euro-area fell into recession for the second time in last four years, as gross domestic product contracted by 0.1% in the third quarter according to the European Union's statistics office announcement on Thursday. European economy experiences hard time, as regional governments impose tighter budget restrictions in order to narrow fiscal deficits.
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Thu, 15 Nov 2012 13:59:42 GMT

UK shares slide after retail sales data

UK stocks declined on Thursday after the eurozone's economy fell into double-dip recession. The eurozone's economy contracted by 0.1% in Q3 after shrinking by 0.2% in the previous quarter. Moreover, UK retail sales slid more-than-expected last month, dropping the most in six months. Concerns over the US fiscal cliff as well as uncertainty over Greek bailout also weighed on UK

Thu, 15 Nov 2012 16:03:15 GMT

Contraction of U.K. retail sales exceeds forecasts

U.K. retail sales dropped by 0.8% since September, Office for National Statistics said on Thursday. The actual number exceeded economists forecast, which was 0.1% decline. Sales contraction is mainly influenced by demand decrease for food, which has 41% share of retail sales. Consumers face difficulties to spend more, as inflation increases and economy is struggling.

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