Global stocks are rebounding due to the latest data from the manufacturing sector, hopefully foreshadowing a more robust recovery of the world economy. Meanwhile, Greece is being pressured by its European partners to rein in its inflating deficit. The European Union fears that failure to take appropriate steps will result in a further decrease in the value of the euro, as well as the likelihood of Greece needing the E.U. to provide a bailout.
Nearby, Germany as expressed interest in purchasing data containing information about 1,500 Germans suspected of evading taxes via Swiss bank accounts. There are some critics who question whether this amounts to Germany endorsing theft as the information is believed to have been obtained illegally from the banks.
In Singapore, a government commission cautions that the country must reduce the number of foreign workers and instead develop its population’s skills in order to continue as a rich and fast growing country.
Nearby in China, stocks continue to fall, due in part to concerns that the government will rein in bank lending as a means of slowing inflation. In Japan, stocks rose slightly, even as Toyota continued to suffer losses in the market. There are positive signs of economic recovery in South Korea, where exports in Q3, 2009 exceeded any gains in more than twenty years. The global recovery has spurred demand for Korean auto parts, semiconductors and electronics.
Both exports and manufacturing rose again in India. India has recovered faster than expected from the economic downturn, though probably fueled primarily by internal demand.
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