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Will Global Economies Continue to Weaken?

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  • Description

    Markit chief economist Chris Williamson weighs in on European market concerns.

  • Duration 3:30
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-- -- -- -- off after reaching a 22 month low yesterday Chris Williamson is what this chief economist at market.

Now let's talk about Europe you know it is all US exports to all of your less than 3% of GDP.

Are we overly worried about Europe or.

Should be bringing -- more.

From and -- is a very interesting question and gave it even within Europe and Greece is tiny proportion off of GDP -- -- -- -- and is around 102% is that small but is having huge effect and I think the consent is that we've seen in the past the small events from a different geography can affect global market sentiment subprime crisis in the US can compelled to write throughout the world.

And that's a little bit what we're concerned about the name and its exposure to Greece the banks in the financial system but stability.

Is at risk and people don't really know quite how sensible way out to a Greek exit even though Greece has an economy the size of Connecticut.

Now lately.

It's such a man bites dog story good dollar stronger when it's we've had two trillion dollars more of -- should be weighed down and the Euro what's been kicking the dollars but for five years is down to the Euro continue to fall.

Perhaps yes it's looking that way it but -- all depends on the -- -- -- -- decision making that we should you know we've been waiting for some decisive action made -- this summit.

I yesterday really brought nothing real disappointments that's pushing down again that dole is gaining because it's seen as a safe haven people -- the money in that Victoria.

Escude.

And I need to be your has been remarkably strong in the past you have been -- resilient so what we're seeing now I think -- and realize nation that -- -- it has been live that -- the values.

And a move -- that -- -- and mess push to make is can really consuming around.

What we had better about -- being the Central Bank.

The ECB did you know they did with DJ could move insistence that.

All very sensible suggestions but he's gonna need more than that is going to need some sort of growth stimulus -- wasn't there something likely Chris that.

Big European leaders will find -- way to work -- out because they have to.

You are indeed think this is what -- rallies about today I think -- is not just because that bad markets through laziness and picking up is that.

These that you deep depression -- the go to the men and even Jimi now in decline according today have been hit the PMI data even Germany -- is getting to galvanize.

Political decision making -- do something now it's a shame that it takes that it especially in relation to.

The labor market they say you know rising unemployment.

You've got 50% unemployment if you've seen in Spain increased 50.

50% 50.

Yen with nothing -- does it go complain in the streets while it's a little.

Were some and yet for all of this would tell them look -- that you actually -- you think the US economy is is okay.

What market produced its its fares have flash manufacturing PMI today so we we've got China based coming out today we -- -- this morning showing.

Is a bit of a mixed picture but China -- and essentially.

Flat lining perhaps declining little you would be yours and we've got about three year rates of decline hit back and the press the US.

Doing okay they came -- brewing which much better than everywhere else was saying.

And and the rates of growth is perhaps.

-- -- around not will be sort of fiscal -- around 2% annualized maybe a little bit stronger than not -- K.

That was one area weakness no surprise the exports index was -- stagnation for the second month running.

So the US is seeing some impact our -- weakness abroad but the domestic market is showing some resilience and that's what's keeping US flight.

Liken to see that thank you very much Chris Williamson good stuff.

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