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Tuesday, October 09, 2012

"Unbalanced" Trade Balance in France and Britain

Data released today shows that Trade Balance in France and Britain is rather "unbalanced," as France also grapples with an ever-increasing Budget deficit, as shown on the graphs below. Trade Balance for both countries is well below the levels of 2007-08-09.

At some point, European stock markets will recognize and reflect these numbers, in spite of what the ECB's promise (to provide financial aid through the ESM program) is attempting to accomplish. I seriously doubt that such a plan, without an immediate enaction of supportive fiscal, banking and economic reforms, will be sufficient to prop up sagging European growth in the near-term. At some point, economic fundamentals will matter to the markets, lest further layers become built on to an already-shaky "house of cards" foundation.