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Euro Weakens on Growth Concern; Greek Bonds, U.S. Futures Drop

 
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05/20/2011 08:57 AM
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Euro Weakens on Growth Concern; Greek Bonds, U.S. Futures Drop
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[link to www.businessweek.com]

May 20 (Bloomberg) -- The euro weakened after the Bundesbank said Germany’s economy will probably lose some growth momentum. Greek bonds fell for a fifth day on speculation the government will have to reorganize its debt, and U.S. stock index futures dropped.

The euro slipped against all 16 of its major peers, losing 0.4 percent against the dollar at 7:20 a.m. in New York. The yield on the Greek 10-year bond added 52 basis points, driving the difference with German bunds to a record 1,344 basis points. The Stoxx Europe 600 Index increased 0.1 percent, after rising as much as 0.7 percent. Futures on the Standard & Poor’s 500 Index slipped 0.4 percent and the yield on the 10-year Treasury note fell two basis points.

Germany’s 1.5 percent growth rate in the first quarter ‘‘considerably overstates the underlying economic momentum,” the Frankfurt-based Bundesbank said today. Greece may extend its debt maturities because it’s unlikely to regain market access for at least five years, economist Nouriel Roubini said yesterday.

“Growth is likely to ease somewhat in the foreseeable future,” the Bundesbank said. First-quarter “output growth was clearly lifted during the reporting period by backloading and catching-up effects.’’





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