The next time you see a claim that the world is now economically independent of the US, remember this.
European equity markets leapt higher on Friday having endured a dizzying morning of volatility after the Federal Reserve cut its primary discount rate…
By mid afternoon, the FTSE Eurofirst 300 was up 3 per cent at 1,483.3, Frankfurt’s Xetra Dax was 2.6 per cent higher at 7,457.52, the CAC 40 in Paris climbed 3.2 per cent to 5,431.44 and London’s FTSE 100 leaped 3.6 per cent to 6,070.3.
Only last April the anti-US London Times was telling investors this (my emphasis):
In a rosy assessment of global prospects, the IMF said that America’s growth would slow markedly this year as the slump in the US housing market took its toll, but that it would fight off the threat of recession. It saw few knock-on effects for the rest of the world.
In fact the US remains the engine of the world’s economies and will remain so for the foreseeable future.