Seeking Alpha

Tom Nadir's  Instablog

Tom Nadir
Send Message
Trader and investor.
My blog:
Currency Market Updates
  • Double Dip Recession For The US? 0 comments
    Aug 2, 2010 7:24 AM
    As anticipated by Currency Market Updates, the Dow Jones fell  sharply following the release of US GDP data. Despite recovering some lost ground by lunchtime the fear of a double-dip recession is real.

    The US was initially thought to have grown by 2.7% in the first quarter but that was revised upwards on a day of surprises Friday, for economists. The US Commerce Department also revised downwards GDP figures all the way back to the beginning of 2007.  

    In the UK, George Osborne has said that banks must increase lending to businesses rather than boosting bonuses and dividends now that they have weathered the worst of the credit crisis.

    Lloyds Banking Group, which is 41% owned by the taxpayer, and the 84% state-owned Royal Bank of Scotland are both expected to post a profit. But Osborne questions the ability of British businesses to raise credit from the banks. "The danger is that, particularly next year, when there is a huge amount of refinancing required, that the small and medium-sized businesses suffer from a lack of access to working capital," he said.

    Currency Market Updates



    Disclosure: n/a
Back To Tom Nadir's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • Still long the euro but for how much longer...waiting on US GDP data...
    Jul 30, 2010
  • I am currently in gold after reading the signs early on. Although it seems to have peaked I think it will return after the Silly Season
    Dec 17, 2009
More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.