Morning briefing: OECD says global recovery slowing faster than expected
Union members holds union flags during a protest against labor reforms in Madrid. Spanish lawmakers gave final approval to hotly disputed reforms, which could make it easier and cheaper for companies to fire workers but deemed essential for slashing the soaring jobless rate and reviving the fragile economy. Banner reads "Strike."
(Photo Credit: Dominque Faget/AFP/Getty Images)
1. The global economic recovery is slowing faster than anticipated, the Paris-based Organization for Economic Cooperation and Development said in its latest economic assessment. The OECD cut its growth forecasts for the second half of the year, estimating that the Group of Seven industrialized countries are predicted to grow by 1.5 percent on an annualized basis.
2. Japan announced it would sign a free trade pact with India that will end tariffs on 94 percent of goods that are traded over 10 years.
3. Spain gave the green light to labor market reforms that will help manage its deficit, a problem that prompted fears of another Greek-style debt crisis.
4. The Bank of England held interest rates steady at a record low of 0.5 percent as it has for the past year and a half.
5. The European Central Bank said in its monthly bulletin that the eurozone countries should be ready to "accelerate consolidation where necessary to correct their excessive deficits."
6. The Bank of Korea held rates steady for the second consecutive month.
7. The Organization of Petroleum Exporting Countries, which supplies 40 percent of the world's oil, cut its outlook for demand for crude in 2011. OPEC said in its monthly report that the world will need 28.8 million barrels of oil a day from its members next year, about 100,000 barrels a day less than in last month's report.
Ariana Eunjung Cha
September 9, 2010; 8:20 AM ET
Categories: *Morning briefing
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