Who is working in Europe?

Europe Problems

• Portugal had troubled debt aution
• Spainish economy in trouble (18.8% unemployment, up 5% from last year)
• EU unemployment: 9.6%, (4% Netherlands, 22.8% Latvia)

• Markit 5-year sovereign debt CDS higher than comparable corporate debt! Nuts!
• 2009: 900bn equity raised globally; 41% increase from 2008; emerging markets were 60% of volume
• Jan: 8.8bn leveraged loans sold to investors; compared to 39bn in all 2009. Prices have rebounded from low .64 (Dec 2008) to .93
• Institute for Supply Management Index: up to 58.4 from 54.9; highest since Aug 2004; well ahead of expectations; led by strong economies (France, Germany)