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Eurozone posts low figures

The Eurozone Semtext index (investor confidence) came in below expectations as well. There were some good figures out of the United Kingdom, with Barclays bank posting £6.1bn profit, although 14% below last years figures, it was higher than expectations and resulted in a positive appetitie for Barclays shares.

British retail figures came in up 1.1% on this time last year and figures this morning show that the rate of falling house prices has slowed down, with the recent figures having even shown a small increase in some house prices.

The pound also seemed to have gained on the back of our seemingly 'zero interest rate policy', despite the IMF stating that we were the worst of the economies. Recent rate cuts have indicated that the UK may be the first of the European economies to emerege from the current economic climate.

Continual declining figures from Europe and announcements that UBS have posted a $16.7bn losses on the year, shocking many analysts have seen the pound gain across the Euro Zone, whilst the USD retreated on the stalling and continuing delays in the uncertainty over the US economic Stimulus Plan. The state of the US economy and the car industry was highlighted by the fact that for the first time in history, car sales in China was greater than the US.

However, not all is as well as it seems in the UK economy. Tomorrow will see the UK post Unemployment and Jobless claims figures, which could stunt the positive movement for the Pound. Former aides to Mr King commented that he "must print money to avoid a mess…."