Euro gets boost from German economic survey

NEW YORK (AP) — The euro rose to a two-month high Friday against the dollar after a survey showed business confidence is growing in Germany and fears over the European debt crisis eased. The euro rose to $1.3602 in late trading Friday from $1.3469 Thursday. It’s the first time the euro had been over $1.36 since November 23. “The European debt crisis has calmed down a bit,” said Joseph Trevisani, chief market analyst at FXSolutions. He said that meetings held this week have assured some investors that a plan to counter Europe’s debt crisis should be in place in the coming weeks. The European Union and the International Monetary Fund have already bailed out Greece and Ireland, and investors had worried for months that the current fund would not be big enough to provide emergency financing for Europe’s larger economies such as Spain if their borrowing costs become too steep. (more)

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Germany hikes growth forecast for 2011

BERLIN — Germany will grow much faster in 2011 than previously expected, the government said Wednesday, as Europe’s top economy continues to motor ahead despite the eurozone debt crisis raging around it. The economy is set to expand by 2.3 percent this year, the latest official forecast said, a sharp hike from the 1.8 percent estimated in October as Europe’s powerhouse continued an impressive bounce back from a deep recession. “The upswing is on firm ground and is now self-sustaining,” Economy Minister Rainer Bruederle said as he presented the report in Berlin. As the economy powers ahead, so Germany’s unemployment rate is slated to fall further in what has been dubbed a “jobs miracle”. Berlin expects an average jobless rate in 2011 of seven percent, after 7.7 percent in 2010.(more)

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German investment reaches EUR 19bn in 2010: CBRE

Commercial real estate investment turnover in Germany grew to EUR 19.1 bn in 2010, an 83% increase on the total turnover recorded in 2009, according to the latest data published by CB Richard Ellis (CBRE). The growth in investment stems from rapid economic recovery and sustained investor confidence in the German market.

The fourth quarter (Q4) of 2010 alone registered transaction volumes of EUR 6.8 bn, which was the highest quarterly total since Q1 2008.

A notable feature of the German investment market in 2010 has been a significant increase in the number of large deals, with over 34 EUR 100 mln-plus deals transacted last year, including the sale of the Opernturm in Frankfurt. (more)

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