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EU Leaders Air Disputes Over How to Handle Crisis

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EU Leaders Air Disputes Over How to Handle Crisis 32 THURSDAY, OCTOBER 2, 2008 THE WALL STREET JOURNAL. THE FINANCIAL CRISIS China’s thirst keeps oil price aloft Continued hunger China's share of global consumption growth, forecast for 2009 Continued from first page the same month last year. over the next two years. VOL. XXVI NO. 172 THURSDAY, OCTOBER 2, 2008 fell 2.1%, or $2.11, to $98.53 on Government data, meanwhile, in- Even if China’s exports slump, Aluminum Wednesday on the New York Mercan- dicate a decline in Chinese home the country could use its huge for- Iron ore Œ2.90 tile Exchange. prices in August. A Morgan Stanley eign-currency reserves to fund new Oil Œ2.90 U.S. business and trade But thus far, the West’s eco- strategist recently warned of a pos- public-works projects, from roads Steel - Spain nomic maladies haven’t caused ma- sible “meltdown” ahead in China’s and dams to housing complexes and - France leaders urge a rescue plan Copper jor slowdowns in the East. Oil de- property industry. power plants—all of which would NEWS IN DEPTH | PAGES 16-17 EU leaders air disputes mand in developed countries has In the worst-case scenario, Chi- buoy raw-material demand. Govern- Corn Œ3.20 shrunk, but in Asia, particularly na’s economy would slow dramati- ment spending on infrastructure Nickel Sk 100/Œ3.32 China, and the Middle East it’s still cally or slide into recession over the rose 42% in the first half compared Soybeans - Finland Why UniCredit’s stock has growing at a fair clip. Oil use in the next year, as the U.S. financial-mar- with 19% in the same period in 2007, Met coal - Slovakia Dkr 22 oil-rich countries of the Persian Gulf ket crisis reverberates around the according to CLSA, a Hong Kong- Œ3 underperformed this year over how to handle crisis Wheat looks set to jump 7% this year, out- globe. That would shove oil prices based brokerage firm. Chinese offi- HEARD ON THE STREET | PAGE 22 Thermal coal - Denmark pacing even China. down faster than any other force. cials have taken a number of other - Portugal The big question now is how But for now, most economists be- steps to keep growth strong, includ- 0 20 40 60 80 100% German minister Kc 110 much China’s economy will cool lieve that is unlikely, which means ing lowering interest rates, drop- Source: Deutsche Bank Zl 10.50 over the next several months as it China looks set to remain the main ping fees on small businesses and rejects French plan “The origin and absorbs the pain from the travails in driver for growth in commodities raising export-tax rebates for some - Poland its chief export markets in North markets. Even with the U.S. and Eu- products. for joint bailout fund Nkr 27 - Czech Republic center of gravity America and Europe. There are al- rope in the doldrums, China’s econ- The big oil producers within the with Iran and perhaps Venezuela, OPEC provides nearly 40% of that. What’s News— ready signs of an economic slow- omy is expected to expand 9% or Organization of Petroleum Export- could move to trim OPEC’s overall Even with diminished demand in BERLIN—France is leading calls 7 7 - Norway HRK 20 Business&Finance World-Wide of the problem down in China, even amid predic- slightly more next year. Travel by ing Countries—Saudi Arabia above production by as much as one mil- the U.S. and Europe, most analysts for a common European Union re- tions that the country will clock a air and road continues to expand. all—are also poised to rein in output lion barrels a day in coming months still forecast that China and the Mid- Œ2.90 Germany rebuffed French calls Obama and McCain returned sponse to fallout from the global fi- isis clearlyclearly inin growth rate of around 10% this year, Oil imports in August jumped 11% if prices slide. Slumping demand in if prices slump much below $90 a dle East will help drive up global oil - Croatia for a common European re- to Washington to support the nancial crisis, but Germany’s fi- compared with 11.9% in 2007. Chi- from August 2007,according to Bar- the U.S., the world’s largest oil con- barrel or if world oil inventories demand next year by as much as sponse to fallout from the glo- $700 billion bank-rescue pack- nance minister said in an interview Œ2.90 the USA.” age, as lawmakers appear to na’s imports of many base metals clay’s Capital. sumer, has helped loosen the global grow too large. OPEC ministers 800,000 barrels a day. - Netherlands bal financial crisis, including a Wednesday that Berlin wasn’t inter- slumped in August from July, and “We believe underlying demand oil market in recent months. But made an ambiguous move toward “On the demand side, I see nice joint bailout fund and a Europe- have revived the bill by adding ested in French proposals for a joint —German Finance Minister Dh 24 growth in freight tonnage leaving is still solid” in China, despite the Saudi Arabia has already begun to slicing production when they met in solid anchors in East Asia and the - Belgium wide financial regulator. So far, an increase to federal deposit- bailout fund and a Europe-wide fi- Œ3 China has slowed. U.S. imports from latest headwinds, oil-industry ana- trim its oil shipments in recent September, and could take sterner Middle East,” says David Kirsch, an £1.40 EU policy makers have re- insurance limits and several tax nancial regulator. Peer Steinbrück China are still strong, at $1 billion a lysts at Citigroup wrote in a note to weeks after boosting output by action when they next meet in De- analyst at Washington-based con- - Morocco sponded to a string of threat- breaks, clearing the way for the Conflicts between leaders of two day in July, but freight traffic in and clients last week. The bank said it ex- more than 500,000 barrels a day cember. sultancy PFC Energy. On the supply - Austria ened bank collapses with Senate vote looming Wednes- of Europe’s biggest and closest econ- Œ2.90 out of America’s West Coast ports pects Chinese oil demand to con- this summer. The world now consumes side, he says, “this begins and ends widely varying solutions. Page 1 day and raising the odds of omies over how to handle the finan- was down about 10% in July from tinue growing 4.5% to 5.5% a year Some analysts say the Saudis, around 86.5 million barrels a day. with OPEC.” passage in the House. Pages 1, 31 Lk 370.00 – United Kingdom n China’s demand for oil and $2 n The U.S. Senate was expected By Marcus Walker and Joellen - Luxembourg Saudi Arabia’s influence on sup- Perry in Berlin and David ply have been helping keep the to approve a U.S.-India nuclear- cooperation accord, nearing a Gauthier-Villars in Paris L£ 4000 price of crude aloft. Page 1 vote that would be the last hur- n The latest swings in the dle to civil nuclear trade with cial crisis could deepen rifts within $920 Million Project | 3 interruPtions | contingency Plan in action - Lebanon - U.S. Military (Eur) euro-dollar exchange rate re- India after a three-decade ban. the 27-nation bloc about how to con- duct and regulate finance as govern- Reuters Œ2.90 flect the high degree of uncer- n A top U.S. negotiator took a tainty among investors and a ments struggle to rescue interna- YTL 4.25 the risks are covered. - Italy new proposal to North Korea to tional banks with domestic taxpay- relative lack of liquidity in cur- try to salvage a nuclear-disarma- Œ2.90 rency markets. Page 19 ers’ money. - Turkey ment pact, amid reported signs The U.K. government continues n Sigma Finance faced immedi- of activity around the country’s Forbailout vote, Obama, to discuss its own rescue plan. Op- S£ 150 nuclear-bomb testing site. ate liquidation after a drop in the tions under consideration include: a - Ireland (Rep.) value of its investments. Page 2 n Conservative Party leader U.K. fund like the U.S. plan to buy - Syria Ft 530 n The Fed is weighing further Cameron sought to counter crit- Please turn to page 31 McCain are just senators interest-rate cuts even if Con- ics who say he lacks the experi- SF 4.80 ence and policies to deal with By Christopher Cooper week. Since then, lawmakers ap- - Hungary gress passes the $700 billion res- Britain’s financial crisis. Page 9 pear to have revived the bill by add- cue plan. Page 3 Œ2.90 ing an increase to federal deposit-in- n Alaska Gov. Sarah Palin and WASHINGTON—With action on n - Switzerland ECB and Bank of England Democratic Sen. Joe Biden meet China’s thirst, the$700billionbank-rescuepackage surance limits and several tax - Greece tried to smooth distortions in in- looming Wednesday, presidential breaks, clearing the way for the Sen- Œ3 in a U.S. vice-presidential election kr 27 terbank money markets by inject- debate Thursday. Pages 11, 12 candidates Barack Obama and John ate vote and raising the odds of pas- ing billions of dollars into the Saudi clout McCain prepared to return to Wash- sage in the House. Germany For information or to subscribe, visit www.services.wsje.com or call +44 (0) 207 309 7799 — Albania Sweden banking system.
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