Browse content similar to 01/06/2012. Check below for episodes and series from the same categories and more!
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celebrations. Those are the latest headlines. | :00:13. | :00:17. | |
Welcome to World Business Report. Fears mount about the eurozone and | :00:17. | :00:23. | |
the wider global economy. Four trillion dollars has been erased | :00:23. | :00:31. | |
from global stock markets. Asian stock markets are Stan -- I | :00:31. | :00:35. | |
keeping losses into June. They are stunned by further weakness in | :00:35. | :00:42. | |
China's manufacturing sector. The thoughts turn to the US and the | :00:42. | :00:52. | |
:00:52. | :00:54. | ||
latest employment figures. The recovery is losing momentum. | :00:54. | :00:58. | |
Growing fears over the eurozone crisis and the direction of the | :00:58. | :01:02. | |
broader global economy. It has been the worst month for global stock | :01:02. | :01:06. | |
markets in eight months. Shares around the world were down 10% in | :01:07. | :01:12. | |
May, losing four trillion dollars in value. For the Dow Jones, it was | :01:12. | :01:16. | |
the worst month in two years. Commodities have been even harder | :01:16. | :01:24. | |
hit. Demand for perceived safe havens has hit record levels. | :01:24. | :01:34. | |
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June is off to a bad start in Asia. No rest for the weary. Stock market | :01:35. | :01:40. | |
investors in Asia, today there were stunned by more weakness in China's | :01:40. | :01:47. | |
manufacturing sector. The index came in above 48, for the month of | :01:47. | :01:53. | |
May, which is the lowest since March of 2009. Any number below 50 | :01:53. | :02:03. | |
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indicates a contraction. These numbers are so just the slowdown in | :02:04. | :02:10. | |
the world's number two economy may be worse than expected. -- numbers | :02:10. | :02:17. | |
suggest. All the stock markets are in negative territory. But Hong | :02:18. | :02:22. | |
Kong and mainland China shares are looking resilient. Investors hope | :02:22. | :02:26. | |
that China will launch more action to help its economy. But they were | :02:26. | :02:34. | |
not spend the same amount of money, which is $600 billion, four years | :02:34. | :02:40. | |
ago during the global financial crisis. Emergency -- emerging Asian | :02:40. | :02:50. | |
:02:50. | :02:55. | ||
currencies are also feeling the pressure. | :02:55. | :03:01. | |
I am joined by a market strategist. Is this the turning point for | :03:01. | :03:05. | |
global stock markets? When you look at what is going on, not just in | :03:05. | :03:10. | |
the eurozone, which is where things are dominating, but with the US | :03:10. | :03:14. | |
slowing down, there are numbers out of India that are not looking good. | :03:15. | :03:19. | |
Those countries were the ones that were supposed to save the world. | :03:19. | :03:26. | |
The story out to China about no stimulus has boot to the market. -- | :03:26. | :03:31. | |
has frightened. The markets hate uncertainty. You get in negative | :03:31. | :03:36. | |
results. We have got huge uncertainty around the world, the | :03:36. | :03:40. | |
biggest being the eurozone. Nobody knows what the outcome of all the | :03:40. | :03:45. | |
stories are going to be. When we get to June 17th, the issue with | :03:45. | :03:49. | |
the Greek election, we probably still will not know. There is no | :03:49. | :03:53. | |
surprise that the markets are not finding anything positive to grab | :03:53. | :04:00. | |
onto. To the problem stemmed -- stem from the eurozone? If there | :04:00. | :04:05. | |
could be some kind of stop to the crisis, you will see markets | :04:05. | :04:10. | |
stabilise? Yes, but what we have also seen, the markets become numb | :04:10. | :04:15. | |
to a lot of the stories. There is so much going on about Greece and | :04:15. | :04:21. | |
Spain, we have been talking about to -- about it for two years, and | :04:21. | :04:26. | |
when the stories come out, there is not too much of a market reaction. | :04:26. | :04:30. | |
But when you get all the news coming together, negativity from | :04:30. | :04:36. | |
the US... this is the first concrete sign that diggers and | :04:36. | :04:46. | |
:04:46. | :04:46. | ||
crisis appears to be affecting eurozone crisis. The US recovered | :04:46. | :04:50. | |
and managed to ignore the eurozone. But now it is having a knock on | :04:50. | :04:56. | |
effect. It is a global problem again, not a eurozone problem. | :04:57. | :05:03. | |
Global investors will be looking to the US on Friday within the short - | :05:03. | :05:08. | |
- with offi - with offioyment figures for May. April was the weakest | :05:08. | :05:11. | |
month for job creation in six months. Estimates for the US | :05:11. | :05:15. | |
economic growth in the first three months of the year were downgraded. | :05:15. | :05:20. | |
We have been speaking to graduates in York to find out where their day | :05:20. | :05:27. | |
job prospects are any better now. - - in New York. | :05:27. | :05:32. | |
The air was filled with optimism at his graduation ceremony at Queen's | :05:32. | :05:36. | |
College New York. Something that was in short supply when the | :05:36. | :05:42. | |
Then, 2008. Then, the housing bubble had burst, | :05:42. | :05:46. | |
the men bro the men bro collapsed, and there were few jobs available. | :05:46. | :05:55. | |
Lehman Brothers. I was positive, I kept the positive attitude. I know | :05:55. | :05:58. | |
that I would be in school when the worst of the crisis was happening, | :05:58. | :06:05. | |
school right when things started getting better. I believe that is | :06:05. | :06:10. | |
the case. T the case. T starting to improve a little bit. Once a | :06:10. | :06:15. | |
college education guarantee to a well-paid job. It is not so today. | :06:15. | :06:21. | |
He still cannot find full-time employment. I was looking for a | :06:21. | :06:27. | |
full-time job. But seeing how the job market is, and see how you can | :06:27. | :06:30. | |
work your at way up or two part- time jobs, it makes the | :06:30. | :06:37. | |
opportunities unfold for you, and get you into the business. | :06:37. | :06:41. | |
recession's impact on recent graduates is not immediately | :06:41. | :06:45. | |
confined it to their recent job prospects. It can also affect their | :06:45. | :06:51. | |
future earning power. When you enter the labour market at a lower | :06:51. | :06:57. | |
wage, it is difficult to ever catch up, because your labour market | :06:57. | :07:02. | |
history, as we call it, follows you around. So unless you change job | :07:02. | :07:06. | |
and you get a huge promotion, you are not necessarily going to catch | :07:07. | :07:14. | |
the ball restarted at a higher level. -- catch the people who | :07:14. | :07:20. | |
started. America's unemployment rate remains above normal, at 8%. | :07:20. | :07:25. | |
The ceremony is over, but for the graduating class of 2012, the | :07:25. | :07:35. | |
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challenge of finding a job in a tough economy has only just begun. | :07:36. | :07:40. | |
The Russian President will visit Berlin and Paris on his first | :07:40. | :07:44. | |
foreign tour since returning to office for a third term. Syria will | :07:44. | :07:48. | |
top the agenda with Russia under pressure to drop support for the | :07:48. | :07:52. | |
regime, but the crisis in the eurozone is also a major worry for | :07:52. | :07:58. | |
the Russians. The EU is its number one oil market and also its top | :07:58. | :08:04. | |
trading partner. I suspect there will be a battle as | :08:04. | :08:09. | |
to what will top the agenda. The Russians are looking for a very | :08:09. | :08:14. | |
different agenda than the Europeans. That a reputable prefer to discuss | :08:14. | :08:20. | |
business interests, Moseley energy issues. -- and Vladimir Putin. But | :08:20. | :08:26. | |
it is likely that the Syrian crisis will dominate the agenda. Is it | :08:26. | :08:35. | |
likely that one will influence the other? When it comes to business | :08:35. | :08:42. | |
interests and energy issues, he tries to continue with his message, | :08:42. | :08:52. | |
:08:52. | :08:54. | ||
that he values Germany and France, and that he would probably tried to | :08:54. | :09:02. | |
degrade the Syrian issue to a wider geographical context. He will | :09:02. | :09:09. | |
probably steered the conversation to the eurozone crisis. Especially | :09:09. | :09:15. | |
in the light of the developments in a new project. AB we have learnt, | :09:15. | :09:21. | |
this alternative gas pipeline has been shut off. It was supposed to | :09:21. | :09:26. | |
diversified the EU's energy input, and to bring non Russian gas into | :09:26. | :09:31. | |
it. But it has been shut off. It means that Russia's position has | :09:31. | :09:38. |