Europe's GDP Upgrade, Iran's Security Top Team, More
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What is the latest outlook for Europe’s economy and stock market?
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Europe's economic outlook is set to improve in the coming months after proving surprisingly resilient to the effects of the Iran War. After a stronger than expected second quarter, a Bloomberg survey of analysts has now raised its Eurozone growth forecast to 0.8% for the year, up from 0.5% in July. That resilience is also showing up in European stock markets as companies across the continent deliver their best earnings growth in four years. The stock six hundred is up eleven percent this year and on a forward earnings basis is now at its smallest discount to the year. Yeah. Madeline Roner is a senior portfolio manager at DWS.
This one was one of the best earnings seasons that we have seen in Europe for quite a while and it's a pretty promising picture because yes expectations have been higher than in recent quarters, but they're still not quite as high as for example in the US. So there's still more uh room for uh upside surprises as well as expectation beats and raises.
Madeline Ronner's sentiment is reflected more broadly, with surveys showing that many fund managers have shifted from underweight Europe to overweight.
Iran has named the former hardline military commander Mussan Rezae as its top national security official. The move comes as Iran says an agreement with Oman on a shipping route through the Strait of Hormuz is very close. Our Middle East correspondent Abir Abu Omar says Tehran has ruled out direct talks with the US for now.
Iran maintains that Washington is not a part of those discussions, despite what we've heard from President Trump and the vice president about them being part of those discussions. Iran maintains that mediators, assumingly Qatar at this point, are the ones that are delivering messages. We also understand that Qatar is doing its own draft to start mediating to have those wider discussions. But for the time being, think Hermuz stays paralyzed pretty much, attacks continue to happen, and we don't have a formalised draft between Iran and Oman about that deal.
Abir Abu Omar was speaking as President Trump says he's prepared to allow economic pressure on Iran to mount rather than launch a new military offensive. Speaking to Axios, Trump claimed the US as quote, low keying it and semi negotiating with Tehran, which he says is in a very bad shape economically. The remarks follow weeks of threats of airstrikes that Trump has then repeatedly called off.
The alleged leader of an Irish organized crime gang has been extradited to Dublin from Dubai. Daniel Canahan landed in Ireland yesterday where he was charged with directing the activities of a criminal organization at a special court sitting. Irish Prime Minister Michal Martin highlighted the joint efforts involved in the operation.
I pay tribute to the authorities in the United Arab uh Arab Emirates for the strong cooperation with Ireland over recent years in this field more generally.
Ireland's Michal Martin speaking there.
How is Iran reshaping its national security leadership and talks with Oman?
Following his court hearing, Kinehen was remanded in custody at a high security prison in Port Louise, ninety miles southwest of the capital. His next court appearance is scheduled for October.
UK hiring is turning a corner after its longest tr slump on record. Data from the Recruitment and Employment Confederation shows the number of people getting permanent jobs holding steady. That's after forty five straight months of declines. But the organisation warned that any recovery would depend on decisions new Prime Minister Andy Burnham makes in his October budget.
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