The grim reality is that America is not out of recession

Telegraph
"So the US economy actually expanded by only 0.9pc during the third quarter – a fact most newspaper reports ignored. What growth we did see resulted from a 3.4pc annualised rise in US consumption between July and September, which was in turn caused by a 22.3pc spike in spending on consumer durables.That increase, though, was largely driven – quite literally – by last-minute vehicle purchases under the soon-to-expire "cash for clunkers" scheme. The much-trumpeted rise in residential construction – the first in four years – was also dependent on a temporary tax credit for first-time buyers. In other words, this latest US growth spasm stemmed from one-off government "giveaways" – with the public only able to take advantage of such gimmicks by going deeper into debt."

Bank of England called on to increase QE

Telegraph
"The Bank of England has been urged to increase its quantitative easing (QE) programme to a total of £225bn – more than the gross domestic product of Greece. ...Malcolm Barr of JP Morgan said: "Our best guess is that the MPC will extend QE by a further £50bn next week while also cutting the interest paid on a portion of reserves to zero. With inflation rising sharply as we move into early 2010, and signs of recovery broadening, this move is likely to be the last."

Recovery fears return to haunt markets on eve of Hallowe'en

Telegraph
"US markets were spooked on the final trading day of October as investors questioned the real extent of the global economic turn-around, despite America's positive growth in the third-quarter."

Stocks swoon as worries about the economy return

Yahoo Finance
"A day after a euphoric rally pushed stocks up the largest amount in three months, on Friday investors fretted that strapped consumers won't be able to carry on a recovery in the economy that has been driven by government spending and companies boosting profits through cost-cuts. .....On the New York Mercantile Exchange, gold fell, while oil tumbled $2.38 to $77.49 a barrel."

Bank set to inject more cash into economy

Daily Mail
"The Bank of England is set to extend its quantitative easing programme next week in an effort to kickstart the UK economy out of recession.Shockingly bad third-quarter growth figures appear to have swung most economists to expect action from the Bank's monetary policy committee, which will disclose its decision next Thursday at midday."

Tony 'the twister' Blair now wants a free ride on the Euro Express

Telegraph
"With the stench of destruction still hanging over Baghdad – two huge bombs killed another 153 people this week – Mr Blair's ongoing role as Middle East peace envoy defies even gallows humour. The day he took up the post, satire was bound, gagged, shot in the back of the head and dumped in a ditch.Having failed spectacularly in a task for which he was uniquely unsuited, he's gagging to switch gravy trains for a first-class seat on the Euro Express. Mandelson did it. So, too, the Kinnocks. Now Tone wants his turn."

UK left behind as the United States climbs out of recession

Telegraph
"The figures coincided with statistics showing that a key measure of the flow of money around the British economy has shrunk to the lowest level on record. The Bank of England said that an adjusted measure of M4 fell by 0.9pc in September, resulting in an annual fall of 1.7pc – the worst since comparable statistics began.The fall is of particular concern since the Bank had hoped that its £175bn quantitative easing (QE) programme would have pushed up money growth and economic expansion."

Britain out in the cold as US exits recession

The Times
"Gordon Brown is facing growing embarrassment over Britain’s recovery after it became the world’s only major economy still in recession as America returned to growth in the third quarter. ...Britain, the world’s sixth largest economy according to the World Bank, was widely expected to have recovered in the third quarter.However, shock figures, released last week, showed that the UK economy contracted between July and September, leaving the country battling the longest recession on record."

US emerges from recession

Telegraph
"The US economy has emerged from its deepest slump since the Second World War, new figures showed today. ....The return to growth in the last quarter was driven by a rise in consumer spending and a blitz of stimulus measures by the Government. While acknowledging that the economy has rebounded, experts are divided on how strong the recovery will be. Some reckon there is a significant risk that the economy will fall back into recession."

Norway becomes first European country to raise interest rates

Telegraph
"Norway has become the first country in Europe to raise interest rates since the start of the financial crisis as its economy recovers from a shallow downturn."
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Norway becomes first European country to raise interest rates since financial crisis (Daily Mail)
"Norway, which has a population of 4.8million, is not a member of the European Union, and has escaped the financial crisis largely unscathed thanks to vast oil revenues, which it invests in a sovereign wealth fund worth $420billion."

FTSE 100 falls 2.3pc as recovery concerns weigh on shares

Telegraph
"Shares dropped sharply in London on Wednesday amid growing concerns that both the UK and the US could suffer a relapse into economic gloom."

Deflation fears as Eurozone and US credit contracts

Telegraph
"Bank lending to firms and households in the eurozone has fallen for the first time, raising fears of an economic relapse and a slide into deflation next year. ...Otmar Issing, the ECB's former chief economist, told an Open Europe forum in London that policymakers are entering treacherous waters. "Nobody can be sure that we have a self-sustaining recovery. The challenges facing the ECB are tremendous," he said."