11 May
Central banks call turn in economy, but not quite yet
The global economy is about to turn the corner, leading central bankers said on Monday, but there were signs recovery could be long and painful.
The White House pushed up its forecast for the U.S. budget deficit, General Motors Corp said a bankruptcy filing had become “more probable,” and EU and U.S. businesses are set to cut more jobs while banks are still absorbing the impact of bad debts.
U.S. and European stocks fell and oil slid as investors locked in profits after a strong run-up and as major U.S. banks announced large stock offerings to repay government bailouts.
The central bankers’ cautious optimism was backed by growing indications the economic and financial crisis is abating.
…more…