17 unless Congress agrees to raise the debt ceiling. A failure to increase the limit could lead to a technical default, which some fear will drag the economy back into recession . U.S. stocks traded lower on Wall Street . China and Europe data Meanwhile in China, data over the weekend showed a surprise decline in exports in September , signaling the global economy is still struggling to recover. Additionally, Chinese consumer prices rose faster than expected in September, though remaining within the governments target range. On the data front in Europe, Eurostat said industrial production rebounded in August in the euro zone, rising 1% month-on-month. Industrial production data for August support our view that euro-area growth is resuming but is still weak, and risks remain skewed to the downside, said Fabio Fois, southern European economist at Barclays, in a note. Our tentative forecast for euro-area industrial production in Q3 (…) also points to a slowdown in economic activity. That said, we continue to expect euro-area GDP to have increased 0.2% q/q in Q3 (0.1pp below Q2), a view that is supported by various confidence data, including PMIs, he added. Among country-specific indexes, Frances CAC 40 index /quotes/zigman/3173214 FR:PX1 +0.07% inched 0.1% higher to 4,222.96, while Germanys DAX 30 index /quotes/zigman/2380246 DX:DAX -0.01% closed slightly lower at 8,723.81. The U.K.s FTSE 100 index /quotes/zigman/3173262 UK:UKX +0.32% added 0.3% to 6,507.65, lifted by the benchmarks oil firms. Johnson Matthey PLC /quotes/zigman/11296163 UK:JMAT +5.88% climbed 5.9% in London after J.P.
Power Ranking Europe’s Top 10 Clubs
In France, one of the few countries with an absolute center-left parliamentary majority, Socialist President Francois Hollande is deeply unpopular as his government dithers between old-style tax-and-spend policies and half-hearted welfare and labor market reforms, satisfying no one. With the membership and funding of mainstream parties dwindling in many countries, the center-left has rarely kept pace with new vectors of political action via social media and grassroots initiatives. Some of the center-left’s woes may be temporary. When voters tire of center-right governments implementing austerity policies and scandal and attrition in office take their toll, the pendulum may swing back to the mainstream opposition. But the center-left can no longer offer much prospect of a rosier future through state intervention. There are fewer fruits of economic growth to redistribute, globalization continues to exert downward pressure on wages and working conditions in developed countries, and the demographics of ageing societies with shrinking workforces make welfare benefits and pensions ever harder to sustain. Compounding the left’s problems, some conservative leaders such as Merkel and Swedish Prime Minister Fredrik Reinfeldt have successfully occupied the middle ground. “(Merkel) has taken any political polarization away by reverse-engineering the social democratic Third Way strategy,” said Henning Meyer, editor of the Social Europe Journal. “Similar to what Tony Blair and Gerhard Schroeder did in the 1990s and 2000s, she has adopted the most popular policies of her opponents – at least rhetorically.” Merkel embraced the phasing out of nuclear power, increased public spending on childcare and family benefits and offered a watered-down form of minimum wage to neutralize the center-left. A lurch to the left did not help the SPD regain much ground as core voters are still angry over painful reforms in the last decade that cut unemployment benefits and raised the retirement age, even though they are now credited with restoring German competitiveness. CREDIBLE SOCIAL JUSTICE? The policy dilemma confronting the European left is how to offer a credible, modern vision of social justice.
Exeters proud home record always meant they stood a fine chance of beating Cardiff, but no one expected a demolition job on the scale of the first half thwacking they gave Lions captain Sam Warburtons pink-clad troops. The one major shock was at Murrayfield, where Edinburgh turned their PRO12 form on its head with a home win over Munster, who had looked in good form in the victory over Leinster just a week earlier. And so, it was a weekend where the order of big names straightened itself out a little. The Heineken Cup, perhaps for the last time, is under way, and its great to have it back. 10. (Last Week 10) Ospreys, PRO12 Stu Forster/Getty Images Ospreys have never quite stepped up to the plate when it really matters in Europe, and despite their starting lineup being studded with Lions, they could do nothing about the power and precision of Leinster. If there is a pool of pain in the years tournament, the Ospreys are in it. Northampton and Castres promise no easy days ahead. The Welshmens pack needs to assert itself far more aggressively than it did in this opener, and its back line cannot afford to be manhandled in the fashion Leinster dealt with them on Saturday night. 9. (7) Northampton, Premiership David Rogers/Getty Images A bonus point defeat away to the champions of France seems, on the face of it, a decent outcome. But Northampton may have viewed this as their best chance of victory on the road in a pool containing Leinster and the Ospreys. Castres are 11th in the Top 14 at present and were by no means firing on all cylinders at Stade Pierre-Antoine.