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Former Federal Reserve chief Alan Greenspan stressed the eurozone is not functioning, saying insufficient balances in the economic stability of EU member countries make the current duty of the single currency a major area of concern.

Greenspan emphasized the great difference among European Union states, with the EU's more wealthier states including Germany regularly financing the shortages of southern countries.

The ex-central bank head, who has been critical about the bloc, said this divergence should not persist. He mentioned the European Central Bank is grappling with greater challenges than the Fed, noting the ECB's balance sheet is bigger than ever.

He also expressed his apprehension regarding the euro's prospect.

Related news

Federal Reserve Chair Janet Yellen said that she will step down from her seat on the Fed's Board of Governors once Jerome Powell is confirmed and takes oath as the new chairman of the U.S. central bank.

Yellen, in a letter to President Donald Trump, also pledged to do everything in her capacity to ensure a seamless transition of power to Powell, who was nominated by Trump to succeed her earlier this November.

It is widely anticipated that Powell will take her place when Yellen's term ends in February. Despite Yellen being able to stay on as Fed governor until 2024 given that board terms run for 14 years, it has been a tradition for departing Fed leaders to depart the board and at the same time as a courtesy to give the next chairman clear leadership of the FOMC.

Yellen has been credited with stabilizing the economy and steering the monetary policy from the defensive mode that came after the 2007-2009 recession and financial crisis. She served as the Fed vice chair before being nominated as Fed chief in 2014 by Democratic President Barack Obama and was the first woman to head the U.S. central bank.

Tags: Policy

European equities ended in the black on Monday, as automotive stocks, mining firms and construction materials suppliers helped buoy the markets.

The pan-European Stoxx 600 rallied in the afternoon, finishing 0.67 percent higher provisionally, with nearly all of the sectors closing in the green.

The France's CAC 40 and Germany's DAX climbed 0.40 and 0.50 percent respectively, while the U.K.'s FTSE 100 rose 0.12 percent.

The auto sector outperformed, gaining 1.33 percent overall, as German and French carmakers led the way.

Shares of Volkswagen climbed 4.19 percent, after news that the manufacturer would invest 22.8 billion euros ($26.9 billion) in its main car brand over the course of 2018 to 2022. Porsche, which is owned by Volkswagen, rose 4.48 percent.

Health care stocks were also higher following news that President Donald Trump is not going to push for a repeal of Obamacare in a tax bill. The sector was also supported by news that Roche has concluded trials against lung cancer. The stock soared 5.87 percent on the news.

Mining stocks helped lift the FTSE in London as Glencore International, Anglo American, and Antofagasta were up 1.6 percent, 1.3 percent, and one percent respectively.

Media stocks also reported strong gains, with ProSiebenSat.1 leading advances. The German broadcaster climbed 3.22 percent, following news that its CEO, Thomas Ebeling, will be leaving the company in February.

Bucking the trend were insurance stocks, which struggled to report gains by the close. Financials were also under pressure during trade.

In a research note by Goldman Sachs Group Inc., economists said the U.S. economy is transitioning into 2018 with solid momentum that is seen to bolster wages and inflation in a wider scale, prompting the Federal Reserve to hike interest rates four times in the following year.

Goldman Sachs chief economist Jan Hatzius upgraded his growth outlook for 2018 to 2.5 percent and cut its projection for unemployment to 3.7 percent by the end of 2018.

Ahead of the latest adjustment the latest Goldman Sachs estimate for 2018 growth was 2.4 percent.

The investment banking and securities firm also said U.S. unemployment rate, which stood at 4.1 percent in October, may hit 3.5 percent in late 2019.

In the report's summary, economists said the projections would indicate a transformation over the current cycle from the lowest labor market in postwar U.S. history to one of the tightest level. It is anticipated that a tighter labor market and a more normal inflation picture will result in the Fed delivering four rate hikes in the following year.

The estimate is one more rate hike more than the average prediction of Fed officials and more than what the financial markets are presently pricing in.

Tags: Policy

See also: Current support and resistance levels
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Nov 21 at 17:20 UTC

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