The Southern European shock has had a very sizable global impact,according to Stephen King,HSBC Group Chief Economist.We're not seeing the same kind of China boost this time around.HSBC predicts 8.6% China growth,with global growth at 2.2% for 2012.
The number of Australian help wanted ads were down for the sixth straight month,says ANZ Bank.
Japanese markets are closed today for Fitness Day,while Chinese markets reopened after a week-long holiday.Chinese stocks are the cheapest they've been since 1997.Hong Kong's Hang Seng index was down 0.70 in Monday morning trading.
At a Foxconn factory in Zhengzhou,China,workers returned to their jobs today after 3-4,000 walked off Friday,closing down two shifts.They had gotten upset when quality control said they were scratching too many Apple iPhone 5 casings.This follows a riot the week before at another Foxconn plant in Taiyuan that also makes iPhone 5 casings.
The Zhengzhou workers complained that new quality standards for iPhone casings were beyond the limit of their vision.A ruckus broke out over the issue resulting in property damage,injury and hospitalisation.
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