EUROPEAN CENTRAL BANK
Official Says U.S. Vote Increases Uncertainty
A top European Central Bank official said the world economy faces "an abnormal degree of uncertainty" in the wake of U.S. elections, warning that rising protectionism and political risks in Europe could derail economic growth.
Stock markets have surged as investors bet that President-elect Donald Trump would fulfill campaign promises of spending more money on infrastructure and the military. Bond prices fell and yields rose amid expectations that greater spending by the U.S. government would boost inflation.
ECB Vice President Vítor Constâncio warned that Europe's export-dependent economies could suffer if the U.S. tilts toward greater protectionism. Mr. Trump has indicated he favors renegotiating some trade deals.
Economic Growth Quickened in Quarter
The economy grew faster than expected in the third quarter, data showed, but further austerity and tight credit conditions are likely to dictate how strongly the country emerges from a seven-year slump.
The Hellenic Statistical Authority said gross domestic product expanded by 0.5% in the July to September period, picking up from a revised 0.3% growth rate in the previous quarter. It was the first time GDP expanded for two straight quarters since 2013.
Strong private consumption and public investment helped lift the economy, along with export growth.
Military Says India Shot Seven Soldiers
The military said Indian gunfire across the disputed border in the Kashmir region killed seven of its soldiers, a development likely tofurther raise regional tensions.
Pakistan's military said "unprovoked firing" across the border in Kashmir caused the deaths. Pakistani soldiers responded by shooting at Indian border posts, the military said.
There was no comment from India. Pakistan Defense Minister Khawaja Muhammad Asif called for the international community to intervene to make India and Pakistan restart peace talks.
(END) Dow Jones Newswires
November 15, 2016 02:47 ET (07:47 GMT)
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