The OECD reports that it “expects 0.3% growth in the UK in the last three months of the year, but said the economy could contract by as much as 1% amid high uncertainty over its projections. … [The] reason for the uncertainty surrounding its latest estimates was because the full impact of the continuing debt woes in the eurozone and resulting stock market volatility was not yet known.”
My response: Well, obviously. The political conglomeration [think: tax codes, regulatory bodies, etc.] of euro-zone countries, particularly Germany and France, is augmenting this lack of confidence by signaling their commitment to buoying other nations.
And expect things to get worse if rumors persist that Brussels wants to raise tariffs on China. Or that Frankfurt wants to make an “alternative” credit evaluating agency. Or that a Euro nation is exiting. Or that… you get my point.