Car sales rise again
European new car sales rose for two consecutive months for the first time since 2011 as a cash-for-clunkers programme in Spain and a regional economic recovery spurred consumers to purchase vehicles. Registrations in October advanced 4.6pc from a year earlier to 1.04 million cars, the Brussels-based European Automobile Manufacturers Association said. Sales in September climbed 5.5pc. "What we can say with certainty is that we reached the bottom" in European car sales earlier this year, said Thomas Besson, a Paris-based analyst at Kepler Cheuvreux.
BANK BONUS PENALTY
Bankers who fail to report colleagues' misconduct should be forced to pay back a portion of their bonuses, the Bank of England said as it seeks to rein in practices that tarnished the reputation of lenders. Banks should penalise staff that don't "take adequate steps to promptly identify, assess, report, escalate or address" poor behaviour by colleagues by taking away some of their deferred bonus awards, the BOE's Prudential Regulation Authority.
German investor confidence rose to the highest level in more than four years, signaling that the economic recovery in Europe's largest economy remains on track even after a third-quarter slowdown. The ZEW Centre for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed for a fourth month to 54.6 in November. That's the strongest reading since October 2009 and up from 52.8 the prior month. "Germany's economy is solid, especially when you consider the fact that domestic demand is the main reason for growth," said Stefan Schneider, chief international economist at Deutsche Bank.
WORLD BANK WARNING
World Bank President Jim Yong Kim said he hopes the Federal Reserve will exit its monetary stimulus bit by bit as he urged emerging markets to prepare for a wave of higher global interest rates. "As long as anything that happens is gradual, we think that developing economies will be able to respond effectively," Mr Kim said. "Anything abrupt would be more problematic." The International Monetary Fund and the World Bank have called on nations from Turkey to Indonesia to strengthen their economies in preparation for the reduction.