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Obama urged to shape new economic order
Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s.Excitement about the election of Democrat Obama as the first black U.S. President was tempered by an awareness of the challenges he faces as the world's biggest economy labors in recession. "We need to change the current crisis into a new opportunity. We need a new deal for a new world," said European Commission President Jose Manuel Barroso.
Underlining the economic woes Obama faces, U.S. private employers cut a larger-than-expected 157,000 jobs in October, a report by a private employment service showed. Initial market reaction to the election was sober, with the dollar retreating against the pound and the euro and Wall Street expected to fall after an election-day rally. European shares were down two percent, but Asian stocks earlier closed at three-week highs. "The market is maybe reflecting the hard work ahead and difficult economic circumstances new president Barack Obama has inherited," said Keith Bowman, analyst at Hargreaves Lansdown. Obama does not take office until January, leaving outgoing President George W. Bush to host a summit of world leaders in Washington on November 15 to discuss the global financial crisis which has its roots in the collapse of the U.S. housing market. Posted by: tipper 2008-11-05 |
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