. -- the euro stoxx 50 also ended the session three and a half percent on up. the euro has strengthened, it is up against the dollar at this hour. after a strong start to the year, the european commission said that the eurozone economy will record extremely modest growth in the second half of 2011. they expect slower global growth will hurt exports. they believe that the sovereign debt crisis will lead to more hesitant investment and lower consumer spending. >> the eu monetary affairs commissioner was the bearer of the bad news. economic growth is set to slow to almost zero. >> economic growth in the european union is expected to go to a virtual standstill towards the end of the year. >> the european commission has revised its original gdp forecast down to 0.2%. it is because of a strong start to the year that the overall growth forecast stays unchanged at 1.6%. germany is expected to blazed ahead with almost 3%. italy is really feeling the heat of the crisis with lackluster growth. france is looking weaker. the eurozone and debtor nations like greece must deli

take a look at the numbers beginning in frankfurt where the german index closed the day down the euro stoxx 50 ended up. across the atlantic, the dow jones industrial is in negative territory. the euro is trading for one u.s. $40 2 cents. -- $1.42. saab is seeking funding. they do not have made plans -- their plants in western sweden are at a standstill. they were saved from bankruptcy two years ago when they were purchased from general motors. the europe -- the biggest consumer electronics show in europe gets under way. media representatives were given a chance to visit the fair earlier today. this is bigger than ever before with more than 1400 exhibitors focusing on television sets and flat screens but also internet radio and the latest tablet computers which are set to change the lifestyle of millions. >> traveling computers rule the roost at this conference. they are betting it will be the future. light switches could be a thing of the past. deutsche telekom is connecting household appliances to the internet. >> it gives some security because you can check away from home a few turned of

. >> the eurozone euro stoxx 50 ended the session at 2% higher. the dow industrials closed 4/10 of a percent higher. the frankfurt international auto show opened its doors to the media on tuesday. car manufacturers are celebrating a rebound in sales. that has allowed them to steer clear of the slowdown. as they look to the future, they are expecting growing demand for cars with less muscle and more efficiency at an affordable price. here is a look at what volkswagen is rolling out. >> small is the new big. volkswagen is hoping that their new vehicles will compete well. with prices below 10,000 euros, this is designed for developing countries and crowded western cities. a battery powered version is due in 2013 and volkswagen is working on a diesel option, too. they have high hopes. >> we are noticing that the trend is moving towards small cars. young people in the inner city are opting for small cars. we have to offer something here, too. >> the german rival, bmw, is making a push into the small car segment. bmw hopes to show the shift is not comin

the euro stoxx 50 closed up by 2.8%. in new york, things fizzled out towards the end. it managed to finish half a percent higher. the euro trading at this hour at a value of one u.s. $43 cents. the portuguese prime minister says that his government is ready to adopt debt limits in this constitution. that is in line with a call from german chancellor angela merkel for such measures to end the debt crisis. the portuguese prime minister is said to meet with angela merkel on thursday. there will be higher taxes on the wealthy, also on taxes made by real estate sales. public payrolls will be cut. these are in line with commitments made in return for a $78 billion imf and eu bailout. german unemployment fell in august for a 26 straight month as hiring held up despite continued concerns about the eurozone debt crisis and the recent turmoil on the equity market. the german rate held at 7%. >> besides the usual boost in summer construction work, the german labor market has remained stable. most employers postponed any hiring and firing at this time of the year. some 2,945,000 p

the euro stoxx 50 closed over 2% out. the dow closed 11,408. greece and promised more cuts to the public sector on tuesday. they held their second conference call in two days with their international lenders trying to convince them that their coffers will run dry next month. the ecb, and the imf are increasing pressure on athens to deliver on promises to cut their deficit. the greek population is resisting the measures. >> these civil servants are angry about the austerity measures including wage cuts. they are also fearful about job security. even though the greek constitution says they ve security, they plan to -- the greek government plans to lay them off within a year. >> my life is changed. i have two small children. i have suffered a wage cut and i don't know what will happen in the future. >> they said they will continue with the strike and calls by economist to allow passes to leave at the euro. >> only when they leave the eurozone will they be able to transform their debt and then devalued. they will become more competitive. they would

the euro stoxx 50 was up over 5%. the dow jones advanced more than 1%. the euro is going for $1.36. the prime minister of luxembourg is one of the people at the eye of the storm right now. he is the head of the euro group. he delivered a rallying cry to the european parliament saying that the block's response has been too slow and the system must be overhauled. the eurozone must stick together to battle the debt crisis. >> an appearance in strasbourg is something of a home's own for the euro -- home game for the rozone chief. he had clear words to those who believe that greece should return. >> i am totally against the idea that one or two member states should be compelled to leave the eurozone. that would achieve nothing. >> he says that the eurozone must cut its ranks to make sure that the currency survives. he said that the international inspectors are set to return to athens later this week. this means that greece could get its hands on the next installment and that upset some lawmakers. >> you told us that greece fundamentally has no problems because she is a member of the euro

the euro stoxx 50 fell by 176. the dow jones closed down over a 11.5% sign. amazon has unveiled its long- awaited tablet, the kindle fire. the co showed off the device. this feature is a color screen, a new internet browser. this is set to sell for under $200 which is far less than the ipad from rival apple. in germany, inflation rates are at the highest rate in three years. consumer prices jumped 2.6%. that is more than analysts were expecting. fuel and heating oil were among those increasing. german inflation is outpacing the european central bank's target rate of less than 2%. some figures are going up. the biggest number of job vacancies are attempt agencies. the total was about 1 million jobs up for grabs. the fallout from the decision to phase out nuclear energy will be very expensive for power companies. a new report puts the cost of dismantling the power plant at more than 18 billion euros? the 17 facilities will have to be decommissioned. the plants are going offline in stages with the last due to shut down in 2022. for more, it is back to brian. >>

check out the dax at the euro stoxx 50, down by nearly 3%. u.s. stocks fell for the first time in six session monday, the dow closing down by almost a full percentage of the euro is trading 1.3682. u.s. president barack obama has been unveiling his plans to reduce the nation that the deficit by another $3 trillion of the next decade. it includes raising $1.50 trillion by hiking taxes on companies and the wealthy and vowed to veto any medicare cuts without tax reform. new spending cuts include modest adjustments to federal pension programs and $1 trillion in savings as the wars in iraq and afghanistan winding down. his republican opponents have already rejected the plan and they accuse obama of playing class warfare ahead of next year's elections. and corporate news, swiss pharmaceutical giant has -- roche stop paying -- sending medicine to some great hospitals. some institutions are four years in arrears -- once to increase shipments to greece's pharmacies which are financially better off. >> some hospitals have paid only 37% for the medications d

the euro stoxx 50 also 4% down. in new york, the dow jones industrials also heading lower.he euro at $1.3663. the imf head has called on the leaders of the world's largest economies to take urgent action to ward off a global recession. g-7 leaders are meeting in france, and they are under pressure to find new solutions to the problems of debt and economic stagnation. >> g7 finance ministers are only in france for a short while, but despite the pressure to come up with convincing anti-crisis measures to the world's industrialized nations still lack uniform intervention strategies. the europeans do not want to follow the example of the u.s. and launch a massive economic stimulus program. >> we support the united states in its work to ensure that the recovery in the u.s. economy can continue, while at the same time in europe, we have our own genesis. >> many european nations are struggling with massive debt, in part due to poor economic policies. the german finance minister has called for strict cost-cutting measures and no new spending. but a joint declaration on the way out