British Eurosceptics fear that the draft constitution would allow Brussels to impose continental-style labour-market restrictions on Britain, thereby importing continental-style high unemployment.

ECONOMIST: Discord over Giscard's Euro vision

Cheaper oil prices bodes well for heavy oil importing nations like the U.S. and Europe, but also for important emerging market nations like India and China.

FORBES: Oil Prices Seen Lower As US Recession Odds Increase

Europe's travails suggest the outlook isn't much better: it will probably be importing less and exporting more, because of fiscal retrenchment and a lower euro, taking market share from American exporters.

ECONOMIST: Global rebalancing

China's textile mills are importing more cotton than many had expected, and the demand is helping to give the global market for the commodity a boost.

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