- The US budget negotiations are making progress but significant differences remain, though a deal does not seem impossible. The Fed will continue bond purchases as long as unemployment is above 6.5%.
- European industrial production fell while new car registrations dropped 10.3%. Recovery will be difficult as manufacturing PMIs stabilized and services PMIs rose slightly.
- In Switzerland, Zurich Assurances estimated Hurricane Sandy losses at $758 million, within expectations. UBS could pay $1.6 billion to settle Libor rigging charges. Holcim will write down assets by $410 million due to European restructuring.
The document provides commentary on macroeconomic conditions and trends in various countries/regions. Key points include:
1) A second Greek bailout is likely as the country works to implement austerity measures to reduce its deficit. However, there is uncertainty around reaching agreements on debt restructuring.
2) Consumer confidence fell in the US, Eurozone, and UK as economies showed signs of slowing. Growth is expected to remain weak.
3) The Portuguese government unveiled new fiscal measures but the country's fiscal position may be worse than expected due to risks from state-owned enterprises and public-private partnerships.
4) German unemployment declined further but the resilience of its economy is unsustainable amid the debt crisis; French
Horizon Lines reported financial results for the first quarter of 2009. Revenue declined 11% to $272 million due to lower fuel surcharges and volume. Adjusted EBITDA was $19 million, down 29% year-over-year. The economic recession continued to impact all trade lanes, especially Hawaii and Puerto Rico, though rate increases partially offset declining volume. Liquidity remained strong at $97 million and the company remained in compliance with debt covenants. Looking ahead, management expects a protracted recession but believes Horizon Lines is well positioned in domestic trades.
52224246 ubl-annual-accounts-dec-2010-finalAtta Shah
- UBL achieved a 21% increase in profit after tax of Rs 11.2 billion for the year ended December 31, 2010.
- Despite challenges like inflation and interest rate increases, UBL improved its net interest margin to 7.1% and reduced its non-performing loan ratio to 2.3% through prudent lending.
- UBL continued expanding its digital services through projects like Omni branchless banking and the new core banking platform, while launching new accounts tailored for children and businesses.
The quarterly newsletter provides an overview of market performance in Q3 2011, noting declines across major indexes. It also summarizes challenges in the global and US economies, including European debt issues and the US credit downgrade. Additionally, it provides tips for 401k savings and year-end tax planning, such as harvesting losses, small business stock exclusions, and payroll tax increases. The business focuses on tax efficiency strategies and will analyze Roth conversions in Q4.
The document provides a weekly market outlook from UBS. It notes that additional turbulence is expected in the coming week due to heavy economic data releases and policy uncertainty. However, equity markets appear oversold and may be poised for a modest relief rally. Any sustained recovery will require confirmation that the economic recovery is on track, earnings impacts are modest and transitory, and policy remains supportive of growth. The document also discusses the challenges facing monetary policymakers and expectations that additional stimulus is unlikely, meaning markets will need to find comfort with the existing policy mix.
“Ironically, if central bank ‘financial repression’ continues to work and increases
economic growth, we will likely see markedly higher bond yields by year-end
following intervention by the Fed to rein in stimulus as unemployment falls.“
This document provides a summary of recent economic and market events from around the world. It discusses issues in Europe including the need for a pan-European banking union and ongoing problems in Spain and Greece. It also mentions slowing growth in China and the US, as well as actions the US Federal Reserve and European Central Bank may take in response. The editorial recommends Bombardier Inc. as a buy based on its attractive valuation and potential for growth.
The document provides commentary on macroeconomic conditions and trends in various countries/regions. Key points include:
1) A second Greek bailout is likely as the country works to implement austerity measures to reduce its deficit. However, there is uncertainty around reaching agreements on debt restructuring.
2) Consumer confidence fell in the US, Eurozone, and UK as economies showed signs of slowing. Growth is expected to remain weak.
3) The Portuguese government unveiled new fiscal measures but the country's fiscal position may be worse than expected due to risks from state-owned enterprises and public-private partnerships.
4) German unemployment declined further but the resilience of its economy is unsustainable amid the debt crisis; French
Horizon Lines reported financial results for the first quarter of 2009. Revenue declined 11% to $272 million due to lower fuel surcharges and volume. Adjusted EBITDA was $19 million, down 29% year-over-year. The economic recession continued to impact all trade lanes, especially Hawaii and Puerto Rico, though rate increases partially offset declining volume. Liquidity remained strong at $97 million and the company remained in compliance with debt covenants. Looking ahead, management expects a protracted recession but believes Horizon Lines is well positioned in domestic trades.
52224246 ubl-annual-accounts-dec-2010-finalAtta Shah
- UBL achieved a 21% increase in profit after tax of Rs 11.2 billion for the year ended December 31, 2010.
- Despite challenges like inflation and interest rate increases, UBL improved its net interest margin to 7.1% and reduced its non-performing loan ratio to 2.3% through prudent lending.
- UBL continued expanding its digital services through projects like Omni branchless banking and the new core banking platform, while launching new accounts tailored for children and businesses.
The quarterly newsletter provides an overview of market performance in Q3 2011, noting declines across major indexes. It also summarizes challenges in the global and US economies, including European debt issues and the US credit downgrade. Additionally, it provides tips for 401k savings and year-end tax planning, such as harvesting losses, small business stock exclusions, and payroll tax increases. The business focuses on tax efficiency strategies and will analyze Roth conversions in Q4.
The document provides a weekly market outlook from UBS. It notes that additional turbulence is expected in the coming week due to heavy economic data releases and policy uncertainty. However, equity markets appear oversold and may be poised for a modest relief rally. Any sustained recovery will require confirmation that the economic recovery is on track, earnings impacts are modest and transitory, and policy remains supportive of growth. The document also discusses the challenges facing monetary policymakers and expectations that additional stimulus is unlikely, meaning markets will need to find comfort with the existing policy mix.
“Ironically, if central bank ‘financial repression’ continues to work and increases
economic growth, we will likely see markedly higher bond yields by year-end
following intervention by the Fed to rein in stimulus as unemployment falls.“
This document provides a summary of recent economic and market events from around the world. It discusses issues in Europe including the need for a pan-European banking union and ongoing problems in Spain and Greece. It also mentions slowing growth in China and the US, as well as actions the US Federal Reserve and European Central Bank may take in response. The editorial recommends Bombardier Inc. as a buy based on its attractive valuation and potential for growth.
Lower interest rates have hurt consumer incomes and spending by reducing interest payments to consumers. However, increased dividend payments from companies to consumers have provided a slight offset. Lower consumer energy prices have also increased consumers' spending power by $100 billion compared to 2008 levels. While some factors restraining consumer spending have improved, employment needs to increase further to boost income and spending growth in 2012.
Center for retirement research funding report 110525KernTax
The document summarizes the funding status of state and local pension plans in 2010. Key points:
- The funded ratio for 126 plans declined slightly from 79% in 2009 to 77% in 2010 when using the expected long-term yield to discount liabilities, but dropped from 53% to 51% when using a risk-free rate of 5% instead.
- The decline occurred because growth in liabilities outpaced growth in actuarial assets, which smooth market gains and losses over 5 years, so plans did not fully benefit from the stock market recovery in 2010.
- Funded levels varied significantly among individual plans, with some large plans like those in Illinois and Connecticut having ratios below 60%.
The document discusses the growing federal budget deficit and debt in the United States. It notes that the fiscal year 2008 deficit of $455 billion was the largest ever for a single year, and that the total federal debt exceeded $10 trillion for the first time. It argues that while current deficits and debt levels alone may not be problematic, the underlying structural imbalance indicated by long-term deficits signals a need for entitlement reform given the unsustainable obligations of programs like Social Security.
Mandatory spending programs like Social Security, Medicare, and Medicaid account for over 60% of total U.S. federal spending currently and are projected to reach over 67% by 2022. These programs are very popular but their rising costs due to an aging population and increasing healthcare costs threaten the long-term federal budget outlook. Policymakers will need to make difficult choices to reform these programs in order to reduce spending and put the federal budget on a sustainable path. Options include raising the retirement age, changing benefits calculations, and increasing premiums, but there are no easy solutions.
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
YMFYP International Portfolio PowerpointRaphael_Comte
International Portfolio management through Stocktrak (US and foreign stocks, US and foreign bonds, futures, options, foreign-exchange-exposure hedging strategies)
The document discusses global economic volatility in the 4th quarter of 2011. It notes uncertainty from events like the Japan earthquake, Eurozone debt crisis, and US debt ceiling debate. Markets became extremely volatile since late July as risk aversion increased. The portfolio has reduced its allocation to JSE equities as prices fell despite strong company earnings. It remains defensively positioned in resources and retailers. The strategy is to reduce cash holdings and selectively buy equities at cheaper prices. The Foord International Trust aims to do this while avoiding long-dated bonds and focusing on multinational companies with emerging market exposure. One highlighted holding, LVMH, benefits from growing Chinese consumer spending.
The document provides an economic update and outlook for December 2011. It discusses the ongoing debt crisis in the Eurozone and whether the Euro will survive. It notes the ideological differences between Germany and other countries in their approaches to dealing with the crisis. Domestically, it comments on the reversal in stance by the Indian opposition on retail FDI and the potential impact on economic momentum. Inflation is expected to fall by the end of the fiscal year. The outlook is cautiously positive on long-term debt as interest rates may fall over the next 2-3 years.
The sell-off in high-yield bonds in May was primarily driven by fears over European sovereign debt rather than deteriorating fundamentals of corporate bond issuers. While markets may remain volatile, the author believes recent weakness presents an attractive opportunity because corporate fundamentals continue improving with surging profits and interest coverage ratios, while yields have increased and valuations are more attractive. Developments in Europe will continue being monitored, but domestic profit growth, yields, and valuations should ultimately have a greater impact and benefit high-yield bonds.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
Sprint reported strong financial results for the 4th quarter and full year 2004 with record subscriber gains in wireless and DSL. Key highlights include:
- Wireless added 1.58 million net subscribers in 4Q driven by strong direct, affiliate and wholesale performance.
- Local saw outstanding DSL customer additions, adding 60,000 in 4Q.
- Profits grew substantially both in the quarter and full year, and free cash flow and debt reduction exceeded targets.
Revenues increased year-over-year for both the quarter and full year. Sprint exceeded its debt reduction goal and ended the year with $12.6 billion in net debt.
The economic data this week showed signs that the U.S. and global economies have stabilized and possibly bottomed out. Retail sales are expected to rise significantly due to the "Cash for Clunkers" program. Upcoming reports on retail sales, consumer prices, and other economic indicators next week could generate market reactions. Financial markets continued higher despite thin economic data, perhaps waiting for stronger confirmation of recovery.
Consensus real GDP forecasts see contraction in the US and major trading partners in 2009. Typically fast-growing Asian economies are also expected to have lower growth. Employment is expected to continue falling in 2009. Housing prices may have reached a level more in line with long-term trends after weakening. Spending as a percentage of income is likely to fall through 2009 and beyond.
Comerica reported net income of $9 million for Q1 2009, down from $20 million in Q4 2008. Preferred stock dividends reduced net income applicable to common stock to a loss of $24 million. Average core deposits increased $1 billion from Q4 2008 while loans declined. Noninterest income rose on gains but expenses fell due to job cuts. Credit quality deteriorated with higher provisions and nonperforming assets, especially in commercial real estate. Management remains focused on costs and supporting customers through the downturn.
This document is an 8-K filing by United Community Financial Corp. announcing its financial results for the second quarter of 2009. Key details include:
- The company reported a net loss of $2.9 million compared to net income of $3.3 million last quarter and $2.7 million the prior year quarter.
- Nonperforming assets decreased by $860,000 from the previous quarter to $135.1 million.
- The provision for loan losses was $12.3 million for the quarter compared to $8.4 million last quarter.
- Net interest margin increased to 3.12% from 3.04% last quarter.
Investing for Doctors | Q2 Market ReviewLFGmarketing
The document provides a summary of global capital market performance and key events from the second quarter of 2012. It begins with an overview of negative returns in major asset classes. US and international stock markets declined, along with emerging markets and real estate. Commodities and bonds posted gains. The rest of the document reviews performance of specific asset classes and geographic regions in more detail over various time periods. It also includes a timeline of notable economic and political events from the quarter.
The document discusses the public debt crisis in the United States. It notes that there have been five major debt crises since 1790 where federal debt sharply increased. The Great Recession caused the second largest debt spike and it is unique in that primary deficits have persisted for over 6 years after the recession and are expected to continue through 2026. The document also argues against the view that more debt is desirable, noting empirical evidence that fiscal multipliers are negative at high debt levels and debt sustainability becomes an issue. It analyzes factors like demand for U.S. debt from globalization and risk of domestic default.
This document provides a list of fashion accessories and clothing items available for purchase online along with their prices, ranging from $5 to $275. It includes items like a cotton scarf, bead bracelet, printed spandex wrap dress, filigree cutout bracelet, Cambridge satchel, blue iris flats, skinny belt, and envelope clutch. The list also notes that neon accents were a trend for spring 2012 fashion and could transform an outfit.
La motivación es un estado emocional temporal que varía y depende de cómo nos sentimos, mientras que la voluntad es más fiable y constante, aunque requiere esfuerzo y se puede agotar. La voluntad implica decidir y ordenar la conducta de forma consciente para lograr un objetivo, mientras que la motivación son los estímulos que impulsan a la acción y persistencia para completar una tarea. Ambos conceptos están relacionados y se requieren voluntad, motivación, esfuerzo y dedicación para alcanzar metas.
Lower interest rates have hurt consumer incomes and spending by reducing interest payments to consumers. However, increased dividend payments from companies to consumers have provided a slight offset. Lower consumer energy prices have also increased consumers' spending power by $100 billion compared to 2008 levels. While some factors restraining consumer spending have improved, employment needs to increase further to boost income and spending growth in 2012.
Center for retirement research funding report 110525KernTax
The document summarizes the funding status of state and local pension plans in 2010. Key points:
- The funded ratio for 126 plans declined slightly from 79% in 2009 to 77% in 2010 when using the expected long-term yield to discount liabilities, but dropped from 53% to 51% when using a risk-free rate of 5% instead.
- The decline occurred because growth in liabilities outpaced growth in actuarial assets, which smooth market gains and losses over 5 years, so plans did not fully benefit from the stock market recovery in 2010.
- Funded levels varied significantly among individual plans, with some large plans like those in Illinois and Connecticut having ratios below 60%.
The document discusses the growing federal budget deficit and debt in the United States. It notes that the fiscal year 2008 deficit of $455 billion was the largest ever for a single year, and that the total federal debt exceeded $10 trillion for the first time. It argues that while current deficits and debt levels alone may not be problematic, the underlying structural imbalance indicated by long-term deficits signals a need for entitlement reform given the unsustainable obligations of programs like Social Security.
Mandatory spending programs like Social Security, Medicare, and Medicaid account for over 60% of total U.S. federal spending currently and are projected to reach over 67% by 2022. These programs are very popular but their rising costs due to an aging population and increasing healthcare costs threaten the long-term federal budget outlook. Policymakers will need to make difficult choices to reform these programs in order to reduce spending and put the federal budget on a sustainable path. Options include raising the retirement age, changing benefits calculations, and increasing premiums, but there are no easy solutions.
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
YMFYP International Portfolio PowerpointRaphael_Comte
International Portfolio management through Stocktrak (US and foreign stocks, US and foreign bonds, futures, options, foreign-exchange-exposure hedging strategies)
The document discusses global economic volatility in the 4th quarter of 2011. It notes uncertainty from events like the Japan earthquake, Eurozone debt crisis, and US debt ceiling debate. Markets became extremely volatile since late July as risk aversion increased. The portfolio has reduced its allocation to JSE equities as prices fell despite strong company earnings. It remains defensively positioned in resources and retailers. The strategy is to reduce cash holdings and selectively buy equities at cheaper prices. The Foord International Trust aims to do this while avoiding long-dated bonds and focusing on multinational companies with emerging market exposure. One highlighted holding, LVMH, benefits from growing Chinese consumer spending.
The document provides an economic update and outlook for December 2011. It discusses the ongoing debt crisis in the Eurozone and whether the Euro will survive. It notes the ideological differences between Germany and other countries in their approaches to dealing with the crisis. Domestically, it comments on the reversal in stance by the Indian opposition on retail FDI and the potential impact on economic momentum. Inflation is expected to fall by the end of the fiscal year. The outlook is cautiously positive on long-term debt as interest rates may fall over the next 2-3 years.
The sell-off in high-yield bonds in May was primarily driven by fears over European sovereign debt rather than deteriorating fundamentals of corporate bond issuers. While markets may remain volatile, the author believes recent weakness presents an attractive opportunity because corporate fundamentals continue improving with surging profits and interest coverage ratios, while yields have increased and valuations are more attractive. Developments in Europe will continue being monitored, but domestic profit growth, yields, and valuations should ultimately have a greater impact and benefit high-yield bonds.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
Sprint reported strong financial results for the 4th quarter and full year 2004 with record subscriber gains in wireless and DSL. Key highlights include:
- Wireless added 1.58 million net subscribers in 4Q driven by strong direct, affiliate and wholesale performance.
- Local saw outstanding DSL customer additions, adding 60,000 in 4Q.
- Profits grew substantially both in the quarter and full year, and free cash flow and debt reduction exceeded targets.
Revenues increased year-over-year for both the quarter and full year. Sprint exceeded its debt reduction goal and ended the year with $12.6 billion in net debt.
The economic data this week showed signs that the U.S. and global economies have stabilized and possibly bottomed out. Retail sales are expected to rise significantly due to the "Cash for Clunkers" program. Upcoming reports on retail sales, consumer prices, and other economic indicators next week could generate market reactions. Financial markets continued higher despite thin economic data, perhaps waiting for stronger confirmation of recovery.
Consensus real GDP forecasts see contraction in the US and major trading partners in 2009. Typically fast-growing Asian economies are also expected to have lower growth. Employment is expected to continue falling in 2009. Housing prices may have reached a level more in line with long-term trends after weakening. Spending as a percentage of income is likely to fall through 2009 and beyond.
Comerica reported net income of $9 million for Q1 2009, down from $20 million in Q4 2008. Preferred stock dividends reduced net income applicable to common stock to a loss of $24 million. Average core deposits increased $1 billion from Q4 2008 while loans declined. Noninterest income rose on gains but expenses fell due to job cuts. Credit quality deteriorated with higher provisions and nonperforming assets, especially in commercial real estate. Management remains focused on costs and supporting customers through the downturn.
This document is an 8-K filing by United Community Financial Corp. announcing its financial results for the second quarter of 2009. Key details include:
- The company reported a net loss of $2.9 million compared to net income of $3.3 million last quarter and $2.7 million the prior year quarter.
- Nonperforming assets decreased by $860,000 from the previous quarter to $135.1 million.
- The provision for loan losses was $12.3 million for the quarter compared to $8.4 million last quarter.
- Net interest margin increased to 3.12% from 3.04% last quarter.
Investing for Doctors | Q2 Market ReviewLFGmarketing
The document provides a summary of global capital market performance and key events from the second quarter of 2012. It begins with an overview of negative returns in major asset classes. US and international stock markets declined, along with emerging markets and real estate. Commodities and bonds posted gains. The rest of the document reviews performance of specific asset classes and geographic regions in more detail over various time periods. It also includes a timeline of notable economic and political events from the quarter.
The document discusses the public debt crisis in the United States. It notes that there have been five major debt crises since 1790 where federal debt sharply increased. The Great Recession caused the second largest debt spike and it is unique in that primary deficits have persisted for over 6 years after the recession and are expected to continue through 2026. The document also argues against the view that more debt is desirable, noting empirical evidence that fiscal multipliers are negative at high debt levels and debt sustainability becomes an issue. It analyzes factors like demand for U.S. debt from globalization and risk of domestic default.
This document provides a list of fashion accessories and clothing items available for purchase online along with their prices, ranging from $5 to $275. It includes items like a cotton scarf, bead bracelet, printed spandex wrap dress, filigree cutout bracelet, Cambridge satchel, blue iris flats, skinny belt, and envelope clutch. The list also notes that neon accents were a trend for spring 2012 fashion and could transform an outfit.
La motivación es un estado emocional temporal que varía y depende de cómo nos sentimos, mientras que la voluntad es más fiable y constante, aunque requiere esfuerzo y se puede agotar. La voluntad implica decidir y ordenar la conducta de forma consciente para lograr un objetivo, mientras que la motivación son los estímulos que impulsan a la acción y persistencia para completar una tarea. Ambos conceptos están relacionados y se requieren voluntad, motivación, esfuerzo y dedicación para alcanzar metas.
El documento describe las ventajas y desventajas de los blogs. Las ventajas incluyen la facilidad de uso y el amplio alcance de audiencia debido a que los blogs se publican en Internet. Las desventajas son la posible frustración por falta de interés de lectores o dificultad para crear contenido relevante, lidiar con "trolls" que atacan sin razón, y dificultades iniciales para expresarse bien y comunicar ideas. También define un blog como una publicación en línea de historias presentadas en orden cronológico in
This document outlines various service fees for travel arrangements, including a $100 fee for consultations, and fees of $25-50 for activities like ticket purchases, refunds, exchanges, and voids. Additional supplier or airline fees may also apply. Document delivery fees range from $0-30 depending on the shipping method (First Class, Priority Mail, Federal Express). Special event planning services are also offered for fees that vary based on the type of event.
Alessandra Foley is seeking a position that allows her to utilize her leadership, communication, and hospitality experience. She has over 7 years of experience managing teams of up to 20 people in high-pressure situations in theme park and aquatic settings. Foley is currently pursuing a graphic design degree at Georgian Court University and is proficient in Microsoft programs, hospitality software, and Adobe Systems.
La compañía Success6 reportó ventas de $48,160 con una utilidad neta de $19,187 en el período 4. Tuvo un margen bruto del 84% y gastó $8,000 en marketing y $7,000 en investigación y desarrollo. La capacidad de producción se utilizó en un 82% para producir 651 unidades a un costo de $13 cada una.
Manel Estiarte es un reconocido jugador de waterpolo español, considerado uno de los mejores de la historia. Ha sido elegido siete veces mejor jugador del mundo y ha recibido numerosos premios por su destacada carrera deportiva. El documento también describe los principios del método del entrenador Pep Guardiola y el FC Barcelona, incluyendo la importancia de construir y motivar a un equipo equilibrado en lugar de depender de individuos.
1) The US economy added more jobs than expected in October and manufacturing activity increased, while the eurozone continues to struggle with weak manufacturing.
2) Markets showed little reaction to the positive US economic data and ended the month flat as investors await the outcome of the US presidential election.
3) The report provides recommendations on several stocks to watch that are reporting earnings or announcements, including Gemalto, Intercontinental Hotels, L'Oreal, and Sodexo.
The document provides an overview of recent economic developments in Europe. Key points include:
- The S&P 500 had its biggest weekly rally since January supported by signs the Fed will maintain asset purchases and a better-than-expected US jobs report.
- The ECB left interest rates unchanged but discussed a possible rate cut, signaling an accommodative monetary policy stance.
- Spanish and Portuguese bond yields fell while Italy's credit rating was cut by Fitch.
- German factory orders declined in January but recent business surveys point to an improved outlook. French budget plans will require additional spending cuts.
The Federal Reserve launched a third round of quantitative easing, committing to purchase $40 billion per month of mortgage-backed securities until the housing market recovers. This is intended to put downward pressure on interest rates and support the broader economy. Stock markets reacted positively to the news, with the S&P rising 2% and Dow closing 300 points higher. Meanwhile, the German constitutional court approved the European Central Bank's bond-buying program, aiding Eurozone stability.
The document summarizes recent economic data and sentiment regarding China. It notes that while exports are slowing due to global economic weakness, domestic consumption continues to grow and infrastructure investment may help offset declines in other areas. Recent data shows Chinese GDP growth slowing but not yet at dangerous levels. The outlook expects further slowing but growth still around 8% for 2012, which would not be disastrous. Risks remain from further weakness in Europe or the US hurting Chinese exports.
Active Business Series - Economic Update Feb 2012nevillebeckhurst
1) The UK economic recovery stalled in 2011 and the Eurozone sovereign debt crisis continued to impact markets. Unemployment rose to its highest level since 1994 while youth unemployment reached a record high.
2) Forecasts for 2012 GDP growth remain low at around 0.7% and inflation is falling but remains above target. Exports are seen as important to the recovery but the trade deficit fell in late 2011.
3) Businesses are advised to remain flexible and regularly update plans as the economic situation remains uncertain and volatile. Support is available for exporting and taking advantage of any opportunities that may arise.
1) The UK economic recovery stalled in 2011 and the Eurozone sovereign debt crisis continued to impact markets. Unemployment rose to its highest level since 1994 while youth unemployment reached a record high.
2) Forecasts for 2012 GDP growth remain low at around 0.7% and inflation is falling but remains above target. Exports are seen as important to the recovery but the trade deficit fell in late 2011.
3) Businesses are advised to remain flexible and regularly update plans as the economic situation remains uncertain and volatile. Support is available for exporting and taking advantage of any opportunities that may arise.
Credit Suisse Group faced challenges in Q3/2001 from weak market conditions, which impacted investment banking income and insurance investment portfolios. The Group reported a net loss of CHF 299 million for Q3/2001, down from a profit of CHF 1.6 billion in Q3/2000. Total assets under management fell 7% from December 2000 to CHF 1,290.4 billion due to market declines. Cost reduction programs were initiated across all business units to adapt to the difficult market environment.
The document discusses the state of the US economy and debt financing markets for middle market companies. It notes that while the economic recovery remains fragile, modest growth in areas like manufacturing, personal income and expenditures, coupled with continued federal stimulus, should allow the economy to continue growing without a second recession. However, unemployment will remain high as productivity gains allow more output with fewer workers. Debt markets have also seen renewed activity, with increased volumes in both the leveraged loan and high yield bond markets.
The document summarizes the state of the global economy in January 2011. It finds that while the global recovery continues, growth prospects have dimmed slightly from 2010's strong rebound. Rising commodity prices and inflation are creating risks. Inflation is a growing threat, forcing companies to cut costs and limiting job and economic growth. Emerging economies continue to power the recovery, while developed nations struggle with debt and budget consolidation.
The economic data calendar was thin. The Institute for Supply Management’s (ISM) Non-Manufacturing Index rose to 50.9 in September, compared to 48.4 in August – 50 represents the breakeven level; anything greater than 50 indicates expansion. The trade deficit narrowed slightly in August – adjusted for inflation, so it appears that net exports will be a slight drag on gross domestic product (GDP) growth in the third quarter of 2009. Jobless claims fell somewhat, but there’s a fair amount of volatility in the numbers at this time of year.
The document provides an overview and analysis of China's economic developments in the first half of 2009. It discusses three main points:
1) While China's economy has continued to feel the effects of the global crisis, very expansionary fiscal and monetary policies have supported growth. Government investment has soared while market investment has lagged. Consumption has held up well.
2) Exports remain very weak but imports have recovered as stimulus has boosted demand for raw materials. GDP growth was a respectable 6% in the first quarter.
3) Downward pressure on inflation has continued as falling raw material prices drag down prices, but overcapacity is squeezing industry profits. Growth is projected to remain around 7%
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
The document is a newsletter from an accounting firm providing updates on tax, business, and economic issues. The main article discusses how several international organizations and forecasters have recently upgraded their projections for Irish economic growth in 2010 and 2011. They cite an improved global economic outlook as the main driver, with stronger growth in Ireland's key trading partners boosting exports. However, the forecasts remain cautious given risks from the eurozone sovereign debt crisis.
1) China's economic growth is slowing considerably, with the risk of a "hard landing" increased. GDP growth is projected to be just below 8% this year with moderate stimulus to counter the slowdown.
2) A hard landing in China's economy could have significant negative effects on the global economy as China accounts for around 50% of global growth. It would also impact financial, commodity, and trade markets.
3) Slower growth in China would negatively affect exporting countries and commodity prices, with countries like Germany, Japan, Sweden, the US, Australia, Indonesia, and Brazil feeling the effects. It could also cause turbulence in global financial markets.
India was impacted by the global financial crisis through three main channels: the financial channel as overseas financing dried up, the real channel as exports declined with falling demand from the US, Europe and Middle East, and the confidence channel as corporates withdrew investment. The crisis highlighted India's growing integration into the global economy through increased trade, financial flows, and corporate reliance on external financing. India responded with monetary easing and fiscal stimulus packages to contain the crisis initially, then shifted to recovery and inflation management policies as growth rebounded. However, risks remain from high global liquidity, the European debt crisis, and potential for another asset bubble.
- The Greek government will try to pass additional austerity measures next week in an attempt to avoid default, but a Greek default remains very likely.
- European banks still have significant exposure to risky European sovereign debt, raising concerns that a Greek default could spread financial contagion across Europe.
- The IMF warned that Europe's debt crisis has the potential to severely damage the European economy if policymakers do not take further actions to resolve it, such as expanding the scope and role of the European rescue fund.
The document discusses India's current economic situation and opportunities for growth. It notes that while GDP and industrial output growth slowed in December, stock markets remained bullish and FIIs continued investing heavily in India. It argues the government should seize the opportunity to implement delayed reforms to spur growth, such as increasing petroleum prices and pushing through the 2G auction. Reducing the fiscal deficit through these measures could boost growth and attract more foreign investment. The RBI may also cut interest rates to support the economy if the government demonstrates a credible commitment to fiscal discipline.
Diversified Global Holdings Group is an international holding company headquartered in Orlando, Florida with over $45 million in revenues in 2010. Through 11 acquisitions, it operates in 12 industries globally across 5 divisions. Its subsidiaries have excellent growth prospects in construction, retail, and consulting in emerging markets like BRICS. Revenues increased significantly in 2010 due to acquisitions and economic recovery, with net earnings of $4.8 million compared to a 2009 loss.
The document provides an economic and capital markets update for October 2010 from GWL Investment Management Ltd. It summarizes recent economic data and trends in Canada, the US, and internationally. In Canada, retail sales fell and inflation dipped slightly due to lower energy prices. The economy is expected to grow modestly in the second half of 2010. In the US, inflation remained subdued while housing starts increased but are still forecast to decline in the third quarter. The global recovery continued with strong trade growth and industrial output increases in emerging markets. Financial markets posted gains in September with the S&P/TSX Composite Index and US indexes rising over 4% and global equity indexes increasing as well. Bond indexes also rose for the month.
Similar to Monday report Banque Bordier (english) (20)
Marché suisse
A suivre cette semaine: commerce extérieur octobre (AFD), expor- tations horlogères octobre (FH), fortune des ménages privés 2011 (BNS). Pour les sociétés, résultats T3 de Airesis et SHL et résultats S1 de Carlo Gavazzi.
ZURICH (PLUS) a publié la semaine dernière des résultats T3 infé- rieurs aux attentes, mais robustes malgré tout. La solvabilité progresse et permet d’envisager un dividende stable pour 2012, confortable. ROCHE (PLUS) a publié des résultats intermédiaires encourageants pour Avastin dans le glioblastome (cancer du cerveau). Les données complètes sont attendues en 2013. Novartis (NR) : les experts de l’EMA (Agence européenne du médicament) recommandent l’appro- bation de Bexsero (vaccin contre les infections à méningocoques B) en Europe. Le lancement de Bexsero est important pour la pérennité et la rentabilité de la division vaccin de Novartis.
1. 17 December 2012 M o n d ay Re p o r t
Economy Markets
The lack of agreement over the US budget is weighing on the confi- Negotiations between the Republicans and the Democrats appear to
dence of US SMEs, which has, disappointingly, fallen from 93.1 to be making progress: for the first time, the Republicans are willing to
87.5. Retail sales perked up in November (up 0.3%). Industrial pro- accept tax increases for those with higher incomes. Admittedly, signi-
duction recovered by 1.1% in November, offsetting a 0.7% decline ficant differences remain, but an agreement does not seem impos-
in October: Hurricane Sandy made some statistics difficult to inter- sible. The Fed has announced that it will continue to buy US bonds
pret. A fall in both PPI and consumer prices in November (by 0.8% (at a rate of $45bn a month) as long as unemployment stays above
and 0.3% respectively) confirmed that inflation is not a problem. In 6.5%. Setting this kind of threshold is a new approach. The outline
Europe, industrial production fell by 1.4% in October, while new of a European banking union is beginning to take shape. Finally, the
vehicle registrations were down 10.3% in November. It looks as PLD’s victory in Japan’s early legislative elections has increased the
though coming out of recession will be hard work: the region’s manu- pressure on the yen. The impact on markets is very real: Japanese
facturing PMI stabilised at 46.3, while services PMI rose slightly to equities outperformed (up 2%), while the yen lost 3.4% against the
47.8 (from 46.7) in December. The cyclical improvement in China is euro in the week. For the time being, gold has not benefited from
reflected in a rise in the HSBC manufacturing PMI from 50.5 to 50.9. announcements of future quantitative policies.
Swiss Market Recommended Stock Watch
To be monitored this week: KOF winter forecast, AFD November ABB (NR) has announced plans to strategically reposition its Power
foreign trade, FH November watch exports and OFS October Systems division, which has posted disappointing performance over
construction price index. the past few quarters, mainly as a result of pricing pressure. The
group is maintaining its 2015 targets and will recognise a $350m
ZURICH ASSURANCES (PLUS) has estimated the impact of Hur- charge in Q4.
ricane Sandy in Q4 at $758m (including reinstatement premiums),
BG (MINUS) has announced that Chris Finlayson will take over
equivalent 2.2% of its book value. While at the upper end of the range
from Sir Frank Chapman as CEO with effect from 1 January 2013.
of expectations, the amount is not likely to call into question the 2012
Mr Finlayson joined BG in August 2010 after a career with Shell,
dividend of CHF 17. According to the Sunday papers, UBS (PLUS)
and was promoted to director of the Europe and Central Asia region
could be forced to pay out $1.6bn to settle charges brought by various
in November 2011.
international regulators over its involvement in the Libor-rigging
scandal. HOLCIM (NR) this morning announced an acceleration in DEUTSCHE BANK (PLUS): the bad news has been piling up for
its European cost-cutting measures. Its production capacity will be the group over the past week. On Friday evening, a decision by the
adjusted: as a result, the group – which is targeting savings of CHF German courts found the bank liable over the collapse of media group
120m a year – will write down the value of its asset by CHF 410m. Leo Kirch in a legal battle that has been going on for ten years. DB
Sentiment of traders is set to appeal.
Stock market ERICSSON (PLUS) has signed several telecoms equipment agree-
After gaining more than 8% in four weeks, and with the fiscal cliff ments: an integration contract covering VOD (video on demand)
and the Italian elections hanging over them like a sword of Damocles, and live video services for Telefonica; a contract to roll out 4G ser-
the markets appear to be taking a breather. However, equities should vices for rural operators in the US; and a contract to roll out the
be supported by Friday’s strong US industrial production figures LTE network for MTN, one of South Africa’s two largest mobile
and the still neurotic fixed income market. We remain positive for telephony operators.
the year-end.
Currencies PGS (PLUS-R) is kicking off a huge campaign to gather seismic data
The euro continues to rise against the dollar as a result of easing across an area covering 15,550 square kilometres offshore Uruguay
fears over the eurozone and low US inflation weighing on the dollar. on behalf of the national oil company, BP and Tullow. This should
The yen has taken a dive following the conservative victory in Japan have a very positive impact on the company’s customer pre-finan-
(USD/JPY: 83.95). The Swiss franc remains stable (EUR/CHF: cing.
1.208). Our ranges – EUR/USD: supp. 1.293, res. 1.3285; USD/CHF:
supp. 0.90, res. 0.938; GBP/USD: supp. 1.596, res. 1.6275; XAU/
Monda Next
B OR DI E R & C IE
USD: supp. 1,661, res. 1,790.
7 Jan y Rep
Today’s graph Performances uary ort
2013
United States
Inflation measures
6 6
since 01.01.2012 07.12.2012
4 4
SUISSE SMI 16.28% -0.33%
2 2 EUROPE DJ Stoxx 50 9.23% 0.16%
EUROPE DJ Stoxx 600 14.25% 0.08%
0 0
USA S&P 500 12.40% -0.32%
-2 -2
EMERGENTS MSCI Emerging 13.80% 1.83%
-4 -4 JAPON Nikkei 225 15.16% 2.21%
03 04 05 06 07 08 09 10 11 12 13
Unit Labor Cost (YoY) Headline CPI (YoY) Core-CPI (YoY) Source: Datastream
Source: Thomson Reuters Datastream
The information herein has been obtained from the best possible sources, however we cannot be held liable.
16, rue de Hollande | CP 5515 | CH-1211 Geneva 11 | T. +41 58 258 00 00 | F. +41 58 258 00 40 | research@bordier.com | www.bordier.com
G E N E VA NYON BERN ZÜRICH PA R I S LONDON MONTEVIDEO SINGAPORE TURKS AND CAICOS
Design ClPa