The document provides a quarterly market digest for the second quarter of 2009 from Ameriprise Advisor Services. Global markets rebounded in the second quarter after declines in the first quarter. Risk assets like stocks and commodities increased significantly. The US stock market rose 15.2% while international markets increased more. Economic data showed some improvement but not a robust recovery. Investors became more optimistic but paused in June to recalibrate expectations for a gradual recovery.
1) Despite a slowing macroeconomic environment, industrial leasing activity has increased as users seek to lock in favorable lease terms for Class A space.
2) However, industrial demand is expected to soften over the next few quarters in line with slowing global growth and a faltering manufacturing sector.
3) The tight supply of Class A industrial space continues to drive down availability rates and put upward pressure on lease rates, fueling new construction activity across major industrial markets.
The national office market saw little change in the first quarter of 2010. Availability rates were largely stable, with a slight decline nationally. Asking rental rates continued to decline across most markets by around 2.5% nationally. Leasing activity was subpar and below historical averages, as companies remain cautious. While some economic indicators show improvement, companies are still hesitant to significantly increase hiring or leasing. Most tenants and landlords are focused on short-term extensions and cost reductions to maintain stability during an uncertain time.
On February 12, 2013, the Canada Mining Innovation Council held its 2nd Annual Signature Event, a mining conference bringing representatives from industry, government, academia, and other sectors together in Toronto to discuss the role of innovation in the industry's future. Through her presentation, Patricia Mohr, VP Economics & Commodity Market Specialist at Scotiabank, showed how innovation and cost control are linked to profitability.
The document provides a quarterly market insight report for the first quarter of 2011. It discusses the positive performance of both stocks and bonds during the quarter despite facing various geopolitical and economic challenges. Stocks posted their best first quarter gains in nearly 15 years, led by the energy and industrial sectors, while bonds achieved low to mid single-digit returns. Looking ahead, volatility is expected to remain for the rest of the year, providing both opportunities and risks for investors.
- Global equity markets were modestly negative in April as concerns about slowing global growth dampened investor confidence, outweighing strong US corporate earnings. The Canadian bond market performed better than equities.
- Within the Canadian market, the healthcare and consumer staples sectors outperformed while materials underperformed due to concerns about rising costs for gold and mining companies.
- Uncertainty about the economic outlook and political situation in Europe continued to weigh on markets and increased volatility.
In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?CRRC-Armenia
This document uses three approaches - purchasing power parity, behavioral equilibrium exchange rate, and external sustainability - to estimate the equilibrium exchange rate for Armenia's currency, the dram. All three approaches suggest the dram was overvalued by 20-30% prior to its devaluation in March 2009. Specifically, the purchasing power parity approach estimates the equilibrium exchange rate based on relative price levels and productivity differentials between Armenia and its trade partners. It finds the dram was closest to equilibrium in the mid-2000s but overvalued by around 30% in 2008.
The document provides an overview of major market developments in October and year-to-date. Key points include:
- Global economic data showed signs of recovery in China and other countries in October.
- The S&P/TSX composite index rose in October led by rising mining stocks as commodity prices gained. The S&P 500 fell.
- Canada's bond market weakened modestly as investors favored equity markets.
- Corporate earnings reports caused volatility as some large companies reported disappointments.
- Equity markets rose in April due to strong corporate earnings and reduced geopolitical tensions. The S&P 500 gained 2.8% while the Canadian S&P/TSX fell 1.2% partly due to declines in energy and financial stocks.
- Commodity prices were mixed in April with oil, gold, and other commodities rising while others like copper and zinc fell. Central banks in Canada, US, and Europe kept interest rates unchanged.
- A pullback in commodity prices like oil and silver in early May was expected and may provide relief from inflation, especially for food and fuel prices. The decline also gives investors time to reassess companies and markets.
1) Despite a slowing macroeconomic environment, industrial leasing activity has increased as users seek to lock in favorable lease terms for Class A space.
2) However, industrial demand is expected to soften over the next few quarters in line with slowing global growth and a faltering manufacturing sector.
3) The tight supply of Class A industrial space continues to drive down availability rates and put upward pressure on lease rates, fueling new construction activity across major industrial markets.
The national office market saw little change in the first quarter of 2010. Availability rates were largely stable, with a slight decline nationally. Asking rental rates continued to decline across most markets by around 2.5% nationally. Leasing activity was subpar and below historical averages, as companies remain cautious. While some economic indicators show improvement, companies are still hesitant to significantly increase hiring or leasing. Most tenants and landlords are focused on short-term extensions and cost reductions to maintain stability during an uncertain time.
On February 12, 2013, the Canada Mining Innovation Council held its 2nd Annual Signature Event, a mining conference bringing representatives from industry, government, academia, and other sectors together in Toronto to discuss the role of innovation in the industry's future. Through her presentation, Patricia Mohr, VP Economics & Commodity Market Specialist at Scotiabank, showed how innovation and cost control are linked to profitability.
The document provides a quarterly market insight report for the first quarter of 2011. It discusses the positive performance of both stocks and bonds during the quarter despite facing various geopolitical and economic challenges. Stocks posted their best first quarter gains in nearly 15 years, led by the energy and industrial sectors, while bonds achieved low to mid single-digit returns. Looking ahead, volatility is expected to remain for the rest of the year, providing both opportunities and risks for investors.
- Global equity markets were modestly negative in April as concerns about slowing global growth dampened investor confidence, outweighing strong US corporate earnings. The Canadian bond market performed better than equities.
- Within the Canadian market, the healthcare and consumer staples sectors outperformed while materials underperformed due to concerns about rising costs for gold and mining companies.
- Uncertainty about the economic outlook and political situation in Europe continued to weigh on markets and increased volatility.
In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?CRRC-Armenia
This document uses three approaches - purchasing power parity, behavioral equilibrium exchange rate, and external sustainability - to estimate the equilibrium exchange rate for Armenia's currency, the dram. All three approaches suggest the dram was overvalued by 20-30% prior to its devaluation in March 2009. Specifically, the purchasing power parity approach estimates the equilibrium exchange rate based on relative price levels and productivity differentials between Armenia and its trade partners. It finds the dram was closest to equilibrium in the mid-2000s but overvalued by around 30% in 2008.
The document provides an overview of major market developments in October and year-to-date. Key points include:
- Global economic data showed signs of recovery in China and other countries in October.
- The S&P/TSX composite index rose in October led by rising mining stocks as commodity prices gained. The S&P 500 fell.
- Canada's bond market weakened modestly as investors favored equity markets.
- Corporate earnings reports caused volatility as some large companies reported disappointments.
- Equity markets rose in April due to strong corporate earnings and reduced geopolitical tensions. The S&P 500 gained 2.8% while the Canadian S&P/TSX fell 1.2% partly due to declines in energy and financial stocks.
- Commodity prices were mixed in April with oil, gold, and other commodities rising while others like copper and zinc fell. Central banks in Canada, US, and Europe kept interest rates unchanged.
- A pullback in commodity prices like oil and silver in early May was expected and may provide relief from inflation, especially for food and fuel prices. The decline also gives investors time to reassess companies and markets.
The document discusses various tax credits available to homeowners for making energy efficient home improvements and installing renewable energy systems under the American Recovery and Reinvestment Act. It outlines tax credits of 30% of the cost for improvements such as insulation, windows, doors, and high-efficiency heating and cooling equipment. Larger renewable energy systems like solar panels, wind turbines, and geothermal pumps are also eligible for a 30% tax credit. All improvements and systems must meet ENERGY STAR specifications to qualify for the tax credits.
This document discusses business valuation and provides an overview of its importance for determining tax liability, estate planning, and succession planning. It defines business valuation as assigning a dollar value to all or part of a business. A valuation is important for correctly calculating taxes owed on gifts, inheritance, or sale of a business. The document also outlines different valuation methods, including asset, income, and market approaches, and notes that valuations help ensure sales are not deemed disguised gifts by the IRS.
If retirement is planned within the next few years, the market downturn starting in late 2007 has significantly reduced many retirement nest eggs. While the original retirement plans may still be possible, changes are likely needed given investment losses. Options to consider include boosting retirement contributions, delaying retirement to allow more time for savings to accumulate, reducing retirement expenses, and managing assets in a tax-efficient manner. A financial advisor can help develop strategies to work towards retirement goals with the current financial realities in mind.
The U.S. and global economies have become highly interconnected, so financial crises that begin in one country can quickly spread worldwide. As global trade and investment have increased, economies have grown interdependent, with companies and investors heavily exposed across borders. Additionally, many U.S. companies have expanded overseas operations, further globalizing business. While the U.S. economy experiences volatility, history shows markets are cyclical and the U.S. will likely recover to strengthen both its own and the global economy going forward.
El consumidor tiene el derecho de exigir una buena atención, higiene adecuada y trato especial por parte de los establecimientos donde frecuenta, tanto en las instalaciones como en la preparación de alimentos. Sin embargo, debido a la ignorancia de estos derechos en el país, a menudo los establecimientos no cumplen con los estándares de higiene requeridos o con tratar bien a los clientes.
Introduction of the components of BlazeDS, i.e. Remoting Service, Messaging Service, and HTTP Proxy Service. The different connection types are explained as well. In addition, the factory concept of BlazeDS is mentioned in order to provide info on the integration with Spring and EJB3.
1. The document discusses the importance of integrating an organization's formal, semi-formal, and informal communication to align with and reinforce its strategic goals and vision.
2. It emphasizes that the formal voice alone is not sufficient for effective strategic communication and that the informal and semi-formal voices must send consistent messages that encourage congruence between behavior and strategy.
3. The document outlines some of the negative consequences that can occur when an organization's communication across voices is not integrated, including confusion, cynicism, and passive or active disengagement among employees.
This is some general information that I put together for many of my clients that own businesses. Some parts will be more applicable for you depending on where you are at with your business lifecycle
Andrew E. Mitchell is an experienced licensed architect with over two decades of experience in both public and private sectors. He has worked on all phases of projects from various types including educational, medical, commercial, and residential. His objective is to secure a position for further professional and personal growth.
The document discusses waste management in Mumbai, India. It proposes a new public-private partnership (PPP) model for waste management with responsibilities and benefits outlined for the government, private waste management company, and NGOs. Key aspects of the proposed system include improved waste collection and transfer services, processing of waste via composting and bio-methanation plants, and using a mobile information system with GPS to improve efficiency and generate reports. Public awareness campaigns are also discussed to motivate behavior change.
The document summarizes a report by PricewaterhouseCoopers on US IPO activity in the second quarter of 2010. It finds that the number of IPOs in Q2 2010 nearly tripled that of Q2 2009, with 39 IPOs raising $5.1 billion compared to 12 IPOs raising $1.6 billion the prior year. Financial sponsors accounted for 84% of proceeds, and while IPO volume increased, the number of deals declined month over month in Q2 2010. The IPO pipeline remains robust for the remainder of the year.
The document provides an economic and market update and outlook for investors. It discusses recent domestic and global economic developments, including interest rate hikes in India and mixed cues from other economies. Domestically, growth is expected to remain robust while inflation may rise further. Equity markets may see muted impacts from rate hikes. The outlook remains positive for certain sectors like power and capital goods. Recommendations are provided for mutual funds focusing on different styles and sectors.
M&A In Chemicals And Materials 10 27 09Shrikanth S
In the study, Frost has covered 30 segments and the M&As trends are classified based on time, segments, deal size, geography, type of acquirers, and integration. Furthermore, iterations such as classification based on \'time, segments, and deal size\', \'geography, time, and type of acquirers\', among others, are analyzed. The scope of this research service includes 2,436 mergers and acquisitions (M&As) over the period 2000 to May 2009. Macro-economic factors, end-user analysis, and outlook till December 2009/April 2010 are mentioned. The objective of this research service is to provide financial analysts, investment professionals, and market participants the tools and information needed to support financial analysis and investment decisions.
M&A In Chemicals And Materials 10 27 09Shrikanth S
In the study, Frost has covered 30 segments and the M&As trends are classified based on time, segments, deal size, geography, type of acquirers, and integration. Furthermore, iterations such as classification based on \'time, segments, and deal size\', \'geography, time, and type of acquirers\', among others, are analyzed. The scope of this research service includes 2,436 mergers and acquisitions (M&As) over the period 2000 to May 2009. Macro-economic factors, end-user analysis, and outlook till December 2009/April 2010 are mentioned. The objective of this research service is to provide financial analysts, investment professionals, and market participants the tools and information needed to support financial analysis and investment decisions.
Global Green Roof Market research report.pdfkvsreerag096
The document provides an overview of the global green roof market from 2019-2029. It segments the market by type, application, and region. The types include extensive and intensive green roofs. Applications involve residential, commercial, and industrial uses. Regions covered are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report aims to help manufacturers, distributors and retailers understand market drivers, restraints, trends and opportunities to make strategic decisions. Analytical frameworks include PEST and Porter's Five Forces analyses. Data is sourced through extensive primary and secondary research.
The document discusses various tax credits available to homeowners for making energy efficient home improvements and installing renewable energy systems under the American Recovery and Reinvestment Act. It outlines tax credits of 30% of the cost for improvements such as insulation, windows, doors, and high-efficiency heating and cooling equipment. Larger renewable energy systems like solar panels, wind turbines, and geothermal pumps are also eligible for a 30% tax credit. All improvements and systems must meet ENERGY STAR specifications to qualify for the tax credits.
This document discusses business valuation and provides an overview of its importance for determining tax liability, estate planning, and succession planning. It defines business valuation as assigning a dollar value to all or part of a business. A valuation is important for correctly calculating taxes owed on gifts, inheritance, or sale of a business. The document also outlines different valuation methods, including asset, income, and market approaches, and notes that valuations help ensure sales are not deemed disguised gifts by the IRS.
If retirement is planned within the next few years, the market downturn starting in late 2007 has significantly reduced many retirement nest eggs. While the original retirement plans may still be possible, changes are likely needed given investment losses. Options to consider include boosting retirement contributions, delaying retirement to allow more time for savings to accumulate, reducing retirement expenses, and managing assets in a tax-efficient manner. A financial advisor can help develop strategies to work towards retirement goals with the current financial realities in mind.
The U.S. and global economies have become highly interconnected, so financial crises that begin in one country can quickly spread worldwide. As global trade and investment have increased, economies have grown interdependent, with companies and investors heavily exposed across borders. Additionally, many U.S. companies have expanded overseas operations, further globalizing business. While the U.S. economy experiences volatility, history shows markets are cyclical and the U.S. will likely recover to strengthen both its own and the global economy going forward.
El consumidor tiene el derecho de exigir una buena atención, higiene adecuada y trato especial por parte de los establecimientos donde frecuenta, tanto en las instalaciones como en la preparación de alimentos. Sin embargo, debido a la ignorancia de estos derechos en el país, a menudo los establecimientos no cumplen con los estándares de higiene requeridos o con tratar bien a los clientes.
Introduction of the components of BlazeDS, i.e. Remoting Service, Messaging Service, and HTTP Proxy Service. The different connection types are explained as well. In addition, the factory concept of BlazeDS is mentioned in order to provide info on the integration with Spring and EJB3.
1. The document discusses the importance of integrating an organization's formal, semi-formal, and informal communication to align with and reinforce its strategic goals and vision.
2. It emphasizes that the formal voice alone is not sufficient for effective strategic communication and that the informal and semi-formal voices must send consistent messages that encourage congruence between behavior and strategy.
3. The document outlines some of the negative consequences that can occur when an organization's communication across voices is not integrated, including confusion, cynicism, and passive or active disengagement among employees.
This is some general information that I put together for many of my clients that own businesses. Some parts will be more applicable for you depending on where you are at with your business lifecycle
Andrew E. Mitchell is an experienced licensed architect with over two decades of experience in both public and private sectors. He has worked on all phases of projects from various types including educational, medical, commercial, and residential. His objective is to secure a position for further professional and personal growth.
The document discusses waste management in Mumbai, India. It proposes a new public-private partnership (PPP) model for waste management with responsibilities and benefits outlined for the government, private waste management company, and NGOs. Key aspects of the proposed system include improved waste collection and transfer services, processing of waste via composting and bio-methanation plants, and using a mobile information system with GPS to improve efficiency and generate reports. Public awareness campaigns are also discussed to motivate behavior change.
The document summarizes a report by PricewaterhouseCoopers on US IPO activity in the second quarter of 2010. It finds that the number of IPOs in Q2 2010 nearly tripled that of Q2 2009, with 39 IPOs raising $5.1 billion compared to 12 IPOs raising $1.6 billion the prior year. Financial sponsors accounted for 84% of proceeds, and while IPO volume increased, the number of deals declined month over month in Q2 2010. The IPO pipeline remains robust for the remainder of the year.
The document provides an economic and market update and outlook for investors. It discusses recent domestic and global economic developments, including interest rate hikes in India and mixed cues from other economies. Domestically, growth is expected to remain robust while inflation may rise further. Equity markets may see muted impacts from rate hikes. The outlook remains positive for certain sectors like power and capital goods. Recommendations are provided for mutual funds focusing on different styles and sectors.
M&A In Chemicals And Materials 10 27 09Shrikanth S
In the study, Frost has covered 30 segments and the M&As trends are classified based on time, segments, deal size, geography, type of acquirers, and integration. Furthermore, iterations such as classification based on \'time, segments, and deal size\', \'geography, time, and type of acquirers\', among others, are analyzed. The scope of this research service includes 2,436 mergers and acquisitions (M&As) over the period 2000 to May 2009. Macro-economic factors, end-user analysis, and outlook till December 2009/April 2010 are mentioned. The objective of this research service is to provide financial analysts, investment professionals, and market participants the tools and information needed to support financial analysis and investment decisions.
M&A In Chemicals And Materials 10 27 09Shrikanth S
In the study, Frost has covered 30 segments and the M&As trends are classified based on time, segments, deal size, geography, type of acquirers, and integration. Furthermore, iterations such as classification based on \'time, segments, and deal size\', \'geography, time, and type of acquirers\', among others, are analyzed. The scope of this research service includes 2,436 mergers and acquisitions (M&As) over the period 2000 to May 2009. Macro-economic factors, end-user analysis, and outlook till December 2009/April 2010 are mentioned. The objective of this research service is to provide financial analysts, investment professionals, and market participants the tools and information needed to support financial analysis and investment decisions.
Global Green Roof Market research report.pdfkvsreerag096
The document provides an overview of the global green roof market from 2019-2029. It segments the market by type, application, and region. The types include extensive and intensive green roofs. Applications involve residential, commercial, and industrial uses. Regions covered are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report aims to help manufacturers, distributors and retailers understand market drivers, restraints, trends and opportunities to make strategic decisions. Analytical frameworks include PEST and Porter's Five Forces analyses. Data is sourced through extensive primary and secondary research.
AIG Second Quarter 2008 Conference Call Credit Presentationfinance2
The document summarizes AIG Financial Products' (AIGFP) super senior credit derivatives portfolio as of June 30, 2008. Some key points:
- AIGFP's net notional exposure was $441 billion, down from $469.5 billion last quarter. The largest concentrations were in multi-sector CDOs and regulatory capital relief transactions.
- The weighted average subordination was 19.6%, similar to last quarter. Most transactions have regulatory capital calls starting in January 2008.
- For regulatory capital relief transactions in corporate credits, the largest exposures were to Germany at $14.2 billion, followed by the USA and Netherlands. Most of these trades had low historical losses.
AIG Conference Call Credit Presentation - August 7, 2008finance2
This document provides a summary of AIG Financial Products' (AIGFP) super senior credit derivative portfolio as of June 30, 2008. Some key points:
- AIGFP's net notional exposure was $441 billion, down from $469.5 billion last quarter. The portfolio included corporate, residential mortgage, and multi-sector CDO exposures.
- Losses on the underlying collateral remained low, ranging from 0.01-1.06% depending on the sector, well below the weighted average attachment points.
- However, rating agencies downgraded approximately $36.4 billion (63%) of the multi-sector CDO portfolio with subprime exposure, reflecting deterioration in those markets.
Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012PwC France
L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.
Retrouvez nos publications : http://www.pwc.com/publications
- The document summarizes market developments in October, noting that equity markets rebounded strongly from early losses as positive US economic data and progress on Europe's sovereign debt issues boosted investor confidence.
- Cyclical investments like stocks, commodities and the Canadian dollar increased while more defensive assets like bonds saw more muted returns.
- Macroeconomic factors continue to dominate market movements as political uncertainty in Europe keeps rattling investors.
The document summarizes market developments in October 2011. Key points include:
- Global equity markets rebounded strongly in October due to better than expected US economic data and signs of progress on Europe's sovereign debt issues. Commodity prices and risk assets rose while bonds fell.
- Positive catalysts came from stronger North American economic data and a workable plan from European leaders to address their debt crisis. However, challenges remained for both the US and European economies.
- Cyclical investments outperformed more defensive sectors as optimism increased. Continued macroeconomic developments and shifts in investor sentiment were dominant market drivers.
Expeditors International of Washington 8-k_03-17-09finance39
This document provides responses to questions about Expeditors' financial performance in the third and fourth quarters of 2008. It discusses trends in airfreight and ocean container volumes, gross yields for different business lines, legal costs, sources of other income, and the impact of foreign exchange on earnings. The responses are detailed explanations with context about the company's business and policies.
- Major stock markets experienced significant volatility in July as investor uncertainty grew over the ability of large economies like the US to avoid defaulting on debt obligations.
- Bond markets performed well as investors sought the safety of fixed-income assets, while gold prices rose as another safe-haven investment.
- Continued macroeconomic concerns around unresolved European sovereign debt issues and sluggish US economic data are expected to cause ongoing unsettled market conditions in the near future.
2018 First Coast Flight Center Lease Rates AnalysisMattBocchinoAAE
This document analyzes lease rates at First Coast Flight Center (FCFC) and makes recommendations. It provides an overview of FCFC operations and the general aviation market. A survey of 13 Florida airports found FCFC's t-hangar and tie-down rates are close to average but bulk hangar rates are significantly lower than competitors. The analysis recommends increasing rates for bulk hangars and tie-downs to better align with market rates while keeping t-hangar rates largely unchanged.
Lack of physical activity among individuals in GCC countries leads to development of chronic conditions such as obesity, diabetes, and high blood pressure which are serious factors leading to infertility among men and women. This is attributed to boost growth of the GCC infertility treatment market over the forecast period.
- The document summarizes major market developments in June 2011, including disappointing US economic data and European sovereign debt issues that dampened investor confidence and sparked an equity market pullback.
- Key factors that contributed to the market downturn included weak economic data from the US and Europe, as well as ongoing concerns about European sovereign debt and the Greek debt crisis.
- The resource-heavy Canadian market, as measured by the S&P/TSX Composite, underperformed other markets in June due to its exposure to declining commodity prices. Energy and materials sectors saw some of the largest declines.
The global market research industry experienced its first decline since 1988, with turnover falling 3.7% to $28.9 billion in 2009. Europe saw the largest decline at 4.8% as most regions were negatively impacted by the economic downturn. While North America fared better with a 3.8% decline, 64 countries saw decreases after adjusting for inflation, including 23 of the top 25 markets. Looking ahead, the report forecasts continued challenges but hopes for a return to growth in 2010.
This document provides a summary of major market developments in May and year-to-date. It discusses macroeconomic concerns that drove declines in global stock markets and commodity prices in May. The S&P 500, MSCI EAFE, emerging markets and Canadian indexes all declined significantly in May. Bond yields fell to very low levels. The document also includes perspectives from GLC portfolio managers who argue that despite short-term volatility, there remains a compelling long-term case for investing in equities at this time.
Thompson Toc Pw Merrill Lynch Conf London 6 7 07i3mm
The presentation discusses Thomson Corporation's legal segment and its proposed combination with Reuters Group PLC to create a global leader in electronic information services. Some key points:
1) The combination would meet customers' growing demand for broader, faster, and more deeply integrated information and solutions across knowledge-based industries.
2) The new company would have pro forma 2006 revenue of over $11 billion split between the financial and professional segments.
3) Over 86% of combined revenue would be recurring and around 88% would come from electronic, software, and services.
The document is a summary of WEG's Q3 2009 conference call discussing financial results. It notes that while the downturn was swift, recovery is gradual. Gross revenues were down 14% year-over-year due to impacts across markets, though margins are recovering faster through improved efficiency. Quarterly highlights show decreases in gross operating revenue but increases in gross margin and net income. Cost reductions and mix improvements helped profitability. Cash generation was strong and debt levels decreased. Capacity expansion investments continued with strict controls to maximize returns. Contact information is provided for further questions.
Datamonitor's Chemicals: Global Industry Guide is an essential resource for top-level data and analysis covering the Chemicals industry. It includes detailed data on market size and segmentation, textual analysis of the key trends and competitive landscape, and profiles of the leading companies. This incisive report provides expert analysis on a global, regional and country basis.Scope of the Report * Contains an executive summary and data on value, volume and segmentation * Provides textual analysis of the industry's prospects, competitive landscape and profiles of the leading companies* Incorporates in-depth five forces competitive environment analysis and scorecards * Covers the Global, European and Asia-Pacific markets as well as individual chapters on 5 major markets (France, Germany, Japan, the UK and the US). * Includes a five-year forecast of the industryHighlightsThe global chemicals market grew by 9.4% in 2008 to reach a value of $3,095.6 billion.In 2013, the global chemicals market is forecast to have a value of $4,010.7 billion, an increase of 29.6% since 2008.Base chemicals sales generated 42.3% of the global chemicals market's overall revenues.Asia-Pacific accounts for 37.2% of the global chemicals market's value.Why you should buy this report * Spot future trends and developments * Inform your business decisions * Add weight to presentations and marketing materials * Save time carrying out entry-level researchMarket DefinitionThe chemicals market consists of base, consumer, pharmaceutical, specialty and fine chemicals. Market values are taken at producer selling price (PSP).
Similar to Quarterly Market Capital Digest July09 (20)
1. Ameriprise Advisor Services, Inc. Investment Research Group
SECOND QUARTER - 2009
Quarterly Capital Market Digest July 2009
SENIOR MARKET STRATEGIST
Marc A. Zabicki, CFA
PLEASE NOTE: FOR IMPORTANT DISCLOSURES, INCLUDING POTENTIAL CONFLICTS OF INTEREST, PLEASE SEE THE LAST PAGE OF THIS PUBLICATION
2. Quarterly Capital Market Digest - SECOND QUARTER - 2009 Page 2 of 4
Back On Track?
Global markets moved from bouts of depression in the first quarter toward increased appetites for risk in April, May, and June. Risk-based assets in equity, bond, and commodity markets improved across the board
through most of the second quarter, but waned a bit in June as global economic indications showed still-weak real demand. The S&P 500 rose 15.2% for the period, while the MSCI EAFE and the MSCI Emerging
Markets Index gained 23.8% and 33.6%, respectively. The riskier assets outperformed as investors searched for beta in a rising market, while safe-haven Treasuries and other high-grade sovereign credits suffered.
Oil and other key commodities were significantly higher, due to renewed expectations of a rebound in economic growth, and market participants also leveraged risk via a healthy take-up of emerging market equities.
The return to more reasonable expectations in the market was also highlighted, most pointedly, in the cyclical equity sectors such as U.S. Financials, Technology and Consumer Discretionary issues. This U.S. sector
development was similarly replayed in other global regions during the quarter. While the capital markets returned from the abyss late Q1 and Q2, investors paused a bit in June as concern developed over the pace
of global economies and whether asset prices had come too far too fast. June major market returns contrasted a bit with the quarter's performance as the S&P 500 finished flat for the month while the MSCI EAFE
and the MSCI Emerging Market Indices closed with slight losses.
In the U.S., further investor realization that doomsday was not upon us sparked much of the second quarter's equity gains. In our view, the advance was overdue and justified as a a return to more rational
expectations was expected. Activity slowed in June, again as -expected, once investors picked the low hanging fruit and recalibrated their expectations for the likely slow, fundamental pace of the economic recovery.
Economic data in the U.S. did improve during the second quarter, although the numbers in aggregate did not signal a robust rebound in economic activity. U.S. capital markets reacted to indications that were "less
bad", but a definitive improvement in the economic environment has yet to be seen. The U.S. jobs market has shown some signs of stabilization and Initial Jobless Claims may have seen their peak in this cycle.
However, unemployment figures have pushed higher (9.5%), which has caused some investor concern that consumer spending could remain lackluster and savings rates could be sticky at near 7% of disposable
income. This level of consumer saving, while needed to replenish balance sheets, has not been seen since the early 1990s. During the quarter, consumer and business spending patterns continued to be influenced
by a reduction in credit availability and a credit market that is improved but is not fully functional. This shift in spending habits and credit has caused investors to refocus expectations toward a more modest
economic and equity market recovery scenario.
Internationally, the major market story continues to be the equity returns in emerging markets. The take-up of risk during the quarter, prompted significant equity gains in emerging market stocks, particularly those
of the Asia-Pacific and BRIC countries. The investors thesis behind the gains was that these markets could be somewhat removed from the bank and economic problems of the more developed economies. China's
working stimulus package ($586 billion) has been a source of positive sentiment for investors as market participants focused on a recovery in China's economy. In fact, 2009 and 2010 GDP growth forecasts for the
nation have been revised upward, based on the likely benefits of the stimulus package. Gains of 24.7% in the Shanghai Composite during the quarter, and the faster growth expectations helped prompt the take-up
of other Asia-Pacific stocks, as investors sought exposure to the regional economic power of China. Meanwhile, India reported the largest equity market advance, during the quarter, as investors cheered what was
seen as pro-business political election results in the country. The Asia-Pacific region clearly led the globe in the equity advance during the period, with Latin American markets also performing well. Developed
European markets posted positive results, but in aggregate, the returns were less robust than those found in the U.S.
Commodity prices and a weaker U.S. dollar were also key stories during the period. Higher commodity prices and strength in other global currencies (see page 3 for detail) were largely a result of improved economic
and market sentiment. Investors postulated that demand for commodities and currencies would increase as risk-aversion subsided. China's stockpiling of raw materials (in part to prepare for its infrastructure
building plans) caused a rebound in many commodity prices, while speculation of future demand helped oil traders book profits in the period. The U.S. dollar was pressured (the U.S. Dollar Index fell 6.3% during the
quarter) by investors swapping out of the "safe-haven" currency, worries over the expansive U.S. budget deficit, and speculation of reduced foreign demand for U.S. Treasury securities.
To account for a now more-constructive equity environment and a likely rebound in economic activity, we have recently increased our suggested exposure to U.S. cyclical sectors at the expense of defensive groups.
Specifically, we have raised our view on the Industrials and Energy groups, while becoming more cautious on Consumer Staples, Consumer Discretionary, and Utilities. More broadly, we believe global markets are
back on a slow track and biased to rise further this year. However, volatility will likely remain pronounced and the best equity gains since the March lows have already been booked. We believe, investors should
prepare for modest returns for the balance of 2009. In this environment we maintain a positive outlook on the U.S. and Asia-Pacific regions, and we have constructive views on Latin America, the Eurozone, and the
U.K. See our most recent Global Allocator and Market Strategy Viewpoint, or consult with your financial advisor for more detail.
Senior Market Strategist
Marc A. Zabicki, CFA
3. Quarterly Capital Market Digest - SECOND QUARTER - 2009 Page 3 of 4
Second Quarter Commodity Table
Q-end Price Q1 % chg
49.3% Crude Oil 49.66 40.7%
Second Quarter: Select Equity Index Price Returns Natural Gas 3.68 1.1%
Gold 916.50 2.0%
37.2%
35.4% Aluminum 64.75 16.2%
33.6% 33.1%
Copper 188.90 20.8%
26.9%
22.8% 24.7% Corn 385.00 -12.2%
23.8%
Wheat 466.00 -7.5%
17.7%
15.2% 16.2%
11.9% Second Quarter Currency Table
8.2%
Q1 % chg
Australian Dollar vs. USD 16.7%
New Zealand Dollar vs. USD 15.4%
DAX Index
CAC 40
Bombay
MSCI EAFE
Brazil Bovespa
Singapore STI
Hang Seng
Korea Kospi
S&P 500
Russia TI
FTSE 100
Nikkei 225
Composite
MSCI Em Mkts
Sensex
Shanghai
British Pound vs. USD 14.9%
Canadian Dollar vs. USD 8.4%
Swedish Krona vs. USD 7.1%
Danish Krone vs. USD 5.9%
Euro vs. USD 5.9%
Swiss Franc vs. USD 4.9%
Norwegian Krone vs. USD 4.8%
Second Quarter: U.S. Equity Sector Price Returns
Japanese Yen vs. USD 2.7%
35.1%
Treasury Yield Curve
17.6% 15.5%
18.0% 19.4%
8.9% 10.1% 8.3% 8.8%
1.9%
Energy
Consumer
Consumer
Info Tech
Financials
Health Care
Telecom
Utilities
Industrials
Materials
Stpls.
Disc.
Second Quarter Yield/Spread Table Corp. Bond Basis Pt. Spread vs. 10yr T
Fed funds 3M T-bill 2yr T 5yr T 10yr T 30yr T 10yr TIPS 30yr TIPS Prime Rate 3M LIBOR 30yrFixMtg "AA" "BBB" "B"
Q1 End 0.31% 0.21% 0.80% 1.66% 2.67% 3.53% 1.35 1.81 3.25% 1.19% 4.20 314 591 1172
Q2 End 0.10% 0.19% 1.11% 2.56% 3.54% 4.34% 1.76 1.99 3.25% 0.60% 4.93 184 401 853
Chart and Data Sources: Bloomberg, Thomson Financial
4. Quarterly Capital Market Digest - SECOND QUARTER - 2009 Page 4 of 4
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