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Has the hour of the dividend stock arrived?
by Team of Columbia Management,
Surveying the present financial landscape-what are investors? options? Bonds have been enjoying historic popularity. But they are at market highs and come with return and income potential inherently capped by their coupons. Turning to Treasuries, the price-to-yield is particularly unattractive. Then there?s the specter of interest rate risk. The steep rebound of equities off the crisis bottom ended with the arrival of 2010, and double-digit returns for many formerly cheap stocks went with it. Following a period of volatility, we appear to have settled into the slow-growth stage.
Presidential Approval Ratings: How Obama Stacks Up
by Team of Bespoke Investment Group,
Following last week's uptick in the unemployment rate, we have heard multiple references to the fact that no US President since WWII has ever been re-elected with the unemployment rate above 7.2%. Not surprisingly, with the jobless rate now at 9.1%, President Obama's approval rating currently stands at a rather tepid 47%.
David Kotok on Central Bank Credibility; Bob Eisenbeis: Did the Fed Print Money with QE?
by Team of Institutional Risk Analyst,
This week in The Institutional Risk Analyst, we republish a comment by Robert Eisenbeis, Chief Monetary Economist of Cumberland Advisers, "Did the Fed Print Money in QE1 and QE2?" Eisenbeis, who was Executive Vice President and Director of Research at the Federal Reserve Bank of Atlanta prior to joining Cumberland, corrects a puzzling comment on the Fed published last week in the Wall Street Journall by George Melloan. We assumed that Melloan and the Wall Street Journal editorial staff were aware of the rules of monetary quantum mechanics, but maybe not.
Economic Update
by Team of Cambridge Advisors,
A consensus of economic analysts expected 1st quarter economic growth to be revised up to 2.2% but instead the final reading was left unchanged at 1.8%. This was a disappointment but the data hints that a good part of the slow growth is attributable to the earthquake/ tsunami / nuclear meltdown in Japan which created very significant supply chain disruptions that led to lower economic activity. These disruptions continued into the 2nd quarter so it is likely we will see disappointing growth continue a little longer.
Can Less Deliver More? The Case for Concentrated Equity Strategies
by Team of Emerald Asset Advisors,
"Don't put all your eggs in one basket" is such a widely held notion within the financial services industry that it's almost blasphemous to suggest an investment strategy that questions this premise. But what if researching multiple baskets of stocks was too distracting and too much to manage? Could focusing your attention on a single, smaller basket of investment ideas produce better results? Some investment professionals-Warren Buffett among them-believe concentrated equity portfolios offer the opportunity for better risk-adjusted returns.
And That?s The Week That Was?
by Team of Brounes & Associates,
Congress failed to pass a bill to raise the government?s debt ceiling and help avoid a default in early August. Republicans refused to support any legislation that is not tied to specific deficit reduction, even though there is a potential downgrade on US debt without any progress on a deal. The bickering continued in the aftermath of the unemployment data as both parties blamed the other for the weaker results. Republicans questioned the ?binge of taxing, spending, borrowing and over-regulating,? while Democrats claimed their counterparts are too focused on ?tax breaks for millionaires.?
High Unemployment Remains a Substantial Challenge for the Economy
by Team of American Century Investments,
Continued high unemployment and weak residential housing prices are two hangovers from the Great Recession that continue to act as brakes on the economy and current recovery. Some analysts say the housing problem is a several-year process of allowing prices to fall to where demand recovers. But the housing market is closely related to the labor market and the unemployment problem. However, no one has a definitive analysis of what?s wrong or what is needed to bring unemployment down from 9%. And adopting the same laissez-faire approach as the housing market is clearly not a solution.
ProVise Bullets
by Team of ProVise Management Group,
As the first of the Baby Boomers begin to turn 65, they are being greeted with some bad news concerning Medicare and Social Security, especially since they hope to enjoy a longer time in retirement. Social Security is now scheduled to be exhausted by 2036, a year earlier than was projected last year. In addition to longer life spans, the 2% reduction in Social Security tax this year was a major factor in this updated information. As bad as things are for Social Security, things are worse for Medicare, which is projected to be bankrupt by 2024, five years sooner than was projected last year.
Still Chugging Along: The Market that Could
by Team of Eagle Asset Management,
The global economic recovery is moving along but there remain some areas of concern. Our managers? discussion included such things as rising commodity prices, real estate problems and perhaps most interesting to readers, how they have investment portfolios positioned. Included in the roundtable were Bert L. Boksen (Small/Mid Cap Growth); James Camp (Fixed Income); Ed Cowart (Equity Income/Value); Todd McCallister (Small/Mid Cap Core); Jack McPherson (Small Cap Core Value); Eric Mintz (Small/Mid Cap Growth); Richard Skeppstrom (Large Cap Core); and Stacey Serafini Thomas (Small/Mid Cap Core)
Is the Slow Economic Data Due to Japan or Something Deeper?
by Team of Bespoke Investment Group,
We have been discussing the slowdown in economic data on both an absolute basis and relative to expectations. Within the investment community there is a debate over whether the slowdown is a temporary effect from the massive earthquake in Japan back in March, or part of a broader global economic slowdown. Ultimately only time will settle this debate, but a look at two widely watched economic indicators and how they reacted following the January 1995 Kobe earthquake shows that the recent slowdown is more likely a result of the earthquake in Japan, and therefore temporary in nature.
Next Big Thing: "Rent to Own?" Recreating the Ear of the Markets
by Team of Institutional Risk Analyst,
We feature a comment by Damien IslamFrenoy and David Cox, of Microsoft Banking and Capital Markets, about the need to restore context to information to better identify and manage risk. But first we make a few observations about the trends in the political economy. The first quarter of 2011 is now the best quarter since 2007 but does this mean that the future is assured? With an ROA<1% and ROE measured in single digits, the results are less than stellar. But the retrenchment of Americans away from housing assets and toward cash savings raises questions about the future of the banking industry.
An Investment in Infrastructure
by Team of Columbia Management,
Neglecting infrastructure can have tragic consequences. Think about the I-35 bridge collapse in Minneapolis, levees breaking in Missouri or the San Bruno gas pipeline explosion. These and many other examples illustrate the type of destruction that can occur if the country?s aging infrastructure is not addressed. At the same time, demand for new infrastructure is growing exponentially in emerging markets. Data highlighting the scale of construction, transport, logistics and communications development are so large they render relevant context difficult to comprehend.
Prediction Market Contracts on the Debt Ceiling and 2012 Elections
by Team of Bespoke Investment Group,
Everyone is following the debt ceiling story at the moment, and you can bet on whether and when Congress will approve its increase over at Intrade. While investors recognize the seriousness of the issue, Congressmen are unfortunately treating it as a political game. As we saw when Congress failed to pass TARP I, the market doesn't like political gameplay. At the moment, Intrade traders are putting the odds of a debt ceiling increase by the end of July at just 27%. Odds for an increase by the end of August are at 67%, and odds for an increase by the end of September are at 75%.
Protecting Bond Portfolios From Rising Rates
by Team of Neuberger Berman,
As the U.S. economy continues to strengthen and the prospect of inflation rises, investors are concerned the U.S. may potentially face a sustained period of rising interest rates. This matters to bond owners because changes in interest rates directly impact the market value of bonds and bond portfolios. With today?s fixed income markets now implying an increase in interest rates and higher volatility in credit spreads, a traditional buy-and-hold bond portfolio or a more traditional fixed income mutual fund strategy may not be as attractive to investors.
Everything from Oil to Silver: Are Speculators Causing Too Much Volatility?
by Team of Knowledge @ Wharton,
Allegations that traders manipulated oil prices in 2008 are reinforcing the buzz -- at the gas pump and elsewhere -- that speculators are driving up the price of oil, triggering wild price spikes and nail-biting volatility. Fingering speculators is a popular pastime these days, but experts at Wharton and elsewhere say the blame is often misplaced. Although speculation can affect prices, most of the recent price swings in oil and other commodities are happening for fundamental economic reasons.
Global Mergers and Acquisitions Activity Continues to Rise
by Team of American Century Investments,
Mergers and acquisitions activity is on the rise worldwide. In the U.S. this increase has been accompanied by the return of mega-deals ($10 billion+) driven primarily by large multi-national corporations flush with cash. These deals (and the anticipation of more to come) have helped drive markets up in the first quarter of this year. But the question on the minds of many investors is whether acquiring companies are at risk of overpaying for acquisitions that?while deemed ?strategic?-may only end up transferring (not creating) value from shareholders of the acquiring to the acquired companies.
Is Deflation in the US Housing Sector Accelerating?
by Team of Institutional Risk Analyst,
This week in The Institutional Risk Analyst, we offer our view on the housing sector as we travel to Philadelphia on Tuesday to participate in the 29th Annual Monetary and Trade Conference sponsored by the Global Interdependence Center and Drexel University. John Burns walked the participants through the current situation in the US housing sector and the outlook for a recovery in prices. The bottom line: Even though affordability has returned, new home sales are likely to remain depressed for years due to massive inventories of unsold homes, dwindling finance and weak employment markets.
Best First Day IPO Returns: Current Bull Market
by Team of Bespoke Investment Group,
As of now, shares of LinkedIn (LNKD) are up 171% from their offering price, making it the best performing IPO on its first day of trading in the current bull market. The stock is moving around like crazy, but if it manages to close above $117.56, LNKD will maintain its spot on top of the list.
Explaining U.S. debt levels, credit ratings, and recent bond market behavior
by Team of American Century Investments,
This week, we discuss the U.S. debt ceiling and the credit ratings for U.S. sovereign debt, plus explanations for seemingly counterintuitive bond market behavior. To fully comprehend the ceiling, we should first review the U.S. federal debt it?s attempting to cap, and why. The U.S. federal debt reflects what the U.S. government has to borrow to help pay for its multitude of operations, services, and financial commitments. Like some of its citizens, the U.S. government has been living beyond its means in recent years, spending more money than it has in reserve or receives in tax revenues.
Floating rate: Hedging the interest rate risk in your fixed-income portfolio
by Team of Columbia Management,
Following the Great Recession of 2008, many investors aggressively moved to cash and fixed-income securities in a classic flight to safety. In early 2009, we could point to a historic opportunity to capture significant total return. Much of that correction has already occurred and valuations across the fixed-income market have largely recovered. At this juncture in the business cycle, credit risk has declined dramatically, as evidenced by defaults that are running below long-term averages, robust new issuance and demand for bonds, and healthy corporate balance sheets and earnings.
Ally Financial + ING Bank? Richard Alford on Lessons Forgotten at the Greenspan/Bernanke Fed
by Team of Institutional Risk Analyst,
This week in The Institutional Risk Analyst we feature a comment from Dick Alford on the lessons forgotten by the Fed when it comes to financial regulation. Showing his considerate nature, Dick even uses the official histories of past crises prepared by the FDIC as the timeline to make it easier for some of our former colleagues at the Fed to follow along. But first, let's have some fun with one of the toys developed for The IRA Bank Monitor, namely our pro forma M&A analysis tool.
The Value of Gold Company Stocks and Gold?s Role in a Diversified Portfolio
by Team of American Century Investments,
Two questions we?ve heard a lot lately are ?Why haven?t the stocks kept pace with the metal?? and ?What?s the right amount of gold for my portfolio?? The recent disparity in performance between gold bullion and gold mining stocks is largely down to concern about higher costs to extract and refine the metal. Compare those fears with conditions in 2009 and 2010, when gold mining stocks did very well as the price of gold bullion surged, while changes in production costs were comparatively tame. This meant better top-line revenue and margin figures, making for attractive stock performance.
Pacific Basin Market Overview - April 2011
by Team of Nomura Asset Management,
Equity markets in Asia continued to gain ground in April after a volatile first quarter of 2011. Stock markets ended higher as companies reported strong earnings, while expectations that inflation may have peaked out also helped to support market sentiment. Disruption to manufacturing industry supply-chains and ongoing problems surrounding the Fukushima nuclear power plant have continued to weigh on Japanese stock prices, although the market was able to stabilize from the massive sell-off that followed the Tohoku earthquake.
UK Country Risk: Is Lloyd's of London Too Big to Sue?
by Team of Institutional Risk Analyst,
Last month an American investor named Richard Tropp filed a writ of certiorari with the US Supreme Court to review a decision by the Second Circuit in New York regarding an epic litigation against the Lloyds of London insurance market. To us, the case of Tropp v. the Corporation of Lloyds is troubling not only because it implies that thousands of investors in the Lloyd's insurance market have no contractual rights enforceable at law in the courts of England and Wales, but also because of what it says more broadly about the state of the law in Britain.
Developed Europe: Economic Review April 2011
by Team of Thomas White International,
A widely anticipated European Central Bank (ECB) rate hike and Portugal?s plea for a bailout in early April failed to dampen investor optimism surrounding the steady, albeit fragile recovery in Developed Europe. However, around mid-April, equity indices in the region did register a sharp fall in response to the news of another jump in the Euro-zone inflation rate, but recovered quickly to remain in an uptrend for the rest of the month. After recording its highest level for 28 months in February, inflation in the Euro-zone climbed further to 2.7 percent year-on-year in March.
Emerging Asia Pacific: Economic Review April 2011
by Team of Thomas White International,
Faced with persistent inflation, central banks across emerging Asian economies turned more active in the foreign exchange markets during April, aggressively raising interest rates. However, these actions have coincided with a loose monetary policy in the developed markets. Consequently, the investment capital, which typically chases high interest rates, continued to flow from the developed markets to emerging markets, pushing up the value of the currencies of emerging markets. To prevent a sudden appreciation of their respective currencies, central banks turned into buyers of the U.S. dollar.
Developed Asia Pacific: Economic Review April 2011
by Team of Thomas White International,
Developed Asia Pacific economies that were hit by natural disasters during the initial months of 2011 registered mixed economic performance with some countries in the group recovering faster even as other countries are still dealing with the aftermath of the crisis. While Japan, finalized a fiscal and monetary plan, investment-led growth was helping Australia recover from floods. New Zealand, which also suffered a devastating earthquake, showed a considerable rise in dairy exports. Other advanced economies continued to do well, although strong growth has been stoking inflation.
Global Overview: May 2011
by Team of Thomas White International,
Global economic growth now appears more sustainable, as the developed economies continue to recover and the emerging economies maintain their rapid pace of growth. The Euro-zone economy is expanding faster than expected while the U.S. growth slowdown in the first quarter is widely believed to be due to seasonal factors. The IMF acknowledged that global economic activity is set to accelerate again, and maintained the global growth forecasts for both this year and 2012 at 4.5 percent. However, the IMF warned that growth remained unbalanced and that inflationary risks have increased.
Emerging Europe: Economic Review
by Team of Thomas White International,
The International Monetary Fund in its latest report observed that the economic recovery in Europe as a whole is proceeding modestly. However, the agency noted that the pace of growth varied substantially across countries in the region. The large emerging European economies in the region are performing at or above capacity, according to the agency. Preliminary data showed that the Euro-zone economy expanded at a better-than-expected pace in April, allaying concerns that the recent rate hike by the European Central Bank would strengthen the euro and slow down German export growth.
Americas: Economic Review April 2011
by Team of Thomas White International,
Rising inflation remains the major policy concern across most economies in the Americas region and is attracting stronger policy responses, as energy and commodity prices remain elevated. While some of the Latin American countries continue with monetary policy tightening, Canada is widely expected to start hiking interest rates later this year. In the U.S., the Federal Reserve will end its quantitative easing program by the end of this quarter, though interest rate hikes are not expected until early next year.
Middle East/Africa: Economic Review April 2011
by Team of Thomas White International,
According to research by the World Bank, unrest in the Middle East and North Africa has affected economic growth in the region, which previously had been expected to zoom upwards in 2011 until the turmoil began. In its economic forecasts in January, the World Bank had projected that the region, which had come out of the 2009 global recession, would enjoy a rise in gross domestic product (GDP) from 3.3 percent in 2010 to 4.3 percent in 2011. In stark contrast now, some of the affected countries like Egypt will have a growth rate as low as one percent.
Is The Drop in Oil Good For Stocks?
by Team of Bespoke Investment Group,
During yesterday's drop in oil and other commodities, we heard several commentators say they were puzzled over why stocks were down as commodities were plunging. While their argument seemed to be based on the assumption that lower commodity prices will benefit the consumer, have they been paying any attention at all to the markets in the last two years? Although lower commodity and energy prices will increase the amount of money that consumers have to spend on other things, the reality is that oil and stock prices have been positively correlated for some time now.
Entropy and the Mechanics of Reflation
by Team of Institutional Risk Analyst,
All we can say with some degree of certainty is that the real economy seems to be slowing rapidly from our perspective. The problem is not so much a dearth of credit as a lack of demand for credit and goods of all descriptions. Have you noticed your retailers and service providers trying harder recently? Even the major airlines are treating passengers with a degree of deference that is almost unnerving -- but the planes are mostly full.
Corn Price Increases Tell a Story About Why Commodity Prices Are Rising
by Team of American Century Investments,
In case you haven?t been watching, the price of corn for delivery in July (a futures price set on the Chicago Board of Trade) rose 35% just in the month of April from $216 to $293 per metric ton. As both a commodity and agricultural product, the demand and pricing of corn can provide interesting insights into whether inflation is rising, why and (if so) what factors are driving it. In this Weekly Market Update, we?ll take a look at the market dynamics for corn, what is driving recent price increases and how this is likely to unfold over the remainder of this year and beyond.
More Than 14% of Americans on Food Stamps
by Team of Bespoke Investment Group,
As if we needed another reminder of the depressed level of the US economy, a recent WSJ article noted that one out of every seven Americans are on food stamps. Breaking out the numbers by state shows some wide divergences. Mississippi, has the highest percentage of its residents on food stamps at 20.6%. The only other state where one in five residents are on food stamps is Oregon. On the low end of the spectrum, Wyoming has the smallest proportion of its residents on food stamps, 6.6%, and believe it or not there are only seven other states where less than one in ten people are on food stamps.
Profiting From the Urge to Merge
by Team of Emerald Asset Advisors,
If it seems there has been a significant uptick in mergers & acquisitions ("M&A") lately, it's not your imagination. In the first quarter of 2011, worldwide M&A activity rose 55% from the comparable period in 2010. More than 9,600 deals with a value of nearly $800 billion were announced, the highest levels since the second quarter of 2008. We believe the recent pick-up in M&A activity is more than a simple rebound off the lows of the Great Recession and is likely part of a broader, longer-term trend. A confluence of factors supports this hypothesis.
Akre Focus Fund Q1 Commentary
by Team of Akre Capital Management,
We continue to be cautious on the economy, as the ?big? problems (a hangover from the financial crisis and mounting US government debt) are likely to stay with us for some time. The large dosage of negative news and events worldwide, from Portugal to Japan, has been absorbed by the U.S. stock market with barely a hiccup. During the 1 quarter of 2011 we continued to take advantage of opportunities in the market and ended the quarter with a cash balance of 17.2%. Our portfolio today reflects a number of businesses that have proven their ability to thrive in a consumer constrained environment.
Quarter 1 Letter
by Team of Grey Owl Capital Management,
QEII is set to end no later than June 30th. Prominent money managers disagree on the impact. PIMCO?s Bill Gross thinks yields are bound to rise as the largest net buyer of Treasuries moves to the sidelines. Gross has sold all of the US Treasury holdings in the flagship Total Return Fund. Jeff Gundlach, formerly of Trust Company of the West and now with DoubleLine Capital, believes the opposite. According to him, yields will fall in the short term because quantitative easing is inflationary. When QEII stops, bond buyers will require lower yields as future inflation expectations recede.
We Are Not Perma-Bears, But We Are Cautious Now
by Team of Litman Gregory,
To understand the potential upside for stocks it's important to evaluate the factors that drive returns and how they might behave over our investment horizon. The three key variables are dividends, earnings growth, and changes in the price/earnings ratio. Our analysis focuses on assessing these key factors under several broad economic scenarios. This allows us to estimate return ranges for stocks, and to weigh these potential returns against the risks we see to make informed portfolio allocation decisions.
Weekly Market Update
by Team of American Century Investments,
Total returns began looking better for municipal bonds (munis) after mid-January this year as issuance eased and a wave of non-traditional (not tax-exempt income-seeking) buyers entered the market in pursuit of relative value and return opportunities provided by falling muni prices and rising yields compared with those of Treasuries. But the rewards from that influx of demand have not been uniform across the muni market, the non-traditional ?crossover? buyers have targeted some segments much more than others, creating a divided market that has rewarded some investors at the expense of others.
The Impact of Interest Rates on Real Estate Securities
by Team of Forward Management,
How interest rate movements impact real estate securities is a complex but topical matter. After studying the historical performance of these securities, our findings indicate that: Not all interest rates move together. Real estate securities have had surprisingly low correlations to interest rates. More often than not, real estate securities have generated positive performance during periods of rising interest rates. These observations indicate that credit quality, yield spreads and underlying fundamentals play an equal or more important role in investment returns than interest rates alone.
Are You Watching Your Brokered Deposits? Bob Eisenbeis: What's a Central Bank to Do?
by Team of Institutional Risk Analyst,
In this issue of The Institutional Risk Analyst, we feature a comment from Bob Eisenbeis, Chief Monetary Economist of Cumberland Advisors. Bob clearly states the obvious in his excellent analysis of the choices facing the Federal Open Market Committee, namely that the Fed continues to steer monetary policy based upon largely domestic factors, this even as the global role of the dollar creates dangers for the US and other nations as they flee the perils of deflation.
Equity Investment Outlook
by Team of Osterweis Capital Management,
The bifurcation of the market, with small caps outperforming large caps, has led to a valuation disparity between overvalued small caps and undervalued large caps, which we believe can be profitably exploited. We, and others, have observed for some time that many excellent, growing large cap stocks are quite cheap relative to both the overall market and to more richly priced smaller companies. We expect that, over time, more investors will agree and large cap stocks may then begin to outperform the general market, as they have to a modest extent this year.
Retail Sales Continue to Grow?and Raise Questions About the Consumer
by Team of American Century Investments,
Last week, the U.S. Commerce Department released its monthly report on retail sales for March. With gasoline prices up almost a dollar over the past six months and consumer demand already challenged by sagging home prices plus high unemployment, investors and analysts were eager to see if the streak of eight months of positive growth in retail sales through February could be sustained in March. And the answer was ?Yes, but barely.?
Banking Sector in India: Counting on Credit Growth
by Team of Thomas White International,
In 2008, when the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations of all the leading banks in India slipped as equity prices tumbled, their businesses were not affected and their balance sheets remained healthy. Most domestic commentators continue to hold up this as evidence of the inherent strengths of the Indian banking industry.
South Korean and Taiwanese Electronics Giants Fight for Global Influence
by Team of Thomas White International,
The East Asian nations of South Korea and Taiwan have transformed themselves from being the manufacturing backyards of US and Japan into high-tech giants in the past four decades. Their growth in the field of electronics has been impressive especially since the late 1990s. Currently, South Korean and Taiwanese firms are not only engaged in the manufacturing of the highly-commoditized chips but also in the production of hi-tech electronic devices such as smartphones, tablets, televisions and personal computers.
Is Europe at the Tipping Point? Sol Sanders & Bill Alpert on Keynes, Keynesianism -- and Keynesianit
by Team of Institutional Risk Analyst,
With the world preparing for the collapse of the post-WWII, post-Bretton Woods economic order, we thought it might be useful to look at what Keynes actually said. We depart from our optimism due to the situation in Europe. Forget the threat of a ratings downgrade by S&P, Washington on debt ceilings or our part-time POTUS, the final collapse of the southern states of Europe is accelerating. Most banks in the EU are insolvent and the states supposedly backing them cannot access the global markets. The collapse of the EU bank bailout effort could be the next catalyst for global contagion.
Emerging Asia Pacific: Economic Review March 2011
by Team of Thomas White International,
Inflation continued to be the watchword for the emerging Asia Pacific economies in March. The world?s second largest economy, China, has slowly but firmly gained control over its banks, whose relentless lending had stoked inflation. Consequently, fears about excess inflation affecting China?s economy are expected to come down over the next few months. However, worries over the damage done to Japan by an earthquake could affect a number of export-based emerging economies in the Asia Pacific region. In other emerging Asian economies, monetary tightening continued at an accelerated pace.
Developed Europe: Economic Review March 2011
by Team of Thomas White International,
Despite several discouraging developments in March, such as the fighting in Libya, the tsunami devastation and nuclear scare in Japan, as well as the resignation of the Portuguese prime minister, Developed Europe stabilized, following an initial bout of volatility, seemingly shrugging off these events and, instead, focusing on the positive economic data from the region. Portugal?s sovereign debt crisis has been simmering for a while now, and given the scale of the country?s problems, the latest setback was not exactly a surprise to investors.
Americas: Economic Review March 2011
by Team of Thomas White International,
The economic repercussions to the Americas region from Japan's earthquake are expected to be limited. Though Japan is a large trading partner the percentage share of Japan in their total external trade is low. However, some of the large manufacturers, especially in electronics and automobiles, may face slower output because of shortage in supplies from Japan. Similarly, the escalation of political unrest in the MENA region, have not yet caused a flare up in energy prices. Though retail prices of gasoline have risen, they are not considered high enough to cause damage to consumer spending.
Results 2,501–2,550
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