Saying nothing

Monday 17 November 2008 - Saying nothing

Presented by Paul Donovan


+ The G20 summit was a non event. The statement was a bland recitation of past policy initiatives, coupled with comments that were blindingly obvious. The G20 leaders could not even get a photo opportunity with Senator Obama.


+ Japan saw another quarter of negative economic growth (Q3 -0.1% after - 0.9%). Those who use the 2 quarters negative growth "definition" label it a recession, but the word is pretty meaningless. Japan's growth is bad, though their downturn is cyclical not structural.


+ The CBI is forecasting UK growth of -1.7% in 2009 (they are almost right. UBS is forecasting -1.8%). The US releases October industrial production data today, forecast to bounce back to 0.7% (recovering from strike and hurricane impacts).


+ Credit Rating Agency Fitch have noticed that the world economy might be slowing, and that this might impact car demand. They are talking, therefore, of downgrading the world's largest car company, Toyota (currently AAA).

Category:

News & Politics

Tags:

• ubs
• economics
• paul
• donovan
• credit
• financial
• markets
• crisis
• g20
• imf
• interest
• rates
• japan
• fiscal
• policy
• uk
• us
• rating

[ubseconomics]

Thank you. Please note though that I'm not Paul Donovan, just a guy ripping his comments from the UBS website. I too think that his comments are a great source of news on the economy, that's why I'm doing it.

[myliverwurst]

well thanks for providing the reports!

[nyc10101]

I always love to listen to your comments about the state of the economy, you are precise and reassuring, keep informing us.