Word: europeanate
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...what markets do on a daily or weekly basis, because they've become purely speculative. Economic reason has been tied up and shut in the cellar," says economist Marc Touati, director general of research and strategy group Global Equities in Paris. Touati adds that recent developments - including American and European bail out plans for banking and financial systems valued together at over $4 trillion and the drop in oil prices and value of the euro - have given markets lots of reason to be bullish big time. "But they're are acting like spoiled kids throwing a tantrum: They've gotten...
...mixed, with Toyko's Nikkei up 2.2% aside more modest gains in Singapore and China. Hong Kong's Hang Seng remained flat, however, while South Korea and Australia slightly slumped. Inspired by that trend - as well as Wall Street's rebound from early losses Thursday to finish 4.7% up - European markets began Friday higher with London's FTSE 100, Frankfurt's DAX, and Paris' CAC 40 all by more than 4% - before receding by midday to hover just above opening levels...
...problems are ricocheting back. The bad mortgages are contributing to forcing many European banks into bankruptcy. (We exported not only bad loans but also bad lending and regulatory practices; many of Europe's bad loans are to European borrowers.) And as market participants realized that the fire had spread from America to Europe, there was panic. Part of the concern is psychological. But part of it is because our financial and economic systems are closely intertwined. Banks all over the world lend and borrow from each other; they buy and sell complicated financial instruments - which is why bad regulatory practices...
More ships are on the way, with NASA planning to launch another, larger rover--the Mars Science Laboratory--in 2009 and another orbiter in 2013. The European Space Agency hopes to launch its own rover in 2013. A robotic mission to gather rocks and return them to Earth is a key NASA objective, while the most tantalizing goal of all--a manned landing--remains a remote but credible goal. Until boots are actually on the ground, our robot proxies will have to do the exploring for us. So far, we have no reason to complain about their work...
...looking at the future, when U.S. companies will be competing not only with European, Japanese, South Korean and Chinese companies but also with highly competitive companies from every corner of the world: Argentina, Brazil, Chile, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Poland, Russia, Thailand, Turkey, Vietnam and places you'd never expect. And you can anticipate that future versions of the World Economic Forum's Global Competitiveness Index will be reflecting more rapid ascents and descents than it has in the past. The current financial crisis may only serve to speed up the process...