Word: euros
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Have you hedged your portfolio against the falling dollar? If not, there's still time to act. Since January 2002 the greenback has declined 25% against the euro and 16% against the Japanese yen. And many foreign-exchange experts say the dollar may drop an additional 5% to 10% against major currencies over the next year. One key reason for the dollar's woes is the bulging U.S. trade deficit, which is likely to top $600 billion...
...investors keep their money at home, which softens demand here. To gauge the impact of a further dollar decline on investments, RiskMetrics Group, a New York City quantitative-research firm, ran a so-called economic-stress test, which analyzes statistical correlations between currency moves and the markets. If the euro and the yen each rise an additional 10% against the dollar from levels in early November, the study found, the Lehman Aggregate Bond Index could slip 0.6%, which means that a $10,000 bond would lose about $60. It would cost the S&P 500 index 3.4%, the NASDAQ...
...Jazz subcompact. Hyundai, with sales up 10.8%, boasts a European market share of 1.7%, now on par with VW's Skoda brand. And Toyota's Yaris, packed with features and options for under $17,000 in most markets, is a bargain compared to VW's $18,000 Golf. The euro's strength against the yen is also bolstering Asian automakers' profit margins, putting pressure on higher-cost manufacturers. VW's competition is also heating up in China, now the world's hottest car market. The firm's market share has fallen from 60% to under 40% in only two years...
WORLD BRIEFING A5 Euro paybacks; Goldman's golf deal; cell-phone shuffle; Toyota plays...
...here next year. But for now, Europeans who want legal downloads are mostly living with the pause button. The E.U.? You'll Fit Right In! Poland's economic troubles deepened late last week as the Polish zloty, wobbling with uncertainty over government fiscal policies, hit new lows against the euro (€1 equals 4.66 zlotys), squeezing imports and pushing up interest rates on euro loans. Meanwhile the country's budget deficit - a whopping 5.2% of GDP - is ringing alarm bells in Brussels as Poland prepares to join the E.U. next year, and the euro zone, possibly, in 2007. Leszek Miller...