Word: londonized
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...biggest financial crisis since the Great Depression." Amid the sell-off, travel industry stocks fell sharpest. Shares in Lufthansa, Europe's second-largest airline, tumbled by more than 12% before recovering slightly. Those of rival British Airways pulled back from similar lows, trading 8% down by mid-afternoon in London. Tour operators and hotel groups took similar hits. (See pictures of the swine flu outbreak in Mexico...
...long stocks hold those positions in the face of the threat from H1N1 remains to be seen. The fact that shares hit hard early had regained lost ground Monday suggests markets had earlier "responded in the time honored fashion," says Howard Wheeldon, senior strategist at BGC Partners in London, namely with "a degree of overreaction...
...outbreak of severe acute respiratory syndrome (SARS), which devastated the Asian economy in 2003, economic consequences would be measured "not so much in the number of people that go down with it, or unfortunately are killed by it," says Justin Urquhart Stewart, investment director at Seven Investment Management in London, but by "the impact of the potential [population] that could be effected. Once it starts to gather momentum, it takes very little to start knocking serious percentage points off global trade and GDP." Right now, that's a momentum we could all do without...
...return. Other experts argue against a rapid rebound, because inventories are high for commodities such as oil, and because demand for natural resources has been so thoroughly squelched in some industries that it may not fully recover anytime soon. Francisco Blanch, head of commodities research for Merrill Lynch in London, says he doesn't expect overall demand will return to 2007 levels until 2011 at the earliest. "Over a number of years we will get back to supply constraints," says Blanch, but "it won't happen over the next six to 12 months...
...share of U.S. imports from 4% in 2003 to 19% today. "The Chinese are in trouble and they must decide between allowing growth rates to fall - something that is politically very difficult - or annoying their trading partners by dumping their exports," says Paul Scott, managing consultant at London-based mining analysts CRU. "They are likely to choose the lesser of two evils, exporting their way out of the problem, and this could trigger a trade...