Word: longer-term
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...immediate euphoria that boosted world stock markets following the announcement of government plans to prevent broad financial collapse has now given way to longer-term worries that the world is entering a recession. After starting the week with two days of remarkable gains, markets in Asia and Europe Wednesday registered moderate losses similar to those of Wall Street, which dipped 0.82% on Tuesday. Like everyone else, traders are waiting for clearer signs of what the future holds...
...makes it impossible to know what to expect in macro terms in the medium run. Indeed, Paul Tsang, senior vice president at Polaris Securities in Hong Kong, says he expects the rebound to continue as investors wait to see how the proposed bailout plans affect financial institutions, but that longer-term predictions remain murky. "My initial hunch is consolidation will continue for one or two weeks," he says. "After two weeks, we'll see another change, either up or down." - With reporting by Peter Ritter / Hong Kong (Click here to see photos of how London faces painful and uncertain times...
...real egg industry fear is not that California will import its eggs, but rather that it will export its higher welfare standards. When asked why out-of-state egg producers oppose the proposition, Samson conceded they fear “longer-term ramifications” against caged production. After similar ballot initiatives against pig and veal calf confinement in Florida and Arizona in 2002 and 2006 respectively, industry took the message. Smithfield Farms, one of the nation’s largest pig producers, announced it would phase out narrow gestation crates, and even Burger King promised to adopt more cage...
...state and local governments are being buffeted by the deterioration in credit markets. With few willing buyers of municipal securities, Massachusetts twice shelved plans to float $750 million worth of short-term notes used for paying its bills. And across the country, dozens of other funding deals for longer-term projects, from road repair to school expansion, have been delayed...
...Beyond the immediate economic impact, there are already signs that this meltdown will have longer-term repercussions. One is that policymakers everywhere will have to go back to the drawing board to figure out a more effective system of financial-crisis management. "Governments are making the same mistake over and over again. They're trying to deal with the crisis on a piecemeal basis," says Dennis J. Snower, president of Germany's Kiel Institute for the World Economy. He advocates a far more ambitious solution, including the creation of a new international agency that can act as a lender...