Word: slowdowns
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...very clear just how little investors [in Asia] had factored in a very steep global slowdown," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong, where the Hang Seng index fell...
...slowdown isn't limited to the big three sports. NASCAR has been mired in a slump all season. Attendance is down, and a recent race at Talladega Superspeedway drew 50,000 fewer fans than the same event a year ago. The NCAA is cutting travel costs to combat the economic downturn. The organization will reimburse schools for only two bags of luggage per traveler, which will produce an expected savings of $1.5 million per year. Golf agents have reported a rough endorsement market for players, as the financial-services companies that have supported the sport got hit hardest by this...
...raincoats, it turns out, have holes in them. With the chances for a global recession increasing, it's becoming clear that not even the world's fastest-growing major economy can avoid a pronounced slowdown. Any remaining hopes to the contrary were dashed recently when China's National Bureau of Statistics released the country's latest economic data: in the third quarter, GDP growth had slipped to 9%, the slowest quarterly pace since 2003. Meanwhile, estimates for 2009 growth are being slashed to as low as 8%, which would be a dramatic deceleration from last year's 12% rate...
...Chinese government has quickly awakened to the threat of a sharp slowdown. Until a few months ago, Beijing's top priority had been fighting inflation. Now policymakers are easing off the brakes and hitting the gas again in an effort to stimulate growth. The central bank lowered its benchmark interest rate twice in the past 45 days, the first cuts since 2002. In mid-October, the State Council announced plans to increase infrastructure spending, to offer tax rebates for exporters and to boost government-controlled prices for agricultural products. Beijing is also widely expected to introduce measures to resuscitate...
Shukla says if the situation does not improve, there could be distress sales within the next six months. The realty sector was heading for a cyclical slowdown even before the current economic slump. Over the past few years, increasing demand had pushed up prices, with speculators jumping in to further inflate the market. Eventually, inventory piled up when buyers refused to pay unrealistically high prices. "So many transactions were taking place between speculators and investors that no one bothered to find out what the end user, the family who would eventually live in the house, would be willing and able...