Word: slumping
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...Société Générale's head of corporate and investment banking Jean-Pierre Mustier admitted to reporters on Sunday that their forced sell-off had probably furthered last week's market slump. "I cannot deny that if we had not been selling the market would have fallen less," he said, though he said he thought its effect had been "minimal." With the markets in turmoil, the dark-haired, slim trader slipped out of sight, surrendering to financial police only on Saturday afternoon. Kerviel remains in custody in Paris but so far faces no criminal charges...
That may be true for now, but Europe has seen some of the same warning signs as the U.S., including an overvalued housing market. A worldwide slump would be a special concern in poorer countries, says Ngozi Okonjo-Iweala, a former Finance Minister of Nigeria who is now a managing director of the World Bank. Food prices there, she notes, are already being driven up in part by demand for biofuels, which is leading to the substitution of food crops by those that can produce fuel. If food stays expensive yet economies in Africa and elsewhere slow, there could...
...That may be true for now, but Europe has seen some of the same warning signs as the U.S., including an overvalued housing market. A worldwide slump would be a special concern in poorer countries, says Ngozi Okonjo-Iweala, a former finance minister of Nigeria who is now a managing director of the World Bank. Food prices there, she notes, are already being driven up in part by demand for biofuels, which is leading to the substitution of food crops by those that can produce fuel. If food stays expensive yet economies in Africa and elsewhere slow, there could...
...only 12% of the economy. A gradual global slowdown would also give the Fed far more room to maneuver without the threat of stoking inflation. But there are downsides too: the U.S. would see high energy prices as Asia's demand for oil kept soaring, a continued dollar slump as low interest rates made it less attractive to hold dollar-denominated securities, and the threat of rising inflation as a weak dollar made imports more expensive. And a global recession (generally defined as growth of less than 2.5%; since the Depression, global growth hasn't actually gone backward) would...
...that it could be a doozy. Forget all the talk about the "decoupling" of emerging economies, the theory that countries like China and India are no longer dependent upon U.S. trade and can continue to power strong global growth even as the U.S. staggers. "There's no question the slump in the U.S. will hurt [Asia's] exports badly," says Shanghai-based independent economist Andy Xie. Indeed, demand for such diverse goods as iron ore mined in Australia and toys manufactured in China is already slowing, because for the first time in a decade the "key driver...