Word: soci
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...Glenn Maguire, chief Asia-Pacific economist for Société Générale in Hong Kong, expects that Asia's central bankers will move towards looser policy to support their economies and head off any possible liquidity shock from the U.S. meltdown. "It's pretty clear that the tightening cycle in Asia is over," says Maguire. Tuesday's market tumble will likely convince policy makers "to be much more accommodating on policy immediately." That may be the only good news in a dark day for investors...
...flood of new business has continued unabated. Among the most recent deals: cosmetics giant L'Oréal signed an agreement in June to build a new factory in the Kaluga region; and French bank Société Générale took a controlling stake in Rosbank, which has more than 650 branches across Russia...
...central bankers are scrambling to raise interest rates and tighten credit to get inflation under control. But these same measures suppress the investment and consumption that generates growth, threatening to put the brakes on Asia's unusually fast and relatively untroubled expansion. Glenn Maguire, chief Asia-Pacific economist for Société Générale in Hong Kong, estimates that GDP growth in East Asia (excluding China and Japan) could sink from about 6.5% this year to 5% in 2009, the slowest rate since 2001. Inflation, Maguire says, "is the largest risk to Asian growth since...
...teetering on the edge of recession. And Germany, Europe's biggest economy, is finally showing signs of a marked deterioration. "It's hard to find a country that's keeping its head above water," says Véronique Riches-Flores, chief European economist at French bank Société Générale. Business leaders ranging from Sir Stuart Rose at British retailer Marks & Spencer to Renault's CEO Carlos Ghosn are sounding the alarm. At Burberry, the luxury-goods firm, CEO Angela Ahrendts frets about a combination of rising costs, falling demand and a strong euro that...
...survey. Still, fueled by negative headlines, fears abound about harder times ahead: in the U.K. consumer sentiment has sunk to its lowest level since 1990, according to a poll by market research firm GfK NOP; back then the country was heading into a deep recession. Riches-Flores of Société Générale reckons Europe may already be in the midst of a consumer spending recession...