Word: stockings
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...more than three years, Anna Feng didn't tell her husband that she had sunk nearly half of their savings into the Shanghai stock market. While he thought all their money was safely sitting in a bank, the value of the stocks plunged by almost 75%. But over the past couple of months, the Shanghai market has shown signs of life, and Feng, a 56-year-old retiree, has recouped half her losses. She's quietly hopeful that maybe she'll make it all back. "Everyone seems to be so optimistic about the markets now," she says...
...Around the world, stocks have been on a tear. In Asia, for example, the Tokyo TOPIX stock index hit a 14-year high last week as a bull run in once-dormant Japan gathered momentum; Bombay's main equity index hit an all-time high in trading early Friday amid India's continuing economic boom; and Hong Kong shares reached a five-year high while indices in Singapore, Jakarta and Sydney set new records. And though stocks in Asia, in particular, are on fire, they are not alone. From Germany to Venezuela to South Africa, equity markets in both mature...
...Central banks everywhere have been following the Fed's lead?even the Bank of Japan, which kept rates near zero for years to try to kick start businesses and consumer spending, has finally conceded that it's time to hike rates?which is why many analysts believe the stock-market party may end sooner rather than later. Higher rates flow through the global economy in a myriad of ways by curtailing borrowing and curbing business activity. Higher borrowing costs hurt corporate earnings, which is ultimately reflected by lower stock prices. Andy Xie, chief Asia economist at Morgan Stanley, says...
...major economies, and investors who are still bullish had better be careful. "The last time [sentiment] was like this was in 2000," says Xie, shortly before the tech bubble was pricked in part by interest-rate hikes. Likewise, Xie expects rising rates to put an end to today's stock boom. Others aren't so bearish, but concede that higher rates may at least temper equities' recent giddy gains. Citigroup last month lowered its expectations for global stock returns for the next 12 months to a range of 4% to 8%?not bad, but down from its previous forecast...
Immigrant workers pluck our grapes, stock our shelves, grill our burgers and clean our offices--for pay that lets us keep our own wallets plumper. Moreover, their domestic labor gives their employers more time to put into higher-paying work and leisure time. A vibrant laborer population could even create white-collar jobs, says Daniel Griswold, an immigration expert for the Cato Institute--say, for hotel managers hired to oversee expanding staffs. "Immigrant workers," he says, "make the economy more flexible, more dynamic...