Monetary tightening in China and Brazil has offset growth in the BRIC nations (Brazil, Russia, India, China) where India and Russia remained relatively strong, HSBC Chief Economist Stephen King told CNBC Wednesday.
“Although output remains above the long-term average, it is below the average seen before the financial crisis,” King said. “This easing reflects a moderation in the rate of growth of new orders, especially for manufacturing exports.”
Austerity measures and the expected slowdown in the developed markets will see world trade fall, he said.
“We are in a new phase of global economic development,” King said. “Export gains for companies in the emerging world have failed to sustain the momentum seen in earlier quarters. The stellar recovery in economic activity across most of the emerging markets seen since the first half of 2009 finally hit a bump in the road.”
- Emerging Markets Hit Bump in the Road: HSBC, CNBC.com, July 7, 2010.
2. Serious safety concerns are being raised by owners of late-model Dodge Ram trucks — in complaints to government — over a problem automotive experts and consumers have dubbed the “death wobble.”
“We hit a pothole in the road and the truck just started shaking violently,” said Brantford, Ont.’s Dennis Warren, owner of a 2007 Dodge Ram 2500.
“We ended up on shoulder of the road — and that was during rush hour traffic in the morning.”
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