Word: investors
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Also weighing on the dollar: investor concerns that to balance a budget deficit expected to swell this fiscal year to $1.85 trillion - equal to 13% of the country's GDP, a level not seen since World War II - the Federal Reserve could simply resort to printing more money, further flooding the markets with dollars. While the central bank said on June 24 that it had no plans to expand its purchase of government or mortgage bonds beyond the $1.2 trillion earmarked for the purpose in March, not everyone is convinced. "There is always the nagging concern that if this...
...Such examples of excessive investor ardor for new Chinese stocks aren't hard to find. Shares of Chinese water-treatment-equipment supplier Duoyuan Global Water soared 37% on June 24, its first day of trading on the New York Stock Exchange. Back in Hong Kong, Chinese thenardite producer Lumena Resources (thenardite is a key ingredient in powder detergents, textiles, glass, chemical feedstock and pharmaceuticals) rang up 19% in gains on June 17. On June 22, the IPO of China Metal Recycling closed 22% higher. (See pictures of China's infrastructure boom...
...With the IPO market suddenly booming, China's companies are only too happy to indulge pent-up investor demand. The crash in global markets had virtually shut down new listings. Only two Chinese enterprises went to market in the U.S. last year, down sharply from 29 in 2007. Now there's a rush to list. Accounting firm Ernst & Young says it is working on 108 IPOs; most of the offerings are by Chinese companies planning to list in China, Hong Kong or both. Meanwhile, Chinese technology firms are expected to head to the U.S., which has long been the market...
Emerging markets have often been unkind to banks. Unstable governments, dubious corporate management practices and wild swings in investor confidence can make the developing world far less predictable than the more advanced economies of the West. But the current financial crisis has stood a lot of the conventional wisdom on its head. As the Wall Street subprime meltdown sent prominent banks in the U.S. and Europe tumbling, financial institutions doing most of their business in developing countries have come through the crisis looking healthier - and smarter...
...Fisher was the country's first great economist, a pioneer of the mathematical approach that came to dominate the discipline after his death. Fisher saw the behavior of the market in rational, mathematical terms. He wasn't completely doctrinaire about this--earlier in his career, he had allowed that investors sometimes behaved like sheep. But in the 1920s, convinced that skilled monetary management at the Federal Reserve and the rise of new, professionally run investment trusts had reduced the riskiness of markets, he lulled himself into believing that the prices prevailing on Wall Street were a reflection of economic reality...