Word: gdp
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...stealth recovery that began almost two years ago has finally become evident with last quarter's surprisingly strong 2.4% GDP growth rate. It's also apparent in the panic prevailing in the gloom-loving bond pits on Wall Street, where traders have sent long-term interest rates soaring. With times getting better, you would think investing would be getting easier. But nothing looks cheap. Even after steep declines, many stocks remain expensive relative to earnings. Bonds are a death trap during periods of faster growth. Real estate never fell. Money-market yields barely cover a fund's expenses...
...that, after events in the first half of 2003, circumstances not outright painful were bound to seem like relief. The Iraq war and SARS devastated numerous Asian economies. In the second quarter, previously dynamic South Korea slipped into its first recession since the 1998 Asian crisis, while Singapore's GDP shrank by 4.2%?that country's worst quarterly performance on record...
...economy is perking up are feeding expectations that Asia's hardest-hit countries may soon see a resurgence in growth led by stronger exports, adding to consumer and business confidence. Japan recently registered a spike in personal spending and business investment; the country may finish 2003 with 2% GDP growth, not roaring but better than previous expectations. Barring disasters such as a major recurrence of SARS, booming China expects 9% growth next year, which will help spur demand for goods made elsewhere in Asia. Not every region is out of the woods; Hong Kong, for example, still faces record high...
Bond traders can be a perverse group. A whiff of economic recovery had Wall Street pushing bond yields skyward (and prices downward) even before last week's report that GDP grew at a surprisingly strong annual rate of 2.4% in the second quarter. Now even stronger growth is widely expected the rest of this year. Since the middle of June, the yield on the benchmark 10-year Treasury bond has surged to nearly 4.5% from 3.1%--a staggering reversal that is shutting down mortgage refinancings and forcing up business borrowing costs. If the trend persists much longer, these higher rates...
...Percentage growth in GDP of the U.S. for the second quarter of 2003, after two quarters of 1.4% growth...