23 September 2006
Global Growth Downgrades Continue
BCA Research - Independent Investment Research Since 1949: "The ZEW survey of analyst expectations for the euro area and the global economy slipped again in September. The global indicator is now near past cyclical lows, with the U.S. component notably weak. The euro area measure also continues to fall, which is in marked contrast to other surveys that indicate momentum remains strong. While the global economy is clearly cooling, the ZEW measures overstate the pace of the deceleration. However, the weakness of the euro zone reading calls into question the ability of the region to de-couple from U.S. and global trend. Bottom line: the developing global growth slowdown will be broad-based, with all major regions moderating. "