The Japanese yen crosses are under quite a bit of pressure, and stock market futures are trading in negative territory, following disappointing Q1 results from Morgan Stanley, which reported a net loss of $190 million, or 57 cents a share, compared with a net income of $1.43 billion a year ago. Furthermore, the International Monetary Fund (IMF) released deeply pessimistic outlooks for global growth. We’ve highlighted some of these revisions below:
2010 2009
---Estimates--
[B]World Output 1.9% -1.3% [/B]
Advanced economies 0.0% -3.8%
[B]United States 0.0% -2.8%[/B]
[B]Euro area -0.4% -4.2%[/B]
Germany -1.0% -5.6%
France 0.4% -3.0%
Italy -0.4% -4.4%
Spain -0.7% -3.0%
Japan 0.5% -6.2%
[B]United Kingdom -0.4% -4.1% [/B]
[B]Canada 1.2% -2.5%[/B]
Developing countries 4.0% 1.6%
Africa 3.9% 2.0%
Sub-Sahara 3.8% 1.7%
Cent/Eastern Europe 0.8% -3.7%
Commonwealth of ind. 1.2% -5.1%
Russia 0.5% -6.0%
Excluding Russia 3.1% -2.9%
Developing Asia 6.1% 4.8%
[B]China 7.5% 6.5%[/B]
India 5.6% 4.5%
ASEAN-5 2.3% 0.0%
Middle East 3.5% 2.5%
Western Hemisphere 1.6% -1.5%
Brazil 2.2% -1.3%
Mexico 1.0% -3.7%
European Union -0.3% -4.0%
[B]World trade volume
(goods and service) 0.6% -11.0%[/B]
Imports
Advanced economies 0.4% -12.1%
Other countries 0.6% -8.8%
Exports
Advanced economies 0.5% -13.5%
Other countries 1.2% -6.4%
[B]Oil** 20.2% -46.4%[/B]
Nonfuel (avg. based on
world comm export wghts) 4.4% -27.9%
[B]CPI Advanced econ. 0.3% -0.2%[/B]
CPI Other countries 4.7% 5.7%
** Oil is an average of the spot prices of U.K. Brent, Dubai and West Texas Intermediate crude oil. The average price of oil in U.S. dollars a barrel was $71.13 in 2007; $97.03 in 2008; the assumed price on future markets is
$52.00 in 2009 and $62.50 in 2010.