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Global Trade: IMF Projections Weigh on Markets


Plus, New York City is the global hub of the trinket trade, and more!

This column highlights the past week's most interesting and useful business and financial commentary on global trade from around the Web.

Asian Markets Trade Lower on Economic Concerns
"Asian stock markets are mostly trading notably lower on Wednesday with investors pressing sales, amid renewed worries about the global economic outlook following the International Monetary Fund downgrading economic forecast for the Asian region."

Link: IMF Sees Heightened Risks Sapping Slower Global Recovery

"Overall, the IMF's forecast for global growth was marked down to 3.3% this year and a still sluggish 3.6% in 2013...In its latest World Economic Outlook, unveiled in Tokyo ahead of the IMF-World Bank 2012 Annual Meetings, the IMF said advanced economies are projected to grow by 1.3% this year, compared with 1.6% last year and 3.0% in 2010...Growth in emerging market and developing economies was marked down compared with forecasts in July and April to 5.3%, against 6.2% last year."

RTT News
Link: World Bank Warns on Asian Economic Growth

"The World Bank said on Monday that the East Asia and Pacific region may see its economic growth sliding to the weakest in 11 years and cut the region's growth outlook for this year as well as the next amid a more-than-expected slowdown in China."

Trade Gap Probably Widened on Oil Costs: US Economy Preview
"The US trade deficit probably climbed in August on higher crude oil costs at the same time slower global growth reduced demand for American exports, economists said before a report this week."

US High-Tech Companies Ramping Up Exports: Survey
"Most US high-tech companies expect to export more cell phones, tablets and other electronics over the next two years to growing middle-class populations in developing nations, citing free trade pacts and rising labor costs abroad, a survey found...Companies such as Federal Express (NYSE:FDX) and UPS (NYSE:UPS) have already seen a shift in demand for shipping products more cheaply, such as by sea, rather than premium-priced express air services, because of the weakening global economy."

The Washington Post
Trade Group Says Economic Uncertainty Causing Companies to Pull Back on Business Travel
"Americans are expected to take 438.1 million business trips this year, down 2% from last year, the Global Business Travel Association said Tuesday. Overall business travel spending is expected to be up 2.6%, but that's only because trips are more expensive...On Monday, United Airlines (NYSE:UAL) said traffic and passenger revenue fell in September.

Geithner Discussed Economy, Trade Barriers With India
"US Treasury Secretary Timothy F. Geithner and Indian Finance Minister Palaniappan Chidambaram discussed lowering trade barriers and extending ways to expand capital markets, while working toward steering the global economy out of 'uncertainties.'"

Huffington Post Canada
Link: The Darker Side of Free Trade Between the US and Canada

"When I say potholes I'm referring to those awkward facts about free trade, like that Canada lost 334,000 manufacturing jobs in the first five years after the Canada-US deal was signed -- a decline that continued under NAFTA and continues to this day..."

Money Guru India
Emkay Global Admits to Trading Error
"Emkay Global Financial Services (NSE:EMKAY) on Tuesday admitted an error on its part for the 900-point flash crash of the NSE index Nifty on Friday morning, and said it would help the stock exchange in probe into the matter."

Economic Times
Link: India Japan Trade Targeted to Double, Hit $25-Billion Mark by 2014
"The bilateral trade between India and Japan has been targeted to almost double to USD 25 billion by 2014, Consul General of Japan Mitsuo Kawaguchi said today."

Asia Times
CIS Nations Eye Free Trade Zone by 2013
"The latest top-level meeting of the oldest post-Soviet grouping, the Commonwealth of Independent States (or CIS), pledged to enact their free-trade arrangements next year.

Sandler, Travis & Rosenberg Trade Report
Brazil Tariff Hike on 100 Products Effective Oct. 1
Effective Oct. 1 Brazil has increased to as much as 25% its import tariffs on a list of 100 products in the steel, petrochemical, chemical, pharmaceutical and capital goods industries."

Why New York Is a Hub in the Global Trinket Trade
"The trinkets are here because this stretch of Midtown is a hub in a vast global network of junk. When stores in Africa or Latin America or the Middle East run short, they come here..."

Twitter: @brokawbrokaw
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