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US economic recovery to continue says CSAM

The US economic recovery is firmly on course according to Credit
Suisse Asset Management deputy chairman Robert Parker.
Having enjoyed an increase of 5.6 per cent in retail sales when
compared to the same period last year, the US economy is on course
according to Parker.

In addition consumer confidence increased in August and the
“Baghdad Bounce” rise in confidence following the end of the War in
Iraq has continued. With inflation having bottomed, Parker believes
the threat of deflation has decreased.

His expects a moderate recovery for Euroland attributed to growing
consumer spending, a supportive monetary policy and due to
investment spending showing its first improvement since 2000.

Consequently he anticipates investment spending to now remain
positive for the second half of 2003.

The advance witnessed by the Japanese economy according to
Parker can be accredited to consumption turning around and an
upturn in exports that can be partly attributed to an improved OECD
demand.

He adds: “One factor to watch carefully is government spending in
Japan, which fell in the first two quarters of 2003 because previous
Japanese recoveries have been reversed by too early fiscal
tightening.”

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