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US economy fears are unfounded says Invesco

Fears that the downturn in the US housing market will cause instability and retrenchment in the wider US economy may be unfounded, says Invesco Perpetual.

It adds that despite the sharp falls at the end of last week the US market, measured by the S&P 500 index, actually ended the week up 1.4 per cent.

In Europe markets also recovered some of the sharp losses with the FTSE 100 index rising 2.3 per cent as the intervention from central banks calmed markets.

Invesco Perpetual chief economist John Greenwood says conventional signals suggest that the US economy will continue to grow and will not face recession.

He says: “Moreover, there are numerous offsets to the downturn in the housing and financial sectors, enabling the overall US economy to remain buoyant. It is still possible for a second-round deterioration in the housing market to occur with spillovers to more financial institutions.

“However, provided the current credit crunch does not spread to the larger global banks, then the end of the credit bubble need not spell the end of the business cycle, only the end of some of the more egregious, low yield-induced financial engineering that we have seen in recent months. If this remains the case, then the prospects for an extended US business-cycle expansion remain healthy.”


India’s economic growth rate boom

India’s economic growth rate hit 7 per cent per annum over the last five years, earning it a place among the fastest growing economies in the world, according to Halifax.

Grandads saving cash for kids

The Scottish Investment Trust says 36 per cent of grandfathers put money aside for their grandchildren compared with 29 per cent of grandmothers.

Biotech manager Powell joining Polar Capital

Axa Framlington biotechnology fund manager Gareth Powell has left the firm to join Polar Capital.Powell took over the biotech fund in April 2005 from veteran manager Antony Milford.He is set to start at Polar Capital in October and the company is looking at launching a number of healthcare mandates for him and he will also […]

LV= recruits managers for intermediary division

LV= has bolstered its intermediary division, recruiting Chris Hopkinson from MetLife as head of national accounts and appointing several new key account managers.Carl Heard joins as national account manager from Legal & General, where he worked across protection and e-commerce initiatives. LV= has also brought in four new key account managers to develop long-term relationships […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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