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1.Market Observations

24 Oct 2012 (AFR) – US stocks falter in Caterpillar’s tread

(24 Oct 2012, AFR, p29, Philip Baker)

‘If investors had a wish-list heading into the current third-quarter earnings season in the United States, it’s a fair bet that healthy top-line growth-driving profits – rather than more cost-cutting – and some upbeat outlook statements would have been high on the list.’ <snipped…>

‘And for the second time this year, the world’s largest maker of tractors and excavators cut its earnings forecast and warned that the global economy was slowing faster than it had expected. When the economy does recover next year, Caterpillar doesn’t expect it to be by that much. There’s a very simple reason why investors focus on any earnings report from Caterpillar: the stock is a one-way bet on global growth.’

Read more at (might need AFR login access)

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