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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (4744)	9/29/2001 3:33:48 AM
From: X Y Zebra	Read Replies (1) \| Respond to of 33421

Given that few people can find European investments that aren't specifically reliant upon the economic health of the US, it doesn't surprise me that the dollar has held up so well. Ah yes... the case of the lowest common denominator... I wonder how is it that we fell into this trap...

To: Hawkmoon who wrote (4744)	10/2/2001 12:03:51 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Interesting Aug M & A data on Briefing today............. August was an interesting month when considering that the eurozone experienced net M&A inflows, while the US saw net outflows. However, it is important to remember that this reversal may have been predicated on a dampened urge to merge in the face of a protracted global slowdown, particularly with the process of integration made even more difficult by lingering excess capacity concerns. Of course, the euro's nearby loss of an influential headwind is offset by the fact that portfolio flows from Europe continue to find their way into the US. Not surprisingly, this gets back to our thoughts surrounding the sluggishness of the European reflation play. While our productivity-based explanation of this dynamic has met with some skepticism, we would note that a recent European Commission study revealed that US companies spend 74% more on research and development than their European counterparts. Not to be outdone, high-tech patenting in Europe among US firms is roughly seven times higher than that of European firms in the US.

To: Hawkmoon who wrote (4744)	10/2/2001 12:04:27 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Interesting Aug M & A data on Briefing today............. August was an interesting month when considering that the eurozone experienced net M&A inflows, while the US saw net outflows. However, it is important to remember that this reversal may have been predicated on a dampened urge to merge in the face of a protracted global slowdown, particularly with the process of integration made even more difficult by lingering excess capacity concerns. Of course, the euro's nearby loss of an influential headwind is offset by the fact that portfolio flows from Europe continue to find their way into the US. Not surprisingly, this gets back to our thoughts surrounding the sluggishness of the European reflation play. While our productivity-based explanation of this dynamic has met with some skepticism, we would note that a recent European Commission study revealed that US companies spend 74% more on research and development than their European counterparts. Not to be outdone, high-tech patenting in Europe among US firms is roughly seven times higher than that of European firms in the US.

To: Hawkmoon who wrote (4744)	10/2/2001 12:04:27 AM
From: John Pitera	Respond to of 33421

Interesting Aug M & A data on Briefing today............. August was an interesting month when considering that the eurozone experienced net M&A inflows, while the US saw net outflows. However, it is important to remember that this reversal may have been predicated on a dampened urge to merge in the face of a protracted global slowdown, particularly with the process of integration made even more difficult by lingering excess capacity concerns. Of course, the euro's nearby loss of an influential headwind is offset by the fact that portfolio flows from Europe continue to find their way into the US. Not surprisingly, this gets back to our thoughts surrounding the sluggishness of the European reflation play. While our productivity-based explanation of this dynamic has met with some skepticism, we would note that a recent European Commission study revealed that US companies spend 74% more on research and development than their European counterparts. Not to be outdone, high-tech patenting in Europe among US firms is roughly seven times higher than that of European firms in the US.

To: Hawkmoon who wrote (4744)	10/2/2001 12:04:27 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Interesting Aug M & A data on Briefing today............. August was an interesting month when considering that the eurozone experienced net M&A inflows, while the US saw net outflows. However, it is important to remember that this reversal may have been predicated on a dampened urge to merge in the face of a protracted global slowdown, particularly with the process of integration made even more difficult by lingering excess capacity concerns. Of course, the euro's nearby loss of an influential headwind is offset by the fact that portfolio flows from Europe continue to find their way into the US. Not surprisingly, this gets back to our thoughts surrounding the sluggishness of the European reflation play. While our productivity-based explanation of this dynamic has met with some skepticism, we would note that a recent European Commission study revealed that US companies spend 74% more on research and development than their European counterparts. Not to be outdone, high-tech patenting in Europe among US firms is roughly seven times higher than that of European firms in the US.