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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (2770)	8/30/2002 11:01:34 AM
From: Steve Lee	Respond to of 25522

I think yesterday's rally was more about the 9:29 am brokerage comments that reported an uptick in PC demand. It contradicts what Intel have stated, but it was good enough for a bear market rally.

To: robert b furman who wrote (2770)	8/30/2002 11:01:47 AM
From: Proud_Infidel	Respond to of 25522

Japan's Economy Grows 0.5 Percent By YURI KAGEYAMA 08/30/2002 09:37:32 EST TOKYO (AP) - Japan's economy grew a slim 0.5 percent on the April-June quarter after contracting in the previous 12 months, and the government warned there may be no growth for the rest of the year. Figures released Friday from the Cabinet Office revised previously-released data for Japan's gross domestic product - the total output of goods and services produced in the nation. The figures show the economy shrank during the four previous consecutive quarters - the first time the economy has contracted for four straight quarters since the government began keeping such records in 1980. Initial data had shown the economy grew in the January-March period. Economy Minister Heizo Takenaka acknowledged the revisions reveal an economy in worse shape than previously thought. "Risks to the economy are growing, and it's important to watch them closely," he told reporters. "We've been saying the economy is picking up, and there's no change to that view." Over the last year, Japan plunged into its worst slowdown in at least two decades. In 1993, the country went through three straight quarters of contraction. Before that, it had never seen even two consecutive quarterly slumps. But the government has said repeatedly that the economy bottomed out early this year on inventory adjustments, improving production and surging exports to the United States, Europe and Asia. It has also cautioned against too much optimism, forecasting little or no growth for the rest of the fiscal year ending in March 2003. For the fiscal year ended in March 2002, the economy shrank 1.9 percent compared to the previous year. By quarter, the economy shrank at an annual rate of 0.1 percent for the January-March period, 2.7 percent in the October-December 2001 quarter, 2.7 percent for July-September 2001 and 8.3 percent in April-June 2001. The last time Japan's economy grew was in January-March 2001, when it expanded 1.0 percent, or an annual rate of 4.1 percent. Finance Minister Masajuro Shiokawa said Friday's GDP report was worse than he expected, but said the economy was still headed upward. Mamoru Yamazaki, an economist with Barclays Capital in Tokyo, said the figures confirmed that the recovery was heavily reliant on exports while economic activity at home remained weak. "It's possible the pace of the growth will diminish in the July-September period," he said. "But the economy has bottomed out." Japan's economy grew at an annual rate of 1.9 percent in the quarter through June. Domestic demand added 0.2 percentage points to the increase, while exports boosted it by another 0.3 percentage points, the government said. Private consumption rose 0.3 percent, while public investments inched down 0.7 percent. Government consumption rose 0.8 percent. Japan's domestic spending, which makes up about half of the economy, has not kept up with the momentum of exports. Unemployment is near a record high, wages are dwindling steadily and people are worried about their livelihoods. Tokyo announced Friday that Japan's jobless rate stood unchanged at 5.4 percent in July, the 13th straight month it has been at 5 percent or higher. The number of jobless totaled 3.52 million people in July, up 220,000 from the same month a year ago, according to the Labor Force Statistics Office. Jobs were lost in nearly all sectors such as construction, manufacturing, distribution and retail. Despite repeated promises, the political leadership has not delivered streamlined regulations, freer competition and eradication of wasteful public sectors to stimulate new businesses. Moreover, recent signs the U.S. recovery may be weaker than previously thought could imperil Japan's shaky rebound. Consumer confidence is evaporating in the United States, with a volatile stock market rocked by corporate scandals.