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To: Knighty Tin who wrote (232625)	4/1/2003 9:35:07 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

Global manufacturing appears to have reentered a recession following a weaker than expected Tankan survey in Japan and Eurozone PMI falling to 48.4 in March from 50.1 in February. UK March CIPS manufacturing survey fell to 46.1 from 48.6, the lowest in 2 years, while input prices rose to 61.9 from 55.2, the highest in 3 years. Recall that the March Chicago PMI fell below the contraction/expansion mark of 50 from 54.9 in February. Economists forecast the US PMI index will fall to 49.0 in March from 50.0 in February, indicating that the manufacturing sector may have again fallen into recession. Other European reports showed Eurozone unemployment rose to 8.7% in February from 8.6%, the highest in 3 years. In the UK, the CBI retail sales balance plunged to -13 in March from +2, the worst since July 92. The expectations balance also fell to 0 from +1, the worst in 8 years. Adding to the negative tone was the ECB's Garganas who said this morning that EU growth may dip below 1% in 2003. This goes against the official projection of 1% growth this year.