Posted on 07/19/2002 12:53:56 AM PDT by BlackJack
LONDON (Reuters) - Europe's biggest companies had 90 billion euros wiped off their market value at the open on Friday after U.S. shares slumped to fresh five-year lows in late trade on Thursday and as Ericsson posted gloomy earnings.
The world's biggest maker of mobile networks reported a worse-than-expected second quarter loss of 3.5 billion Swedish crowns, its seventh straight loss, and announced a long-awaited $3.25 billion rights issue.
That hit Ericsson shares hard in unofficial trading and knocked fellow telecom equipment makers Alcatel and Nokia down between 5.1 percent and 6.7 percent.
Epcos AG added to the tech gloom after the German electronic components maker unexpectedly announced a loss for the third quarter and said it saw no improvement in the fourth quarter, pushing its shares down by 13 percent.
"It's worrying that companies are not managing to transfer the seemingly good macroeconomic data into good profit growth, which indicates some sort of structural problem," said Sharon Coombs, European strategist for HSBC.
That echoed talk earlier in the year of a 'profitless recovery', although a weak Philadelphia Fed survey after most European markets closed on Thursday suggested the U.S. economy was flying into fresh turbulence anyway.
Republicans and in particular the Prez better wise up then. You cannot set a "new tone" in Washington during a bear market.
If you try, you will lose your shirt.
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But there is also some problems with European quality. Believe me, Italians do not produce quality cars (exept for the insane expensive ones). And German beer will give you no hangovers because they are enforced to produce very clean beer, unlike Dutch beer. And Belgians only produce good chocolate and gold/jewels, but almost nothing else anyone wants.
Lately there are also much food-related schandalsall over Europe.
But there are also many differences in effiency. Dutch farmers are much more efficient than French farmers.
I am no expert on this, but I could look up answers to more specific questions.
Perhaps i lack in imagination, but it's hard to find some (i mean products of American brands and made in the US of A.)
American brands and made in the US of A:
SOG Speciality Knives - nothing comes close over here in Europe.
Pick-up trucks like the Dodge Ram - nothing European even comes close.
Military equipment - let's face it, Europe has no match for the JSF or AH-64.
Mackie audio mixing consoles are very compative compared to Japanese or European stuff.
Bellari audio studio equipment is top of the range and cheaper then the European competetion. It's Stereo Sonic Exciter sounds much better than the German SPL Vitalizer and costing less.
Snap-on Tools or Maglites
AFG industries Flat Glass products
Eastman chemical co...many chemicals and plastics
Kintronics Inc......AM radio antenna tuning equipment General Electric Co. ....wide variety of electrical materials
NN Ball and Roller....Ball Bearings
Shelby Williams Co......Instirutional furniture Bristol Compressors.......refrigeration Compressors
Columbus Mckinnon Corp.......chain hoists and overhead crane dollies
All these are American manufacturers producing very high quality products exported all over the world. These are just a few. There are thousands of American companies producing very high quality and technically superior products in damand alll over the world.
Tell you what. I don't have a BMW, but what about a lawnmower? It is in really good shape, and it really does cut that grass.
No doubt about that. But still the Europeans come, when they can.
America is also a world leader in the production of steel drums (which apparently requires more technical savvy and equipment than you would think). Of course I should probably put that in past tense. Dubya's steel tariffs will probably kill this industry, as they don't have enough lobbyists in D.C. to get an exemption.
Socialism may be killing Europe, but protectionism, gov't subsidies, and gov't supported competition-killing corporate cronyism may be the death of us. And the tort lawyers will pick the bones.
Nice to know...the only American brand in my last high-end PC is the AMD processor (i think it's made in Taiwan,anyway)
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