A few weeks ago, Morgan Stanley's head global economics Joachim Fels sent a note to clients entitled Into the Twilight Zone. In the note, the group downgraded its global growth forecasts, reflecting increasing pessimism across Wall Street on the future of the world economy.
Fels just put out an update today, writing that "recent disappointing data suggest that the global economy is sinking ever deeper into the twilight zone that divides sustainable recovery from renewed recession."
Here's Fels in his most recent note, looking at the new data that's been revealed since Morgan Stanley downgraded its growth forecasts:
Fels just put out an update today, writing that "recent disappointing data suggest that the global economy is sinking ever deeper into the twilight zone that divides sustainable recovery from renewed recession."
Here's Fels in his most recent note, looking at the new data that's been revealed since Morgan Stanley downgraded its growth forecasts:
Disappointing data:
Since we lowered our sights on global growth three weeks ago (see The
Global Macro Analyst: Into the Twilight Zone, August 15, 2012), economic
conditions have continued to deteriorate across emerging and advanced
economies alike:
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