World markets fall on weak US housing
鈥eak housing fallout: World markets faltered in the wake of . Home-building permits fell by the largest amount in five months, the Commerce Department had reported, a for US economic recovery -- and markets from Europe to Asia.
鈥uxury sales: In China, the market for high-end goods is expected to surge by 12 percent this year, seen in other major economies buffeted by the financial crisis. The world's largest markets -- the US and Japan -- are by 16 percent and 10 percent respectively.
鈥ad auto management? In the midst of the worst downturn in car sales in decades, GM's and Chrysler's management was "," the former head of the Obama administration's auto task force wrote in a Fortune article. Steven Rattner said he was particularly shocked at GM's docility and arrogance, but added that the automaker bailouts were crucial to keeping the economy from collapsing.
鈥ustralian recovery: A leading economic indicator posted its first positive reading in more than a year, signaling the country was . The index was than similar readings after two previous recessions in the late 1980s and early 1990s.
鈥n my backyard: India鈥檚 economy is in the current financial year, according to a government council, spurred by a rebound in industrial production.This is slower than the galloping 9 percent average in the previous three years but . But the , the economic mainstay for a vast majority of Indians, is predicted to shrink 2 percent due to an adverse monsoon.
鈥� 聽 is a Monitor correspondent in Pune, India. For a look at the coming sticker shock in building materials, see Time to fix up your house?
