En su reciente reunión trimestral los jefes de las empresas estadounidenses han expresado cierto grado de preocupación por la desaceleración de la economía china, la segunda más grande del mundo, escribe 'The Wall Street Journal'.
#8 Ya veo ya, simplemente me llamaba mucho la atención la fuente russia today (¡precisamente esa!) para hacer referencia a un artículo del WSJ. Otro aún mejor podía ser el Granma, que también es en español
#4#7#8 By Theo Francis Updated Aug. 16, 2015 8:01 p.m. ET 17 COMMENTS
With the U.S. recession behind them and the European fiscal crisis fading, American companies are grappling with a new threat: China’s economic blues.
In quarterly conference calls, U.S. executives recited a litany of pain, from mild to severe, resulting from a slowdown in China’s economy, the world’s second-largest.
Engine-maker Cummins Inc., for example, said demand for excavators in China fell 34% in the second quarter from a year ago with no signs of improvement. For such companies as Weyerhaeuser Co. , less construction in China means logs and lumber pile up in the U.S., pushing down prices.
“China was weak in the quarter, and we expect it to be weak as we move forward,” Robyn Denholm, chief financial officer of Juniper Networks Inc., told investors. China pulled down the networking-gear maker’s Asia-Pacific revenues by 3% from the prior quarter; without China, they would have risen 11%.
China’s policy makers are stimulating the economy to counter slackening consumer demand and falling factory output. Authorities have intervened in financial markets by devaluing the currency, a move that would help Chinese exporters while pinching some U.S. companies by making their products more expensive for Chinese buyers. Chinese officials are trying to keep the economy growing at 7% in 2015, the country’s slowest pace in more than two decades.
It comes at a tough time for U.S. businesses. Overall, companies in the S&P 500 index are on track to eke out a 1.2% increase in second-quarter earnings, according to data from Thomson Reuters. That is the slowest growth since fall 2012.
Related Coverage
The modest earnings growth was recorded on a 3.5% decline in revenues—the biggest drop in nearly six years—suggesting that much of the profit gain is from cost-cutting, buybacks or other maneuvers, rather than increased sales.
Excluding the hard-hit energy sector, big-company profits fared better in the June quarter. Earnings are poised to rise 8.7%, though revenue growth has remained tepid at just under 1.5%, its lowest level since fall 2009, according to Thomson Reuters.
China remains a relatively small part of operations at most big U.S. companies: Just 16 companies in the S&P 500 index say they collected 10% or more of their sales there, with most of those in the technology sector, according to data from Wells Fargo Securities. But the promise of China’s vast population and rapidly expanding middle class, along with a gradually liberalizing business climate, have lured big companies despite the risks.
China’s “economy is generally slowing down from the very rapid growth rates of a few years ago, but it’s still growing,” said Gina Martin Adams, institutional equity strategist at Wells Fargo Securities.
The slowdown in China was evident last quarter in everything from business flights to elevator sales to car purchases. Rockwell Collins Inc. said the flight-services industry has seen international business-jet flights fall 10% this year, largely in and out of China, Russia and the Middle East. DuPont Co. , which makes temperature-resistant materials for components in the automotive industry, lowered its growth forecast for the Chinese auto industry in the second half of the year to between 2% and 3%, from past rates of 5% or higher.
General Motors Co. painted a similar picture, and also said prices across the industry were likely to fall 5% to 6% for the year compared with a prior forecast of a 3% decline. Executives said GM hoped to keep sales and income in China growing by producing more SUVs, which yield bigger profits, and by cutting costs.
Steve Sanghi, the CEO of Microchip Technology Inc., said the semiconductor maker saw a broad decline in demand leading to higher inventories and lower revenue. The company makes a variety of chips used in cars, industrial equipment and consumer products. “China has been an engine of growth in the past,” Mr. Sanghi said. “The weakness Microchip has seen is fairly broad based, and not in any one specific industry.”
United Technologies Chief Financial Officer Akhil Johri said, “Real-estate investment, new construction starts and floor space sold are all under pressure.” The company’s Otis elevator unit reported new equipment sales down 10% in the quarter. Orders for heating and cooling systems fell 15% on weaker commercial business.
ENLARGE
The slowdown isn’t universal. Several medical-equipment and pharmaceutical makers, including Merck & Co. and radiation-oncology firm Varian Medical Systems Inc., said business remained brisk. Zoetis Inc., a livestock and animal medical company, reported a 26% increase in business in China, driven by greater use of antibiotics and vaccines in pigs. Starbucks Corp. which operates about 1,700 stores in 94 Chinese cities, said customers were making more frequent purchases.
Apple Inc. reaped the gains of its latest iPhone launch, boasting of 112% revenue growth and an 87% increase in iPhone units sold in its China region, which includes Taiwan and Hong Kong, even as overall smartphone sales increased just 5% in its June quarter.
But U.S. log and lumber exports to China were down by about half, Plum Creek Timber Co.’s finance chief told analysts, triggering increased inventories and lower prices. Weyerhaeuser also said higher-than-normal log inventories in China were pressuring prices.
The strong dollar, meanwhile, means China can buy logs more cheaply from Russia and New Zealand, reducing shipping costs. “I think to the extent they can, the Chinese will buy more from those particular outlets and less from North America,” Plum Creek CEO Rick Holley said recently.
Over time, China’s currency devaluation could lower labor costs there, making it more cost-effective to produce within the country and stoking the domestic economy, analysts said. Falling commodity prices, pushed down by slowing Chinese demand, should also start helping companies early next year, including foreign firms operating in China.
“The key factor is not what happens in a single quarter, but what are the longer dynamics at work,” said Craig Charney, president of Charney Research and research director of China Beige Book, which publishes independent economic data from China. “China is moving away from an economy where exports are the bellwether, to where retail and services count for more in terms of driving growth.”
Así que en un mundo globalizado, un problema serio en una de las dos mayores economías, afectaría seriamente a la otra.
Bien.
Siguiente tragedia, por favor.
Comentarios
Mmmmmm ¿para hacernos eco de algo que publica el Wall street journal meneamos a Russia today?
#4 Si el Wall Street Journal no tiene versión en español, sí, a Russia today o a cualquier otro.
#7 #4 WSJ sólo se puede ver bajo subcripción, si abres el link lo compruebas
#8 Ya veo ya, simplemente me llamaba mucho la atención la fuente russia today (¡precisamente esa!) para hacer referencia a un artículo del WSJ. Otro aún mejor podía ser el Granma, que también es en español
#4 #7 #8 By Theo Francis Updated Aug. 16, 2015 8:01 p.m. ET 17 COMMENTS
With the U.S. recession behind them and the European fiscal crisis fading, American companies are grappling with a new threat: China’s economic blues.
In quarterly conference calls, U.S. executives recited a litany of pain, from mild to severe, resulting from a slowdown in China’s economy, the world’s second-largest.
Engine-maker Cummins Inc., for example, said demand for excavators in China fell 34% in the second quarter from a year ago with no signs of improvement. For such companies as Weyerhaeuser Co. , less construction in China means logs and lumber pile up in the U.S., pushing down prices.
“China was weak in the quarter, and we expect it to be weak as we move forward,” Robyn Denholm, chief financial officer of Juniper Networks Inc., told investors. China pulled down the networking-gear maker’s Asia-Pacific revenues by 3% from the prior quarter; without China, they would have risen 11%.
China’s policy makers are stimulating the economy to counter slackening consumer demand and falling factory output. Authorities have intervened in financial markets by devaluing the currency, a move that would help Chinese exporters while pinching some U.S. companies by making their products more expensive for Chinese buyers. Chinese officials are trying to keep the economy growing at 7% in 2015, the country’s slowest pace in more than two decades.
It comes at a tough time for U.S. businesses. Overall, companies in the S&P 500 index are on track to eke out a 1.2% increase in second-quarter earnings, according to data from Thomson Reuters. That is the slowest growth since fall 2012.
Related Coverage
The modest earnings growth was recorded on a 3.5% decline in revenues—the biggest drop in nearly six years—suggesting that much of the profit gain is from cost-cutting, buybacks or other maneuvers, rather than increased sales.
Excluding the hard-hit energy sector, big-company profits fared better in the June quarter. Earnings are poised to rise 8.7%, though revenue growth has remained tepid at just under 1.5%, its lowest level since fall 2009, according to Thomson Reuters.
China remains a relatively small part of operations at most big U.S. companies: Just 16 companies in the S&P 500 index say they collected 10% or more of their sales there, with most of those in the technology sector, according to data from Wells Fargo Securities. But the promise of China’s vast population and rapidly expanding middle class, along with a gradually liberalizing business climate, have lured big companies despite the risks.
China’s “economy is generally slowing down from the very rapid growth rates of a few years ago, but it’s still growing,” said Gina Martin Adams, institutional equity strategist at Wells Fargo Securities.
The slowdown in China was evident last quarter in everything from business flights to elevator sales to car purchases. Rockwell Collins Inc. said the flight-services industry has seen international business-jet flights fall 10% this year, largely in and out of China, Russia and the Middle East. DuPont Co. , which makes temperature-resistant materials for components in the automotive industry, lowered its growth forecast for the Chinese auto industry in the second half of the year to between 2% and 3%, from past rates of 5% or higher.
General Motors Co. painted a similar picture, and also said prices across the industry were likely to fall 5% to 6% for the year compared with a prior forecast of a 3% decline. Executives said GM hoped to keep sales and income in China growing by producing more SUVs, which yield bigger profits, and by cutting costs.
Steve Sanghi, the CEO of Microchip Technology Inc., said the semiconductor maker saw a broad decline in demand leading to higher inventories and lower revenue. The company makes a variety of chips used in cars, industrial equipment and consumer products. “China has been an engine of growth in the past,” Mr. Sanghi said. “The weakness Microchip has seen is fairly broad based, and not in any one specific industry.”
United Technologies Chief Financial Officer Akhil Johri said, “Real-estate investment, new construction starts and floor space sold are all under pressure.” The company’s Otis elevator unit reported new equipment sales down 10% in the quarter. Orders for heating and cooling systems fell 15% on weaker commercial business.
ENLARGE
The slowdown isn’t universal. Several medical-equipment and pharmaceutical makers, including Merck & Co. and radiation-oncology firm Varian Medical Systems Inc., said business remained brisk. Zoetis Inc., a livestock and animal medical company, reported a 26% increase in business in China, driven by greater use of antibiotics and vaccines in pigs. Starbucks Corp. which operates about 1,700 stores in 94 Chinese cities, said customers were making more frequent purchases.
Apple Inc. reaped the gains of its latest iPhone launch, boasting of 112% revenue growth and an 87% increase in iPhone units sold in its China region, which includes Taiwan and Hong Kong, even as overall smartphone sales increased just 5% in its June quarter.
But U.S. log and lumber exports to China were down by about half, Plum Creek Timber Co.’s finance chief told analysts, triggering increased inventories and lower prices. Weyerhaeuser also said higher-than-normal log inventories in China were pressuring prices.
The strong dollar, meanwhile, means China can buy logs more cheaply from Russia and New Zealand, reducing shipping costs. “I think to the extent they can, the Chinese will buy more from those particular outlets and less from North America,” Plum Creek CEO Rick Holley said recently.
Over time, China’s currency devaluation could lower labor costs there, making it more cost-effective to produce within the country and stoking the domestic economy, analysts said. Falling commodity prices, pushed down by slowing Chinese demand, should also start helping companies early next year, including foreign firms operating in China.
“The key factor is not what happens in a single quarter, but what are the longer dynamics at work,” said Craig Charney, president of Charney Research and research director of China Beige Book, which publishes independent economic data from China. “China is moving away from an economy where exports are the bellwether, to where retail and services count for more in terms of driving growth.”
A mi la palabra "desaceleración" me suena parecido a "desbajar" (subir) o "desabrir" (Cerrar)
#2 Si tío, usar este lenguaje es una "descomida" (mierda).
#2 es que decelerar o desacelerar no es lo mismo que frenar, es ir menos rápido.
Malditos chinos, nos quieren matar trabajando para nosotros a precio de esclavos.
A EEUU y al resto del mundo.
Solo en habitantes China es 30 veces España. Las cifras son brutales.
#1 Gracias, pero ya lo leeré en WSJ si eso... sin exageraciones.
Así que en un mundo globalizado, un problema serio en una de las dos mayores economías, afectaría seriamente a la otra.
Bien.
Siguiente tragedia, por favor.