The damage to the U.S. consumer is the biggest factor that's going to spread economic pain across the globe. Export-centric markets, and large trade surplus nations, will undergo sharp growth adjustments over the coming quarters
As a result, here's what we can expect for the majority of 2009:
Stocks will hit lower lows ...
Emerging nations will weaken dramatically, and ...
Risk-aversion will win the battle over risk-taking.
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