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(Click for frequent words.) 73 downturn 67 slowdown 62 recession 61 cyclical upturn 61 recessionary 60 economic downturn 60 cyclical upswing 60 cyclical 59 cyclical downturns 59 downturns 57 downcycle 56 seasonally weak 55 macro headwinds 54 recessionary pressures 54 overcapacity 53 housing slump 53 recesssion 53 seasonal slowness 53 cyclical trough 53 economic downturns 53 credit crunch 52 seasonally weaker 52 cyclical downswing 52 seasonally slower 52 upturn 52 inherent cyclicality 52 headwinds 51 recessions 51 oversupply 51 recessionary headwinds 51 flat yield curve 50 destocking 50 sharp deceleration 50 macroeconomic headwinds 50 recessionary trends 50 shakeouts 50 commodity supercycle 50 deflationary cycle 50 inventory destocking 50 inventory overhang 49 overcapacities 49 shakeout 49 upturns 49 sharp falloff 49 lurch downwards 48 contraction 48 softness 48 deflationary 48 seasonal slowdowns 48 deleveraging 48 upcycle 48 Great Recession 48 deflationary depression 47 slump 47 unprofitability 47 rerating 47 depressionary 47 disinflationary pressures 47 deflationary pressures 47 supercycle 46 decline 46 seesaw pattern 46 decelerating 46 overcapitalized 46 cyclical upturns 46 Muddle Through Economy 46 cyclicality 46 Downturns 46 prolonged slump 46 dowturn 46 Rinnen 46 structural imbalances 46 Cyclically 45 underlying fundamentals 45 seasonally slowest 45 precipitous declines 45 Fitch Negative Outlook 45 deceleration 45 dot.com collapse 45 reacceleration 45 deterioration 45 cyclically sensitive 45 macroenvironment 45 Margin compression 45 declines 45 inverted yield curve 45 disinflationary trend 45 liquidity crunch 45 deflationary tendencies 45 dotcom bust 45 stiff headwinds 45 deflation 45 inventory restocking 44 Hönle Group 44 Oversupply 44 yield curve inversion 44 profitability 44 deflationary spiral 44 flattening yield curve 44 retrenchment 44 delevering 44 softening 44 deflationary trap 44 reaccelerate 44 negative newsflow 44 cyclical troughs 44 de levering 44 tougher comparatives 44 notoriously cyclical 44 economicconditions 44 grape glut 44 selldown 44 macro economic 44 Overcapacity 44 liquidity crunches 44 Inflationary pressure 44 cyclically 44 outperformance 43 industrywide slump 43 cyclicality inherent 43 highly leveraged 43 Steep declines 43 downtrend 43 profitless prosperity 43 macroeconomic 43 highly levered 43 subprime mortgage crisis 43 disinflationary forces 43 crisis 43 Great Unwind 43 negative spillovers 43 theeconomy 43 subprime shakeout 43 nonresidential construction 43 seasonality 43 Rehaut 43 double dip 43 convexity hedging 43 relative outperformance 43 downswings 43 reces sion 43 selloff 43 incipient recovery 43 downtrading 43 downdraft 43 Destocking 43 writedowns 43 earnings preannouncements 43 cyclical bull 43 underperformance 43 Tony Tufariello 43 gloomiest predictions 42 analyst Frank Mitsch 42 cyclical nature 42 precipitous decline 42 Hinsdale Nolte 42 seasonally quieter 42 economy 42 flatter yield curve 42 relative underperformance 42 analyst Victor Lazarovici 42 postwar recessions 42 Mr Lakos 42 inflationary pressures 42 stagnation 42 bloated inventories 42 rating downgrades 42 downcycles 42 downward revisions 42 disinflation 42 Mr. Kelertas 42 deepest recession 42 recessionary spiral 42 growth 42 Wehbey 42 steelmaking inputs 42 malaise 42 write downs 42 snapback 42 bubble deflates 42 reflation trade 42 expansionary monetary policies 42 cyclicals 42 subprime meltdown 42 Chip Hornsby 42 Mr. Swetlishoff 42 Yasukazu Shimizu senior 42 nonprime lending 42 Aurigen 42 Mr Gahbauer 42 production curtailments 42 HSBC Mahendran 42 Directionally 42 fab utilization 42 newfound frugality 42 relative underperformer 42 reaccelerating 42 homebuilding 42 shallow Hughes Cromwick 42 downward trend 42 stagflation 42 MARKET EXPECTATIONS Analysts 41 solidly profitable 41 downward correction 41 inverted curve 41 downgrades 41 sharp selloff 41 oversupplies 41 Les Satlow portfolio 41 inflection point 41 gradual deceleration 41 Avalon Cardillo 41 Birinyi Associates Inc 41 forecastable 41 gloomy outlooks 41 uncertainities 41 brightening outlook 41 housing bubble 41 Ellen Zentner senior 41 weakness 41 Chief Executive Jeffrey Mezger 41 Klepper Smith 41 deliquencies 41 goldilocks economy 41 pullback 41 seasonally weakest 41 malaise afflicting 41 Kondratieff winter 41 fundamentals underpinning 41 commoditization 41 undemanding valuations 41 bubble bursting 41 Nickelsburg 41 Lindsey Piegza 41 Carsten Klude strategist 41 dislocations 41 Craig Kennison 41 steep declines 41 deepening recession 41 cyclically depressed 41 Mr Bagrie 41 Attractive valuations 41 Inflationary pressures 41 ANALYST TAKE Analysts 41 RoEs 41 V' shaped recovery 41 sub prime 41 gloomy outlook 41 CIBC economist Krishen 41 monetary tightening cycle 41 steeper yield curve 41 hefty writedowns 41 overleveraging 41 Janedis 41 Rainer Sartoris 41 commodity prices 41 downward pressure 40 Shineton 40 dot.com bubble burst 40 marketconditions 40 inflationary pressure 40 stagflationary 40 sectorwide 40 disinflationary 40 credit cruch 40 boom 40 Kim Jeong hwan 40 sequential improvement 40 hydrological drought 40 volatility 40 deleverage 40 deteriorations 40 weakeness 40 Rynning Toennesen 40 analyst Sal Tharani 40 Solveen 40 recessionary tendencies 40 Marc Rene Tonn 40 weakening 40 market economies EMEs 40 Downward pressure 40 sluggishness 40 GSJB Were 40 Roehmeyer 40 Recessions 40 Ms. Vazza 40 slowdowns 40 CreditWatch listing 40 subprime 40 covenant breaches 40 decine 40 Gryffon Investment Advisors 40 Schenosky 40 falloff 40 rubble washer dryer 40 kitchen sinked 40 sharpest contractions 40 dot.com bust 40 Deflationary pressures 40 rerate 40 Tad Philipp 40 Chief Executive Hans Straberg 40 HO Woltz III 40 Kam Hon 40 hyperinflationary environment 40 stockbuilding 40 Cleveland Rueckert market 40 precipitous drops 40 fin ancial 40 LBO leveraged buyout 40 delever 40 ratings downgrades 40 Francisco Liboro president 40 supply gluts 40 Downside risks 40 DuPont Kullman 40 investor skittishness 40 rockiness 40 retrenching 40 Bugatch 40 Koichi Kurose chief 40 curve inversion 39 Gurdgiev 39 countertrend rally 39 Mr Saligari 39 downward revision 39 deindustrialisation 39 AspenTech dependence 39 Mr. Contesse 39 subprime contagion 39 selldowns 39 folding carton packaging 39 refi boom 39 macroeconomic fundamentals 39 overcorrection 39 Michael Taiano 39 dot com implosion 39 multibillion dollar write downs 39 dotcom crash 39 upswing 39 Dr. Reza Barazesh 39 La Nina phenomenon 39 forint weakening 39 loss severities 39 Joel Rassman chief 39 market 39 Klude 39 economist Tushar Poddar 39 analyst Scott Sprinzen 39 ample liquidity 39 stroke humorist Keillor 39 Lambregts 39 expansionary 39 British Polythene 39 rough patch 39 outlook 39 borrowing binge 39 accommodative monetary policies 39 structural undersupply 39 ElringKlinger 39 deterioriation 39 Timna Tanners 39 uptrend 39 yield curve inverting 39 Gimme Credit analyst 39 structural rigidities 39 durable goods subsector 39 macroeconomically 39 declining circulations 39 subprime debacle 39 tradables 39 overbuilding 39 Richard Lipstein managing 39 subprime fallout 39 simultaneous recessions 39 retooling shutdowns 39 La Nina pattern 39 flattish 39 contractionary 39 drift downwards 39 Straberg 39 degrowth 39 speculative excesses 39 headwinds buffeting 39 deleveraged 39 Mr. Zyblock 39 Chief Executive Ekkehard Schulz 39 exogenous variables 39 bust cycles 39 Mokrzan 39 Rupee appreciation 39 Silversteyn 39 steeper declines 39 cutbacks 39 analyst Yoshiharu Izumi 39 DRAM ASPs 39 recession crimps 39 reposessions 39 Geoff Drabble 39 attractively valued 39 profit margins 39 Badishkanian 39 decelerate 39 deflations 39 rupee appreciating 39 Slackening 39 commoditisation 39 tightening cycle 39 analyst Hunter Keay 39 Chief Executive Carlo Bozotti 39 milder recessions 39 midlife crisis 39 Gahbauer 39 subprime mortgage meltdown 39 undersupply 39 PALIN Says Ronald Reagan 39 belt tightening 39 Lost Decade 39 Eurozone periphery 39 MARKET EXPECTATIONS 39 self equilibrating 39 troughed 39 leveraged buyout LBO 39 releveraging 39 sharpest contraction 39 Commonwealth Thurtell 39 postrecession 39 Battellino 38 Tore Svanberg 38 oversupplied 38 deepest recessions 38 H#CY# 38 Sanjay Sakhrani 38 Boëttger 38 unsustainably 38 FII outflows 38 reflation 38 Daniel Berenbaum 38 Polymer Intermediates 38 analyst Noriyuki Matsushima 38 oulook 38 Patrick Juchemich 38 downgrade 38 Iveco SpA 38 Raiffeisenbank analyst 38 intermediate downtrends 38 Ankrim 38 hedge fund liquidations 38 overinvestment 38 Longbow Research analyst 38 preannouncements 38 risk averseness 38 Scott Sprinzen 38 capex 38 Eaqub 38 external shocks 38 Polistuk 38 economist Shamubeel Eaqub 38 malaise gripping 38 Rod Lache 38 Lee Jae mahn 38 TREASURIES Bonds slip 38 CIBC Shenfeld 38 Inflationary expectations 38 CommSec economist Savanth Sebastian 38 Mr Smirk 38 suprime 38 economist Paul Samter 38 Atorino 38 Farooq Kathwari Chairman 38 notch downgrade 38 Heino Ruland strategist 38 Vleming 38 recesion 38 NLI Saito 38 analyst Ann Duignan 38 Ms Polygenis 38 repricing 38 subprime mortage 38 markets 38 Aldo Mazzaferro 38 Dan Greenhaus 38 Lazarovici 38 shoddily underwritten ARMs 38 deflation persists 38 subindustry 38 Jeff Windau 38 Weyerhaeuser timberlands 38 Mr Pensabene 38 Naroff 38 woes afflicting 38 agflation 38 Robert Lacoursiere 38 Toa Re 38 Great Depression 38 relatively inelastic 38 preannouncement 38 Chercover 38 deleverages 38 Yoshinori Nagano senior 38 Recession 38 Middelmann 38 overstuffed mailboxes 38 Ms Milanesi 38 comparatives 38 Stephen Sandherr 38 Melinda Zabritski director 38 brownfield expansions 38 Sam Darkatsh 38 speculative fervor 38 soaring loonie 38 Masayuki Kubota 38 debt maturities 38 Klaskow 38 #H'# 38 Gilles Moec economist 38 plateauing 38 George Scalise 38 Dr Lawcock 38 pricing pressures 38 association BdB 38 Transsib Re 38 monetary tightenings 38 downward trajectory 38 Highly leveraged 38 greenshoots 38 invisibles surplus 38 slumps 38 Jon Langenfeld 38 chronic undersupply 38 economist Benjamin Reitzes 38 analyst Maarten Altena 38 foulest weather 38 Subprime woes 38 Chief Executive Steven Rogel 38 Luke Folta 38 dot.com crash 38 asset reflation 38 weaker refining margins 38 leveraged buyout 38 Deleveraging 38 Hund Mejean 38 debt paydown 38 creeping nationalization 38 unhedged exposures 38 seasonally 38 chief economist Fionnuala 38 downspin 38 drift sideways 38 Ms Beacher 38 disequilibria 38 Great Contraction 38 turbulence 38 subprime mortgage defaults 38 upswings 38 mortgage delinquencies 38 decelerated sharply 38 Hetal Mehta 38 Hetal Mehta economist 38 Kerkovius 37 megatrends 37 cyclical tailwinds 37 Joel Levington 37 borrowers defaulting 37 Mr. Sondey 37 overlending 37 Heino Ruland analyst 37 pe ratios 37 overleveraged 37 overhang 37 bearishness 37 undercapitalization 37 analyst Nicholas Heymann 37 technically overbought 37 Mr Leppinus 37 accommodative monetary stance 37 Kevin Vassily 37 monetary debasement 37 monoliners 37 Recessionary fears 37 deflationary downward spiral 37 Chalendar 37 Mr Koukoulas 37 autocatalyst demand 37 Obrinsky 37 OUTLOOK Economists 37 sawmill curtailments 37 colder wetter weather 37 Marisa DiNatale 37 asset writedowns 37 Frank Mitsch 37 Peter Appert 37 Kondratieff Winter 37 Steven Ricchiuto chief 37 Chief Executive Greg Swienton 37 lagging indicator 37 bottomed 37 speculative bubble 37 inflationary 37 wafer ASPs 37 Georg Stuerzer 37 Remortgaging activity 37 Ferrous scrap prices 37 Sars epidemic 37 Zoltan Pozsar 37 slackening 37 strategist Teun Draaisma 37 CDIY 37 Fanandakis 37 analyst Mahesh Sanganeria 37 CERNOBBIO Italy Is 37 revise downwards 37 Ms. Caranci 37 shrinkages 37 Klaus Kleinfeld Alcoa 37 bottoming 37 Deflation 37 yield curve steepens 37 GGB Bearing Technology 37 genericization 37 multidecade lows 37 dehedging 37 Evli analyst 37 procyclical 37 discounting 37 correction 37 Guatieri 37 Joseph Brusuelas chief 37 crisi 37 profitablility 37 Stella Kapur 37 hefty writeoffs 37 inventory replenishment 37 Kelertas 37 mastalgia 37 decadelong stagnation 37 Hitesh Agrawal head 37 slump deepens 37 Burleton 37 METALS Copper dips 37 analyst Albert Savastano 37 Inc ITW.N 37 Crisis GFC 37 oilprices 37 analyst Gurinder Kalra 37 Jennifer Dowty 37 Tee Sze Chiah 37 analyst Connie Maneaty 37 inflationary tendencies 37 fisheries wildlife refuges 37 Faxander 37 goldilocks scenario 37 Widening spreads 37 downslide 37 CLOSING QUOTE 37 Apurva Shah head 37 Mr Hanlan 37 yield curve inverts 37 Alvin Liew 37 V shaped 37 F#H# 37 NEVILLE CHESTER 37 overborrowing 37 enplanement declines 37 relative outperformer 37 Torque steer 37 grasshopper infestation 37 upholstery fabrics segment 37 consolidation 37 Karsten Junius 37 monetary tightening 37 Paiz Fredel 37 demand slackens 37 dissaving 37 troubles afflicting 37 levered balance sheets 37 Coating Resins 37 Akio Yoshino 37 analyst Tristan Gerra 37 Lawby 37 Kurt Darrow 37 Marco Strittmatter 37 stagflationary environment 37 Abri du Plessis 37 annus horribilis 37 Arnold M. Nemirow 37 subprime mortgage debacle 37 commodities supercycle 37 Fiberglass Composite Pipe 37 Iridium MSS offerings 37 formidable headwinds 37 vertical integration 37 Soni remarked 37 Bottfeld 37 sovereign creditworthiness 37 obligor concentration 37 Paul Ginocchio 37 Chief Executive Ara Hovnanian 37 Harit Shah analyst 37 steelmaking raw materials 37 speculative frenzy 37 oversupplying 37 Heightened volatility 37 UnitedAuto dealerships sell 37 bln usd writedown 37 Stephen Malyon 37 steepening yield curve 37 bleaker outlook 37 Lauren Cooks Levitan 37 Mr Rumbens 37 Soaring loonie 37 financialization 37 imperial overstretch 37 Hitoshi Kuriyama 37 Negative Rating Watch 37 Michael Shillaker 37 expansionary stance 37 Negative Outlook reflects 37 TAMCO 37 Wennink 37 Managing Director Nick Levidy 37 Shular commented 37 hypergrowth 37 NABE economists 37 Stagflation 37 downsizing 37 MaterialScience 37 sector 37 Rumbens 37 glut 37 Chief Executive Gerard Kleisterlee 36 Downward revision 36 Gary Grandbois 36 Ara K. Hovnanian 36 structural imbalance 36 upward trend 36 Morningstar analyst Basili 36 Anthony Polini 36 disintermediation 36 Tambakeras 36 analyst Stephen Tusa 36 positively sloped 36 macroeconomy 36 Dotzour 36 sawlog prices 36 Mr Dastlik 36 Yetsenga 36 prerecession levels 36 Bernard McAlinden strategist 36 Peter Kretzmer senior 36 analyst PJ Juvekar 36 Brenda Lum 36 valuations 36 ay y decline 36 credit debacles 36 Ed Groshans 36 overvaluations 36 Jeroen van den Broek 36 Kruszenski 36 doldrums 36 SHKPI 36 downgraded Ambac 36 quasi nationalization 36 Gene Isenberg 36 downleg 36 Ghriskey 36 inventory drawdowns 36 Michele Volpi 36 deleveraged balance sheet 36 restocking depleted inventories 36 liquidate REO 36 Moec 36 overvalued lira 36 Lisnic 36 turbulences 36 mega mergers 36 Tahira Afzal 36 Rehaut wrote 36 Aron Gampel deputy 36 mystery Skorik 36 Jarhom 36 Unsecured borrowing 36 dramatic falloff 36 overbanked 36 GFC 36 tailwinds 36 noncyclical 36 diversifying geographically 36 gross margins 36 Chief Executive Hans Wijers 36 narrower refining margins 36 economicgrowth 36 exceptionally stimulative 36 NMJ Radio show 36 Steven Wieczynski 36 analyst Efraim Levy 36 outlook darkens 36 heightened risk aversion 36 Suji De Silva 36 railcar deliveries 36 Song Sang hoon 36 economist Jinny Yan 36 Alumina AWC 36 Harsco Infrastructure 36 Tom Kersting 36 instrument SHORT TERM 36 adviser Ian McCafferty 36 Sidney Lumet probed 36 deepest postwar 36 Tchilinguirian 36 Javier Bernat 36 Robert Minikin 36 Fresher barometers however 36 Pierre Beaudoin Bombardier 36 bumpier ride 36 Shamubeel Eaqub economist 36 Patricia Croft 36 rate sensitives 36 Raschkowan 36 impactof 36 illiquidity 36 Losing Imus 36 kidney toxicity nephrotoxicity 36 nearing saturation 36 meltdown 36 Martin Gahbauer Nationwide 36 downtrends 36 Condelles 36 Nicholas Aberle 36 forecaster Global Insight 36 Greg Feehely 36 economc 36 Deane Dray 36 equity strategist Tsuyoshi 36 writeoffs 36 Daimler Dieter Zetsche 36 Marisa Di Natale 36 Brayan Lai credit 36 contra cyclical 36 Weinswig wrote 36 tradeables 36 SURTECO SE 36 stainless steelmaking 36 futures closeout 36 layoffs 36 Mel Bergstein 36 Jeffrey Joerres chairman 36 delinquencies 36 promotionally driven 36 downtick 36 Tsuyoshi Mochimaru 36 flation 36 Ian McCafferty 36 yield curve 36 manganese alloy 36 Dorinco 36 analyst Mika Kitagawa 36 Sadubin 36 gro wth 36 derisking 36 Nicolas von Stackelberg 36 attractive valuations 36 Gerald Hirschberg 36 Chief Executive Carl Henric 36 inverted yield 36 Mr Montarello 36 Ross Seymore 36 Robert Heberger 36 writedown 36 deglobalization 36 rupee appreciation 36 origination volumes 36 Vibhav Kapoor 36 analyst Sanjay Sakhrani 36 stagnancy 36 principal economist Shamubeel 36 analyst Justin Yagerman 36 George Scalise SIA 36 Goloven 36 dotcom bubble burst 36 CEO Craig Herkert 36 inventory buildups 36 Hembre 36 multifamily mortgage originations 36 NABE forecasters 36 dealer floorplan ABS 36 FY#/# [002] 36 Manik Narain 36 Mr Rubinsohn 36 SHANE OLIVER 36 Chief Executive Angela Ahrendts 36 Phil Schlakman head 36 TCNZ 36 Negative Rating Outlook 36 uncompetitiveness 36 economist Irvin Seah 36 significantly tougher comparatives 36 Arbeter 36 Cleveland Rueckert 36 Warnsman 36 restarting blast furnaces 36 steepening 36 gloomsters 36 weak comparatives 36 FQ3 36 analyst Heino Ruland 36 underweights 36 Engineered Products segment 36 analyst Alexia Quadrani 36 Goldilocks scenario 36 stagflation stagnant 36 Kondratieff cycle 36 knife Frons 36 Michael Exstein 36 Yoshimasa Maruyama 36 analyst Anthony Chukumba 36 negative preannouncements 36 scrappage schemes 36 Mr Liebelt 36 Newsflow 36 BCTMP 36 overcapitalization 36 boomtime 36 Cyclical stocks 36 intermediate downtrend 36 property catastrophe reinsurance 36 Naoki Murakami chief 36 mediumterm 36 lumpiness 36 Chris Brendler 36 employers lobby Confindustria 36 diversifications 36 ecomony 36 Metal realty 36 maker Shermag 36 eco nomy 36 trending sideways 36 Joe Zubretsky 36 Stilmar 36 Saccacio 36 analyst Lori Appelbaum 36 Drew Matus economist 36 Mr Kusher 36 breaching covenants 36 economist Nigel Gault 36 Tony Demarin chief 36 WAYNE McCURRIE Ja 36 downward lurch 36 symptoms Reisacher 36 Deflationary pressure 36 promotional cadence 36 Thomas Cholnoky 36 Gajrawala wrote 36 Mark Heesen president 36 TiO2 pigment 36 composer Harald Kloser 36 external imbalances 36 Ad van Tiggelen 36 Magnesia Specialties 36 Mark Vitner 36 Christian Weiz 36 analyst Andrew Obin 36 colder winters 36 economist Sylvain Broyer 36 Yasuhiro Onakado chief 36 Thierry Lacraz strategist 36 William Tanona 36 Mr. Feldenkreis 36 Ivan Wahl 36 Moodyā 36 fellow struggler Portugal 36 intermediate uptrends 36 Investec economist Kgotso 36 Mr Buonaccorsi 36 pulpmills 36 Zyblock 36 Piyush Parag 36 inflationary spiral 36 KeyBanc analyst 36 Li Maoyu 36 Rod Pearse 36 Multimarket segment 36 Broker Numis 36 monoline exposure 36 IDC Gens 36 derating 36 Stanlib economist Kevin Lings 35 Lloyd O'Carroll 35 unlevered balance sheet 35 rerated 35 Chief Executive Jukka Hienonen 35 pension underfunding 35 covenant headroom 35 Ezrati 35 profitabilty 35 Wirahadiraksa 35 opg 35 Sydbank analyst Morten Imsgard 35 stimulative monetary