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Caterpillar Inc
"In assessing the last two years, we concluded the financial crisis left many economies in fragile condition and that quickly raising interest rates once the recovery started was a bad idea. Although most central banks retreated, the impact contributed to a decline in world economic growth from about 4 percent in 2010 to less than 2.5 percent in 2012. Business confidence deteriorated and another round of investment cutbacks is beginning..."
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Oct 22, 2012
Caterpillar Inc
"The United States faces substantial economic risk as tax increases and government spending cuts will occur unless the government acts to prevent them from taking effect. While we expect that the government will act, the longer it takes and the more divisive the solution, the more it will hurt business and consumer confidence."
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Oct 22, 2012
Caterpillar Inc
"We believe that the Eurozone is the most significant risk to our 2013 economic outlook. Economic policies in Europe have led to another recession and intensified pressure on the Euro. In addition to concerns about growth, we believe there is risk that some countries may pull out of the Euro."
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Oct 22, 2012
Caterpillar Inc
"We expect oil demand next year will grow at about half the rate of overall economic growth. Worldwide production is at a record high, and producers should be able to accommodate the increase in demand expected in 2013 without tightening supplies. We project Brent crude oil will average about $110 per barrel, or about the same as in 2012..."
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Oct 22, 2012
Caterpillar Inc
"Abundant supplies of natural gas at low prices will likely continue to pressure U.S. coal demand and prices in 2013. We expect Central Appalachian coal prices to average about $65 per ton in 2013, up slightly from an average of $63 per ton in 2012. We expect prices in other countries will follow similar patterns, and Australian thermal coal should increase from $94 per metric ton in 2012 to $98 in 2013."
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Oct 22, 2012
Caterpillar Inc
"Economic growth in Latin America is expected to improve to almost 4 percent in 2013, driven primarily by a rebound in Brazil. Economic growth in Africa, the Middle East and CIS should be around 4 percent. Slightly better world economic growth and higher commodity prices should benefit these regions."
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Oct 22, 2012
Caterpillar Inc
"Better world economic growth is expected to improve demand for most metals. We believe the softness in 2012 prices occurred in response to weaker demand, not excessive supply capacity. Consequently, our outlook assumes copper prices will increase from an average $3.60 per pound in 2012 to $3.75 in 2013. China port iron ore prices are expected to increase from $130 per metric ton in 2012 to $135 in 2013 as steel production increases."
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Oct 22, 2012
Caterpillar Inc
"We expect economic growth in other Asian countries will improve as well, on average about a half percentage point. Better growth should benefit construction."
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Oct 22, 2012
Caterpillar Inc
"In China, banks have been increasing lending, and the government announced acceleration of infrastructure programs. We expect additional easing in 2013 and project economic growth will improve to 8.5 percent. Construction activity and demand for commodities will likely increase."
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Oct 22, 2012
Caterpillar Inc
"Developing economies, while slowing, have fared better than developed economies and are expected to respond more favorably to recent policy easing. We expect growth in these countries will improve more than a half percentage point in 2013 to around 5.5 percent."
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Oct 22, 2012
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