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Citigroup Cuts Global Growth Forecasts – Again

Citigroup Cuts Global Growth Forecasts – Again
Thursday September 29, 2011, 10:07 am EDT

conomists at Citigroup have again cut their global gross domestic product forecasts for 2011 and 2012 as growth prospects “continue to deteriorate quickly.”

At a global level, the bank’s Citi Investment Research & Analysis unit predicted on Thursday that growth will slow to 3 percent this year and 2.9 percent in 2012. Two percent global growth is seen by the International Monetary Fund 43048771) and World Bank as the classification for global recession.

The cut marks Citi’s second in less than a month. It last downgraded the global conomy on September 6.

Citi downgraded its outlook for the United States, Europe, Japan, Canada and the UK individually. It cut its view on China’s 2012 growth rate, to 8.7 percent from 9 percent. The financial services firm expects interest rates to remain at their current, low levels as a result

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Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes. I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.

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