Weak macro and product cycle timing (Win 8) are likely a factor, depressing sentiment and valuation.

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At the same time, however, it is almost impossible to contemplate large projects without debt, nor to smooth over the minor ups and downs of the economic cycle and the timing differences between tax receipts and spending demands.

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Another argument for the stock is the timing of the housing cycle.

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Most markets cycle through similar sequences, but the timing is asymmetrical between consumer and commercial, real estate lending and corporate bonds.

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That paper also found that male sweat may affect the length and timing of a woman's menstrual cycle.

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The morning papers say that Mr. Trichet, President of the ECB, is poised to raise the policy rate later this week for the second time in the present cycle, but the European economy has slowed since his first tightening move, making the timing more awkward.

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Another senior official was similarly blunt, saying that the timing of the Bank's decision was tied directly to Japan's political cycle.

ECONOMIST: The Bank of Japan