Meanwhile, gross demand for palladium jewelry is set to fall by 8% this year to 545, 000 ounces.
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Gross palladium demand is forecast to soften by 9% in 2011 to 8.89 million ounces, Johnson Matthey reported.
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Energy Minister Fergus Ewing said "great progress" was being made towards the longer-term goal of meeting the equivalent of 100% of gross annual electricity demand from renewables by 2020.
Lingering concerns over the recession in the euro zone, an ongoing economic slowdown in China and front and center concerns about the U.S. fiscal cliff are pressuring forecasts for global gross domestic product and demand for crude oil.
This is the demand for the gross domestic product of a country when inventory levels are static.
Also, she and Gross cited increased global supplies above demand, requiring storage.
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Aided by strong demand for phones, gross margin held up better than most analysts had predicted as well, coming in at 25.9% from 25.3% last year.
Corporate bonds have "the potential for price pressure as corporate profit growth cools and investor demand softens, " Gross writes in his quarterly outlook for the fund's investors.
"The biggest reason for the decline in gross domestic product (GDP) is external demand was weak and domestic demand did not recover as quickly as we thought, " said Shuji Tonouchi of Mitsubishi UFJ Morgan Stanley Securities in Tokyo.
However in the longer-term, we expect commodity prices to increase on the back of demand from emerging economies which will pressure gross margins again.
The much anticipated prequel to Lord of The Rings is in 3-D, which will help boost total gross, and there will be a pent up demand from movie goers.
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He also points out that costs were high for both companies, as handset subsidies did not come down as quickly as hoped, but that demand also remained strong, as measured by gross subscriber additions.
Softness in iPhone 4S demand ahead of the holiday quarter may have also had a negative impact on gross margins.
"For a fire to keep on burning late into the night, you need the logs to catch, and the world's economic firewood has long since been soaked by oversupply and feeble demand now exacerbated by a post-bubble psychology discouraging risk taking, " observes Gross, who still believes stocks are overvalued.
"As consumers worldwide drive over 50.0% of demand for semiconductors, the fortunes of the chip industry are increasingly linked to macroeconomic conditions such as gross domestic product, consumer confidence, and disposable income, " said SIA President George Scalise.
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