Construction of homes, offices and factories fell by 16.6% in October, according to Macquarie Securities.
Ben Schachter from Macquarie Securities noted that in September, desktop search volume fell in the US for the first time ever.
Aldo Mazzaferro, an analyst at Macquarie Securities, an investment firm in New York, says future returns are likely to be more modest.
However, Paul Cavey, a China economist at Macquarie Securities, suggests that China may have more in common with Taiwan in the 1980s than with Japan.
Mr. Lynch is head of Emerging Leaders, Asia at Macquarie Securities.
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Macquarie Securities analyst Kevin Smithen said he spoke to several smartphone buyers there from "large financial and consumer-products companies" who said they were considering the Z10.
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In the past three months, property sales in big cities were 40-50% lower than a year ago, according to figures tracked by Paul Cavey of Macquarie Securities.
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But Indonesia has coal-fired power stations under construction that will absorb an extra 20m tonnes or so of coal by 2011, points out Adam Worthington, a commodities analyst at Macquarie Securities.
Paul Cavey, an economist at Macquarie Securities, argues that the discrepancy is explained by the fact that energy-guzzling heavy industries, such as steel and aluminium, bore the brunt of the slowdown last year.
Economists such as Richard Jerram of Macquarie Securities reckon that buoyant China-driven exports and investment over the past few years have lifted company profits and given the economy a boost, while making it easier for the banks to begin writing off their bad loans.
Richard Jerram, of Macquarie Capital Securities in Tokyo, points out that real interest rates are now firmly negative, among the lowest of any G8 economy.
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Securities, Scotia Capital, GMP Securities, Desjardins Securities, Macquarie Private Wealth, Raymond James and UBS Securities Canada.
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Yet securities research firm Macquarie Capital estimates there is a shortage of pressure-pumping services.
The offering was underwritten by a syndicate of underwriters co-led by TD Securities and National Bank Financial and included CIBC World Markets, RBC Dominion Securities, Canaccord Genuity, Raymond James and Macquarie Capital Markets Canada.
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