The ratio of analyst estimate upgrades to downgrades has shown a recent turn, UBS notes.
FORBES: Stocks Are Cheap Enough To Absorb Earnings Downgrades
After recovering from a record low of negative 86% in December 2008, meaning that 86% of estimate changes were downgrades, the ratio hit a high of 25% in May but began to moderate in June to 22%.
On one United Nations estimate, to keep today's worker-pensioner ratio stable till 2050, France would have to import 1.8m people a year.
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Mr Shih's estimate (not counting the untapped credit lines) would add another 34 percentage points to China's ratio of public debt to GDP.
ECONOMIST: China's property market: Home truths | The
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