Stock prices fluctuated indecisively from December to mid-January. Although the feeling of stringent corporate financing has been mitigated, lending by financial institutions remains stagnant. The U.S. economy continued to expand, although its future course is uncertain. Personal spending and capital investments are increasing. Housing investment has decreased.
Prices are generally stable.
In Western Europe, the German economy is improving, while the French economy is expanding, and the British economy is improving. Industrial production is moving sideways in Germany but rising in France and Britain. Prices are stable. Turning to East Asia, the pace of economic growth is slowing in China, and prices are declining. China's exports are rising sharply.