PharmaTelevision - J.P. Morgan: The World Economy and Biotech Investment

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Video title: J.P. Morgan: The World Economy and Biotech Investment

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In This Episode:

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In this episode of PharmaTelevision News Review, Fintan Walton talks with Stephen Walters, Chief Economist at JP Morgan Australia.

Filmed at AusBiotech 2009, they discuss:

• The world's economies
• Natural resources vs. high technology to support Australia's economy
• Biotech investment
• Quantitative easing

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

The world's economies

Fintan Walton:

Hello and welcome to PharmaTelevision news review here in Melbourne, Australia. On this show I have Stephen Walters, who is Chief Economist at JP Morgan based in Sydney, Australia. Welcome.

Stephen Walters:

Thank you.

Fintan Walton:

Stephen, you are an economist, 2009 has been a dramatic year for the Australian economy and all the economies in the around the globe, but we are coming through to the end of 2009 things are starting to change, so what do you see happening now as we go through the last quarter of 2009 and as we enter 2010?

Stephen Walters:

It's certainly been a challenging 12 months and I think it was almost date be the start of the crisis back to last September when we had a big investment bank in the US filed and effectively straight away financial markets seized up and even major economies around the world including those in Europe, in the US and Asia and even Australia started contracting, but you are right we have seen vast improvement in the last six months, we have seen economies now starting to grow and including Australia now has reported back to back quarters of growth since that contraction in the economy in the fourth quarter, so that's very positive. And even the news for the bigger economies like the US and the UK and Europe is substantially better. The UK unfortunately is still reporting negative GDP growth which was a surprise last week, but the US economy is now growing and of course the US is still the world's leader and that's very positive and reflecting that better environment we've seen now equity markets improving and in fact most of the major equity markets around the world are now up 40 to 50% from their lows. So I suggest we are over the worst of the crisis hopefully it's over probably won't really know that until where in the future looking back and we can actually pin point the month that had ended and I hoping it's around now, but we can't be certain.

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

Stephen Walters

Chief Economist

Stephen Walters joined JP Morgan in October 2001 as senior economist and was appointed chief economist in July 2004. Prior to joining JP Morgan, Stephen was senior economist with Access Economics in Melbourne and international economist with Norwich Union in the UK. Stephen also spent seven years as an economist with the Treasury in Perth.

JP Morgan

JP MorganAustralia broad product capabilities in Australia. As one of the few full service and fully integrated investment banks in Australia, JP Morgan also provides commercial banking, and treasury and securities services. The firm's offices are located in the financial centers of Sydney and Melbourne. In 2008, the firm expanded its global footprint with the launch of a New Zealand branch in Auckland. JP Morgan's history in Australia dates back more than 130 years to the founding of Ord Minnett. Today the firm provides products and services to corporations, financial institutions and government clients. The firm has market leadership positions across a wide spectrum of financial products and services � mergers and acquisitions, corporate strategy and structure, fixed income and debt capital markets, equity and equity capital markets, equities research, custody, funds administration and treasury and securities services.