PSEI CLOSED due to strong rains
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CNBC: Stocks closed higher after a staging a late rally triggered partly by positive comments from the economist known as "Doctor Doom."After drifting for most of the session, the market began climbing when Reuters reported that Nouriel Roubini, a longtime pessimist, said the recession could be over by the end of the year
PSE Circular: Please be informed that trading today has been suspended due to lack of clearing facilities; government offices have been suspended, including the Bangko Sentral ng Pilipinas, due to inclement weather.
However, Nouriel Roubini talked to CNBC again after markets closed Thursday that earlier reports claiming he sees an end to the recession this year were "taken out of context."
"It has been widely reported today that I have stated that the recession will be over 'this year' and that I have 'improved' my economic outlook," Roubini said in a prepared statement. "Despite those reports … my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context."
Roubini added late Thursday that he sees no economic growth before the end of 2009.
"I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year's end."
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