Stocks could rise or fall, depending on the relative growth rate of profits compared to the increase in interest rates.

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Does this relative growth rate matter?

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The right-hand chart, from the World Bank's latest China Quarterly Update, shows GDP growth relative to its estimated potential growth rate if the economy operated at full capacity.

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Google, trading at just 11x FY earnings (excluding cash) is also attractive, given its growth rate and relative to the overall market, like Apple.

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Using annual productivity data for the whole economy (which are available over a longer period), the broad relationship between the exchange rate and relative productivity growth in America and Europe seems to have persisted for most of the past 30 years.

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The differences in GDP growth will affect the exchange rate and relative levels of wealth in China and the U.S. The housing bubble in China continues to be controlled, and property prices in most of the larger cities will increase in the next 12 to 24 months.

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If so, output will in total have fallen by almost one-third relative to productive potential (as measured by the economy's trend growth rate of 7%).

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It also includes the price-earnings ratio as a basic valuation measure, the earnings growth rate to examine recent growth, and the 52-week relative price strength to highlight stock market performance relative to other companies.

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