Investors were heartened about the prospect of a possible stabilization of the U.S. economy, following better than expected housing data Tuesday.
Compared with last November, "prospects have worsened and risks remain, but there are signs of stabilization especially in the recent period," Mr. Rehn said.
Merrill also said that while Altria's earnings-growth prospects have declined in the last 18 months, "2004 will likely represent a year of stabilization of its fundamentals, and a return to modest growth".
The international financial crisis that started in 1997 in Asia has continued to be a subject of concern, despite subsequent signs of stabilization and recovery in several of the countries affected, and somewhat improved prospects for economic growth worldwide.
But there are signs of stabilization.
While there are signs of stabilization, business remains weak.
To be sure, there have been signs of stabilization.
But the airline said it had seen "some signs of stabilization in recent weeks".
That said, previous signs of stabilization in 2007 had been dashed.
He added, "We believe the wound-care business continues the process of stabilization".
