Panorama Winter 2013-14
Our third Panorama sector assesses the risks to which companies in fourteen key industrial sectors in emerging Asia, North America and Western Europe are exposed. On top of these evaluations, we provide for each of these major regions a comprehensive overview of developments in distribution, electronics, metals, automotives, pharmaceuticals and services.
What were the significant developments for the last quarter of 2013? In North America we have reclassified automotives and distribution, for which risk has become moderate thanks to robust household consumption. In emerging Asia, the risks linked to services are now moderate too, with business turnover and profitability in this sector rising quite sharply. In contrast, we are maintaining our ratings for all sectors in Western Europe, because, although the overall trend is towards stabilisation, this region remains difficult and highly uncertain.
We have also included an analytical focus on European textiles. This traditional industry was affected very early by globalisation, and, in particular, competition from developing countries. How has it responded? By developing an effective strategy of innovation (in technical textiles) and capitalising on its reputation for know-how and quality. A strategy that has undeniably borne fruit, but can we eally talk of sustainable stabilisation? What are the main issues in the years ahead? What risks do businesses face?