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Some notes from the Caterpillar (CAT +2%) conference call: Q4 construction order pick-up was...

Some notes from the Caterpillar (CAT +2%) conference call: Q4 construction order pick-up was largely due to dealers seeing 'light of day' on need for inventory reductions, as mining orders were slow. Anticipates better growth in FY13, but cautious on how quickly sales will benefit; U.S economic growth likely to come in at 2.5%, China at 8.5%. Europe however, will continue to struggle.

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