Siemens AG (SIE), Europe’s largest engineering company, reported decent numbers this morning, including strong growth from the emerging markets.   But listen to CEO,  Peter Loescher,  on the conference call this morning.   He is vigilantly monitoring the many macro swans,  including the U.S. budget deficit.

“Germany’s exports trends delivered a strong growth contribution to our businesses. And the main growth engines though are the emerging markets, such as China or India among others. We closely watch the potential impact from uncertainties about the political development in North Africa and the Middle East rising prices for commodities, suffering debt worries in some European countries and increasingly credit a view on the U.S. budget deficit to react flexible, if required and possible.”   – Peter Loescher,  May 4, 2011