Summary:
The market has been looking for better visibility since Lehman’s bankruptcy. At each stage of exit from the crisis, any success in stabilising a particular item was expected to be an important step forward towards an improved economic and financial outlook: from the mess in the banking industry to the sovereign crisis in peripheral Eurozone countries. Alas, the series of issues to fix seems to grow every time any progress is made. Very recent dramatic events in Japan and the Middle East/North Africa region just make the scenario of a consolidation in global recovery and a return to a more widespread preference for risky assets more uncertain.
The market has been looking for better visibility since Lehman’s bankruptcy. At each stage of exit from the crisis, any success in stabilising a particular item was expected to be an important step forward towards an improved economic and financial outlook: from the mess in the banking industry to the sovereign crisis in peripheral Eurozone countries. Alas, the series of issues to fix seems to grow every time any progress is made. Very recent dramatic events in Japan and the Middle East/North Africa region just make the scenario of a consolidation in global recovery and a return to a more widespread preference for risky assets more uncertain.
