Global political and economic events last month were overshadowed by the terrorist attacks on New Yo...
Global political and economic events last month were overshadowed by the terrorist attacks on New York and Washington on 11 September. Equity markets, which had already been trailing lower on disappointing economic and corporate news, plunged to levels unseen since the 1998 LTCM crisis. Bonds and traditionally safe haven currencies such as the Swiss franc were the biggest beneficiaries. Although the probability of a severe recession in the US has increased because of the risk that consumption will falter, we do not believe it is as inevitable as markets are currently discounting. Spendi...
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