A wide range of factors have influenced equity markets in 2003. In the early months, there was a c...
A wide range of factors have influenced equity markets in 2003. In the early months, there was a continuing hangover from extreme risk aversion on the part of investors and the relationship between equity earnings yields and bond yields became extreme. This was also the period of the build-up to the Iraq conflict, which gave investors cause to sit on the sidelines. Despite massive fiscal and monetary stimulus in the US, there were no particularly strong signs that industrial production or corporate spending was about to take off so confidence in earnings forecasts was low despite ...
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