Investors give up on the cult of equity markets

So the bad news was all in the market, was it? Extraordinary, then, that stock markets are still falling. Support levels are snapping like dead twigs in winter. Once the FTSE 100 index had failed to hold 4,000, it slid through 3,800 and then the critical level of 3,650 within days. Looking back towards the end of last year, the fear was that, once this happened, the next stop was 2,800. Analysts have been rattling the network to see what explanation drops out for the sudden plunge in confidence. Fingers were pointing at the big life companies, many of which are under pressure. But if that...