Look for the hidden opportunities

The world has been turned upside down. To the surprise of many, European shares have played the star role in the post 12 March rally of western stock markets. Furthermore, the most vulnerable markets, Frankfurt and Amsterdam, which suffered most in the downturn, have shown the greatest powers of recovery. Sheer relief that the gloomiest predictions (a protracted Iraq war and $50 oil) did not materialise was the main driving force behind the turnaround in sentiment. It was akin to the feeling when someone stops treading on your toes ' immediate relief, but not quite a reason for celebrati...