Tech bias limits recovery

Investors' obsession with technology remains a limiting factor on global stock market recovery, according to HSBC's Chris Rice. US consumer burnout and reduced corporate budgets, mirrored by rising unemployment, will also hit growth rates over the medium term, he claimed. Rice, manager of HSBC European Growth, said investor anxiety over the accountancy scandals at Enron and WorldCom were more symptoms than causes of negative sentiments. He added: 'One issue is the market's obsession with technology. After a bubble bursts, investors continue to be obsessed with it and it takes many ...