Wood-Smith rues "gruesome" week

“In percentage terms the falls we have seen may not have been seismic, but in terms of the hundreds of points lost by the indices it has been scary,” Wood-Smith said. He attributes the slowdown in part to credit concerns and expects continued market volatility and sporadic corrections, but is not convinced by the need for panic and a downward spiral. However, he warns: “Markets are irrational beasts and this may be one of those moments where the herd takes flight without need. Investors have a choice, they can see this as a fantastic buying opportunity, or panic and believe it is all over...