Global growth heading for slowdown

For financial and commodity markets, 2004 was a year of extremes. Oil prices reached a 20-year high, soaring beyond $50 per barrel amid widespread political uncertainty and disruption to supplies. The dollar tumbled to its lowest level in a decade against major currencies. In turn, this helped to drive gold above $450 per Troy ounce, a 16-year high. Stock market volatility declined to historically low levels at index level and stock level, as the difference between the best and worst-performing shares narrowed significantly. Just before the US election, the S&P 500 moved within an 8.9% ra...