January turned out to be a savage month for share investors.
Markets worried about the slowdown in China, the turmoil in a few of the emerging market countries, the possibility of too little money in the US, fears Japan will not accelerate on the back of easy money, and the continuing problems in the eurozone. One month on, the recovery in the world economy still looks as if it is intact despite these fears. That just makes shares a bit cheaper. It is true that the Chinese authorities are undertaking major structural reforms, and will settle for a bit less growth in order to avoid inflation, bubbles and financial sector excess. It does not m...
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