The big story of 2009 was quantitative easing; the big story of 2010 will be quantitative tightening.

Last year was a stellar year for emerging equity markets.

We remain constructive on the outlook for the US equity market over the next year and continue to see upside potential for the S&P 500 Index to between 1250 and 1350 by the end of 2010.

While job losses have been milder than those seen in previous recessions, it might be tempting to think, despite an extraordinary recession, we are set to enjoy an ordinary recovery.

Corporate bonds posted a strong performance in 2009 (c. 15%), more than recovering the losses of 2008, and have dramatically outperformed equities over the last decade.

As a result of the credit crunch, the UK and other parts of the world are facing major structural changes. UK economic recovery will be muted and two-thirds of earnings will come from overseas. So which sectors will perform the best in 2010?

Industry veteran believes the case for equity income will return in line with dividends this year

The European market has continued to rise, led by basic industries.

The UK Structured Products Association debunks some common myths about structured products

Prospects for the global economy remain unclear. Despite a positive response to stabilisation measures introduced by G20 governments, the challenge now is how to exit from the enormous stimulus packages while maintaining recovery