More shocks likely in 2010 as companies return to bond market

This year began broadly as expected, with most believing that the losses of 2008 would take years to recover from.

The first quarter of the year reflected the challenges faced by the global economy: poor GDP growth, rising unemployment and reduced spending, prompting governments and monetary authorities to embark on a series of significant rescue packages. The market rally that began in March took everyone by surprise, particularly the speed at which it took place, and both equity and bond markets experienced unexpected double-digit returns, some of the highest on record. The recovery was driven by various factors, such as signs of financial stabilisation, healthier economic data and improved liquidi...