The New Year has started in better sorts than the third quarter of 2010.
Investors in riskier assets are a bit more confident. Market participants at last recognise that there will be economic life beyond the euro area, however bad the euro crisis becomes. If we divide the world into three large blocks of countries, the US, the EU and the emerging market economies, we can see prospects for 2012 overall are not too bad. The US figures for the last quarter of 2011 were better. As we enter Presidential election year, the US administration will be straining every sinew to get unemployment down a bit more and to show progress with the recovery. The Fed is un...
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