Analysis

Hail Dorothy, the wicked witch is dead! In the classic movie, the Wizard of Oz, this is the ending of one era and entering of another.

Top 10 groups in sector gained at least 56% over past 12 months, with more than half seeing gains of 30% or more

Over the course of the year, the Japanese stock market has continued to rise from its March low point, helped by a general improvement in investors' risk appetite and the release of more positive economic data.

At the start of 2009, the outlook for European equities was bleak. Banks had ceased lending to each other, liquidity was absent from the market and credit had become the scarcest commodity of all.

Stock markets across Asia have rebounded strongly in 2009, outperforming the developed world, and the prospects continue to look encouraging.

As the year end looms, investor focus has turned to the outlook for 2010.

Government interference in capital markets has never been so great in the post-war era and the contradictions within asset values are becoming ever more apparent.

It has been over a year since the collapse of Lehman Brothers. Credit spreads, which skyrocketed during the crisis and remained high early this year, have retracted somewhat.

The consensus view for the UK's economic outlook in recent months has been that while the worst was over, progress would be slow and consumers were in line to struggle in 2010 burdened with high unemployment and rising taxes.

Corporate bonds have staged a remarkable recovery since the end of the first quarter this year.