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Financial directions - December sees FTSE World Index drop 8%.
(From Financial Director)
Despite a rally in equity markets in the previous two months, December 2002 saw the FTSE World Index drop by 8%. This showed that investors still had concerns about global and economic development - the situation in Iraq is unclear and there was a mixed bag of results from the US.
Economic background
December 2002 brought proof that investors' concerns about global economic and political developments hadn't disappeared, despite the rally in equity markets during October and November. Far from building on earlier strength, the FTSE World Index dropped by 8%.
Some commentators had pointed out that little had changed in fundamental terms to justify the equity rally in October and November. While there's a lot of truth in this comment, it could also be said that there was little to point to as a catalyst for December's setback.
There was a mixed bag of economic data in the US. And while comment on the Iraqi situation was plentiful it generated more heat than light.
One underlying development that's worthy of comment is the rise in oil prices over recent weeks. A fall from over $29 in the barrel price of Brent crude to under $23 in the first few weeks of the quarter had been more than unwound by the end of the year, as the $30 level was ...
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