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Financial directions - Global economy copes with uncertainty.
(From Financial Director)
Byline: Graeme Johnston.
Economic background
Globally, economic numbers continued to give mixed signals, but overall there was a positive tone. Business surveys in the US and Eurozone proved more optimistic than expectations and Japanese industrial production, now 5% higher than a year ago, was also ahead of forecasts. The main jarring note came from a steep fall in US consumer confidence - its lowest level in over nine years. While the survey has not been an accurate predictor of actual spending patterns in the past, it reinforced market concerns about a possible slowdown in US consumption. Sterling was hit by the surprise cut in interest rates at the start of February and the expectation that they may fall further. There is also a growing view that the resilience of the UK economy in recent years may not be sustained.
Equities
Sterling-based investors enjoyed a return of over 2% from global equities, as measured by the FTSE World Index in February. But it would be wrong to interpret this as indicative of a general return in confidence among investors. The UK market did stabilise after a dismal ...
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