Investment comment
Second Quarter 2008
Economic and Market Background
Investors' hopes that the strains in financial markets and economies that had troubled them during 2007 might ease in the opening months of 2008 were largely dashed. Despite the increasingly radical actions of policymakers (in the U.S. in particular) to shore up confidence, the crisis in credit markets deepened during the first quarter of the year and evidence grew stronger that the U.S. economy was in, or about to enter, recession. Notwithstanding a partial recovery in asset prices at the end of March on renewed hopes of resolution to the credit crisis, equity, corporate bond and commercial property prices fell during the first quarter.
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