After much hope at the start of the year that global equity markets had hit their cycle lows late last year, the mood has once more taken a bearish turn.
Investors are continuing to shun equities as the global economy shows few signs of arresting its slump and corporate earnings estimates are revised downwards.
In recent days sentiment has been particularly bleak amid fears that big global banks will be nationalised and growing concerns that a collapse in some of the emerging economies of eastern Europe could increase strains in the global financial system.
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