-Equity markets down
-Commodity markets down
-Treasury market up
-Volatility markets up
The end of 2008 was particularly hard hit by hedge fund redemptions. As investors, sought to recapture funds, managers were forced to sell even performing assets to raise the necessary cash. In addition, the funds weer forced to raise cash to meet margin calls. This factor is still relevant.
Although there are some signs that interbank lending is recovering, corporate lending spreads are still very high. I don;t think this will improve until we have some positive earnings reports.
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