Quarterly financial markets update: Financial markets in 2009
Document ID: 2010-1640
Published on: 5th January 2010
Author: Harry Hibbert
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2009 has been a year of recovery and stabilisation in financial markets. Since the end of the first quarter the world’s major stock markets have enjoyed strong gains coupled with declining levels of implied volatility. Corporate credit spreads have fallen back in line with average post war levels and inflation expectations have been revised upwards as tentative signs of a global recovery have emerged, increasing the level and slope of risk-free yield curves.
Whilst it now appears that recovery is underway across the world’s major economies robust growth rates and asset returns are not certain for 2010 and beyond. There is a distinct lack of clarity over the impact of the policy initiatives undertaken by governments and central banks in late 2008 and through 2009.
This document contains a summary of key developments in financial markets for GBP, EUR, USD and JPY. A special issue is included on the performance of some of our Real-World calibrations over 2009.
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from evarnell on 01/10/10