Some more bits and bobs to capture the current mood among investors:
— Some stock indexes have started to fall below their 2008 lows, meaning the turn-of-the-year rally has petered out. Dead cat bounce?
— Analysts are becoming increasingly downbeat about corporate earnings. Seven of the 10 sectors in the S&P 500 are looking at a year-on-year decline in earnings, according to Thomson Reuters proprietary research. That’s the highest number of sectors in negative territory since Q4 2001.
— UBS economists have sharply revised down estimates for 2009 growth in Japan, China, much of the rest of Asia, and the euro zone. They now expect world GDP to grow a paltry 0.4 percent this year.
— Politicians are getting more irate about bankers. Franz Muentefering, head of Germany’s Social Democrats, says: “Most (of them) are hard working and responsible. But there are also louts, pyromaniacs and gangsters.”