Sharp Reversal in the Economic Outlook.

APS Review Downstream Trends, November, 1998

The sharp reversal in the economic outlook is a serious one. True, there has been no one-day collapse in the share market as in 1987, but London has lost a quarter of its FTSE 100 index value since June, Germany has seen the DAX fall by one-third and in Japan the Nikkei is at its lowest for 12 years at less than half its all-time peak. Many of the smaller exchanges in Madrid, Seoul, Sao Paolo have followed, and in Latin America the sense of pending devaluation of currencies has been hanging over the Brazil election and over Columbia and Venezuela and the Argentines - a move which would again threaten the ability to service debts owed in non-devalued currency. The Russians have actually devalued and it appears to have been followed by a further deterioration in the...

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