Graham Duce

“Action by the ECB to inject liquidity and the Federal Reserve in cutting the discount rate highlights the difficult conditions in markets. This has not been helped by the low volumes during the holiday season. The risk of more causalities and contagion into the wider economy is what overhangs sentiment. Markets have re-priced lower and inevitably this throws up opportunities in some areas. In fixed interest not everything will default and growth amongst the developing economies continues. Action taken in haste can often be wrong; we are comfortable with our positions.”