It was certainly a mixed week for world stock markets last week with Monday’s opening slump almost being cancelled out by Thursday’s strong rally. The S&P 500 just managed to nudge into positive territory for the week, while the FTSE, CAC and DAX could only were firmly in the red.
US house prices fell by 6.8% in April and existing home sales fell by 3.0%. The US housing market at the epicentre of the credit crunch has stopped cliff diving but prices are still marching downwards. The pace of the global meltdown has slowed, but judging by last week’s US unemployment claims increase, any meaningful recovery will be long and drawn out. Continue Reading »
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