RISK assets crumbled in the past week, with major stock and commodity indices putting in some of their worst weekly performances. The markets seem to be pricing in the risk of further deterioration in the sovereign debt situation in Europe. The Greek debt/default headlines continue to dominate market attention but the underlying cause of the market slump remains amid a deteriorating global growth outlook.
The IMF-World Bank annual meeting over the weekend brought little resolution. Even as there were no concrete measures announced from the IMF-World Bank annual meeting, speculation that an outline of a large and ambitious eurozone rescue plan is taking shape, reneweing hopes that the Europe situation can be resolved.
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