Bond Outlook [by bridport & cie, April 2nd 2008]
It is hard not to get caught up in the optimism that the credit crisis may be over when world stock markets stage such a recovery. We are obliged, however, to remain as sceptical as ever given the lack of improvement in the fundamental causes, deficits, housing, and leverage. Moreover, it is strange that with UBS doubling its write-offs and DB “slipping in” additional write-offs of EUR 2.5 |
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