World stock marketsStock markets around the world saw a combined $5.2 trillion of value erased in January. According to Standard & Poors, equity markets have registered one of their worst ever starts to a new year, as developed markets fell 7.83% and emerging markets 12.44%. Fifty out of 52 global equity markets ended the first month of the year in negative territory.AIMThe amount of money raised through IPOs on Londons AIM market fell by 24% in 2007 compared with 2006. The volume of IPOs from non-UK issuers fell by 21% to $7.6 billion via 88 deals. Non-UK issuers accounted for 64% of total AIM IPOs in 2007, up from 61% in 2006.Reliance Power Shares in Reliance Power fell 17% on their first day of trading, leading Indian daily newspaper The Hindu to brand it a "damp squib". The terrible performance of the much-hyped $3 billion Bombay Stock Exchange IPO on its first day has dampened investor sentiment and contributed to the last-minute withdrawal of other IPOs, such as property company Emaar MGF, which had hoped to raise $1.6 billion. The poor performance came despite record-breaking demand for the deal, which was 73 times covered at the top of the price range.