Anyone following the old adage “Sell in May and go away. Stay away until St Leger's Day” will be feeling pretty pleased with themselves so far this year.
Since global stock markets and commodities peaked in April and May, amid relief that the worst of the financial crisis had passed, the mood among investors has darkened.
Indices around the world have tumbled. An unfolding debt crisis in the eurozone and the risk of a “double-dip” recession in the west have moved centre stage. Some fund managers are retreating to the sidelines, nervous about what the second half of the year holds.
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