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01 June 2010 |
Justin Urquhart Stewart is one of the most recognisable and trusted market commentators in the media. Originally trained as a lawyer, he has observed the retail market industry for 20 years whilst at Barclays Stockbrokers and developed a unique understanding of the market's roles and benefits for the private investor.
Justin Urquhart Stewart is one of the most recognisable and trusted market commentators in the media. Originally trained as a lawyer, he has observed the retail market industry for 20 years whilst at Barclays Stockbrokers and developed a unique understanding of the market's roles and benefits for the private investor. Justin provides financial advice to clients of Kester Cunningham John Financial Planning LLP.
Whether fact, rumour, hearsay or tittle tattle, whether from an ill-informed or respected source, when fear grips a situation sometimes even the strength and sheer logic of facts will get washed away in the flood of a frenzy.
Certainly there were times last week when the equity markets around the globe were being smacked around with all the erratic behaviour of a pinball machine. Of course we shouldn't really be surprised as we are constantly bombarded with news, views and numbers from all directions which as a result, but for the double glazing, would have had many heading for the windowsills.
The equity market correction over the past few weeks has been both vicious and painful. I think it is fair to say that it has primarily been the concerns over European sovereign debt have driven this volatility and at the moment it is far from clear that this nervousness is over: however, the huge Eurozone financial dyke and support package announced a week ago is a major step in the right direction, in terms of buying time for governments to address their deficits (which many are now doing, more aggressively). For once it is showing tangible evidence that the authorities appreciate the seriousness of the situation. There is of course more work to do on that front in Europe and especially with the redesigning of the control and disciplines around the Euro.
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