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April's rally in global stock markets notwithstanding, the scorecard for global markets so far in 2008 makes for grim reading. Not a single European market is up so far this year. In Asia, only Taiwan and Pakistan are showing any gains. Latin America is the region that stands out, with Mexico, Chile, Colombia and Brazil all in positive territory. With both China and India down by as much as a third, and Russia down 10.7%, Brazil's 11.2% return to date stands head and shoulders above its BRIC rivals.
After the worst first quarter in recent memory, stocks finally showed everyone that the bears hadn't taken up permanent residence on Wall Street. Now in the wake of the admittedly very good performance we witnessed in April, many pundits have taken to asking if the credit and equity market crisis is now over...
The decision has been rendered, and the Federal Reserve once again has cut the cost of capital. The central bank's Federal Open Market Committee (FOMC) lowered its benchmark fed funds rate by 25 basis points to 2%. The FOMC also took down the discount rate by 25 basis points...
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