Amid hopes of economic recovery and renewed investor appetite for riskier assets, most of the global indices reversed their first-quarter losses during the second quarter of 2009, returning their best quarterly performance in more 20 years.
The upward movement continued in the third quarter, with equities trending higher. Analyst upgrades across sectors, combined with a spurt in deal activity, supported this uptick. However, the Federal Reserves announcement that it would be slowing the purchases of mortgage debt was sobering, as many worried about the sustainability of the recovery process if the stimulus was withdrawn too early.
In Europe, economically sensitive areas, such as industrials and consumer discretionary, continued to rise, while pharmaceuticals also performed well, buoyed by consolidation in the sector. Economic indicators continued to improve, and the European Central Bank policy makers signaled they intend to leave emergency lending measures in place next year to support an economic recovery.
In Asia-Pacific, industrial production expanded in most of the Asian economies, indicating that their policy measures are gaining traction. The private sector too is recovering well in many countries, with lower interest rates and government incentives driving consumer spending in Asia.
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