Simon English: Crisis, what crisis? Footsie stays unfazed
Thursday 15 December 2011
Outlook What's up with the stock market? Hasn't it been told there's a crisis on? It fell more than 100 points yesterday, but in general the FTSE 100 is acting as if there's no possible trouble ahead. It's more turbulent than usual (100-point moves used to be news in themselves) but at 5,367 it is signalling that everything is basically fine.
What's going on? One theory is that equities, theoretically the most risky asset class, are presently seen as the closest to a safe haven that exists. In other times of strife, investors abandon shares and pile into government bonds on the basis that, well, entire countries don't go bust very often.
Just now, big companies are seen as safer than countries. That's quite scary. Take heart, if you can, from the reams of evidence that investors aren't always right. Often not, in fact.
- 1 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
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