Lloyd's calls time on market rally
Wednesday 28 October 2009
The Lloyd's of London insurance market sounded a note of caution yesterday over the recent strength in stocks and other riskier assets, saying that, while the rally had resulted in higher investment returns, "the scope for further such gains is increasingly limited".
"We expect that current market levels will make it difficult to achieve significant returns in the balance of the year," Lloyd's said. Its third-quarter update showed excess of central assets over solvency shortfalls of £2.55bn, compared to £2.5bn at the end of June. "Strong investor demand for riskier assets in recent months has been driven by growing confidence that the global economy is on the path to recovery, as well as a desire to move away from the very low yields currently offered by cash and similar low risk investments," it added, keeping its full-year forecast unchanged.
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