What a depressing start to the year. Investors were barely back at their desks at the beginning of this week before panic erupted. Over the past few years I’ve usually had a good sense of where markets might go – my overall default position has been cautiously optimistic – but this January I am genuinely unsure as to what might happen next. I think the bears can make a strong case for an impending major correction, prompted by a global economic slowdown. There is the real sniff of fear (and financial cordite) in the air and it’s entirely possible that we could see the FTSE 100 push below first 5500 and then 5000.
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