The recent sharp falls in emerging market (EM) currencies against the US dollar do not reflect fundamental shifts in exchange rate policy in these countries. Instead the main driver is renewed demand...

According to the Federal Reserve’s Flow of Funds Accounts published last Friday, the market value of the equity issued by US non-financial companies at the end of H1 2011 was almost identical to the...

Thursday’s pledge by the European Central Bank (alongside similar commitments from the Bank of England, Bank of Japan and Swiss National Bank) that it will offer 3m US dollar funding over year-end...

We have reviewed our projections for currency, government bond and stock markets. The new market numbers are presented in the table on the next page. There are two main changes. First, we are revising...