Newspaper article The Evening Standard (London, England)

Mayday Signals Keeping Shares in the Doldrums; City Comment

Newspaper article The Evening Standard (London, England)

Mayday Signals Keeping Shares in the Doldrums; City Comment

Article excerpt

Byline: ANTHONY HILTON

TODAY is 1 May, and with demonstrators on the streets, the stock market in the doldrums, the dollar on the slide and the economy flat, the temptation to "sell in May and go away" can scarcely have been stronger.

True, the London market has not been as jittery as Wall Street, but it is a mess all the same. There is no confidence, no enthusiasm, no appetite for risk. In America, people believe the economy is growing again, but they also think they have been comprehensively misled by the investment community in recent times. They do not believe analysts, they think company profits are overstated and do not trust Wall Street or any of its works.

Even if the economy does grow, they think shares will still be overvalued because of the past excesses. Small investors are pulling more than $1 billion a day out of the market and putting it into cash. Institutional investors are sitting on the sidelines.

Foreign investors in the US economy also seem to be getting nervous. …

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