Market turmoil set to stay

The events of May 2006 suggest that the world's stockmarkets are about to enter a bear market. Not all fund managers agree though. So does this partial correction have further to go?

"Is this the end of the storm on the world's stockmarkets, or merely a lull?" asked Robert Watts and Louisa Gault in The Sunday Telegraph. "That's the question the City's sharpest brains are wrestling with this weekend."

They got their answer quickly enough once the exchanges reopened after the bank holiday. Markets plunged yet again, with the FTSE 100 shedding 2.4% in a day, and the bear case began to look even stronger.

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