Global Market Review January 2013

Markets shrugged off a surprising drop in US GDP in Q4 and pushed many equity indices to their highest levels in 5 years. Although the GDP decline was a mere –0.1%, it was still rather unsettling. There has only been one occasion over the last 50 years (in 1977) when a single negative GDP growth reading did not presage a full-blown recession (defined as 2 consecutive quarters of negative GDP).

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