From UBS:
In the first few weeks of 2008, equity markets worldwide have fallen by an average 12% and credit spreads have continued to widen as investors have become increasingly risk averse. Economic data has deteriorated, especially, but not only, in the US. The Federal Reserve has cut US interest rates. While such policy action will, in time, ease pressures in both the real and the financial economy, it is uncertain when this will be. UBS expects 2008 to be another difficult year.
Related links
UBS predicts ‘another difficult year’ - FT.com
UBS and investment banking - Lex
