According to market lore January is a good month. As bourses open to greet the new year, investors funnel in new cash and share prices rise, creating a "January effect" which the savvy try to surf. But punters seeking a quick buck have been disappointed this year, with the main stockmarket indices in the G7 economies all down (see chart 1). Many have had their worst January since 2008. It is not just share prices that are tumbling; oil, gas and metals are falling too. There are many reasons for the rout, but the predominant one in recent days is a fear that the world economy, already feeble, is slowing yet more.
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