Stephane Deo, UBS's chief economist for Europe, predicted in late January 2009 that a "sustainable stock market recover/' was only weeks away. At roughly the same time, Nomura International equity strategist Ian Scott was forecasting that Britain's FTSE 100 index then at 4,426.19, would reach 5,300 by year-end. When these predictions were made, stock markets across Europe were tumbling, economies were sliding deeper into recession, and many market observers were forecasting an economic calamfty that would rival the Great Depression in depth and duration.
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