When Swiss bank UBS stuck its neck out in the last quarter of 2003 to declare the Bear market was officially over, more than a few sniggers were heard around the City.
Still, it was hard to argue with the numbers: the bank’s quarterly results reported at the time noted earnings per share were up a whopping 66% compared to the same period last year, helped by greater flows of money into its funds from both institutional and retail clients. Since then the big four UK clearing banks have reported their own rosy results, also indicating just how good a year it was. UK The London stock market had one of its best performing years ever in 2003, however this is not too surprising given trading has been through its worst Bear run since the Depression. How...
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