Most of the general economic data released during the period was positive. Major indices in the USA and Europe were up and Tokyo’s anti-deflation programme received a warm welcome in the international money markets. Major world stock market indices rose with gains of more than 10 % being recorded across the board. Given the strong relationship that exists between stock market figures and consumer sentiment, it is reasonable to assume that the world economic outlook will continue to improve – barring any unforeseen circumstances.

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