The equity markets concluded the year 2008 – a dramatic one in historical, economic and financial terms – on a distinctly positive note. In the last few weeks of the year almost all markets made sharp gains. That optimism was primarily based on hope linked to the measures announced by various governments and perhaps also on a certain relief that the disastrous year was at last coming to an end. The realities of the economic situation, however, provided no justification whatsoever for this optimism and rapidly got the upper hand again this year. 2008 was the year of the escalation of the financial crisis, while 2009 is set to be the year in which this impacts the real world economy. It may be that 2009 ultimately proves to be the year of recovery or at least of the first steps on that road, but for the time being it remains a matter of waiting anxiously......click HERE to find the complete analysis.