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Equity market will 'continue to be strong'

23 October 2007
Global equity markets will continue to be strong, according to some of the world's leading investment banks.

The assertion cam after these same banks accepted responsibility for the recent turmoil in credit markets around the world and claimed that they would play a major role in ensuring the global financial system can progress strongly.

An assessment of the recent financial sector troubles from the Institute of International Finance (IIF), which represents hundreds of banking groups, suggested that inadequate risk management had been in large part to blame, the Times reports.

Josef Ackermann, chairman of the IIF and of Deutsche Bank, is quoted as saying: "There have been mistakes. The weaknesses in business practices and market dynamics that have been revealed have highlighted the areas where industry practices need to improve.

However, Mr Ackerman went on to claim that the global financial system was stronger than it has ever been.

Meanwhile, figures compiled by Barclays Wealth recently showed that almost three-quarters of market investors felt the recent equity market turmoil presented a "market opportunity".

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