SCOREBOARD: The outlooks grim

A combination of the IMF's uncertain global outlook and dire US earnings expectations hit equities overnight.

Global equities took a hit last night following a fairly grim global assessment from the IMF. It’s not that their growth forecasts are all that bad or anything. Indeed the IMF expects growth to accelerate over the next year (to 3.6 per cent from 3.3 per cent) and indeed it is accelerating as we speak. Yet the focus wasn’t on that, but on the assessment of risks – modest downward revisions to growth and a 17 per cent chance of severe global recession.

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