Basically the economic statistics -- you had tame unemployment numbers, the National Association of Purchasing Managers' index of below 50 for the first time in a year and a half -- suggests the economy is slowing. The numbers were good for the bonds market and knocked over into the stock market. |
I have just come back from Europe and talking to European bank analysts and some of the banks there that are significant lenders to the TMT sector, there is no sense that this is going to cause them any distress. |
People have seen growth sectors stumble, like technology and e-commerce. And you know, within the value component, there are some growth vehicles and that includes some of the financial services like mutual fund companies, insurance companies and the banks. |