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The first few days of the week have been characterized by a fresh wave of risk aversion as uncertainty over the global economic outlook took its toll on stock markets and investors favored safe-haven assets such as government bonds, the US dollar and Japanese yen. However, yesterday brought some relief for risky assets - now in corrective mode - and it remains to be seen whether the S&P 500 Index will close down for a fourth consecutive week as the US earnings season gets on the way.
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