The deepening global recession is sending shivers down everybody's spine - and there is no light yet at the end of the tunnel. Entering the month of March, from Dow Jones IA to KLCI, the stock markets worldwide took a nasty tumble on the first day's trading.
It is now a world of jitters! Adding fuel to fire was AIG's quarterly loss amounting to US$61.70 billion.
Banks worldwide are now in a freezing winter. Keith Wirtz put it rightly that "you have almost no reason to own a bank stock".
The Dow decreased 299.64 points, or 4.2%, to 6763.29, a level which is less than half of its height in the middle of 2008. Worse still, the downside risk is still great and there is huge uncerytainty ahead.
One top-notch fund manager recommended recently that "cash is still the king".