Global stock markets were a mixed bag in March, as gains in the US and Japan were offset by losses in the emerging markets and Europe (excluding Germany). Japan posted an unex- pected trade surplus for February after four straight months of deficits, driven by strong ex- ports to the US. In contrast, Euro-region unemployment rose to its highest level in more than 14 years (10.8%) while manufacturing contracted for an eighth straight month, adding to signs that the region probably slipped into recession in the first quarter. Click on CFAL Global Market Review - March 2012 to read more...

_{What do Slovenia, Italy, Czech Republic, Ireland, Greece, Denmark, Portugal, Netherlands, Belgium, UK and Spain all have in common? The answer is they are all in recession. Standard & Poor's (S&P) downgraded Spain by two notches on April 26th in a sign of persistent investor concern over the stability of the Eurozone. The debt dynamics of Spain are rapidly deteriorating as the nation’s bond yields rise. The yield on Spain’s 10-year bond approached 6% in mid-April, renewing concerns that they may be forced to seek an international bailout. CFAL's Global Market Review — April 2012 provides an analyisis of recent trends in the global market...}