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Mar 31, 2003

Leader: Black white & gray

'It was the best of times, it was the worst of times.'

'It was the best of times, it was the worst of times.' So far this year, it seems only the latter is true. With talk of war ringing in everyone's ears, the markets are depressed, investors are cautious, and IROs are under pressure (see Pre-war IR). We may be talking about geopolitics, but what goes on in the Security Council chamber doesn't move markets; individuals do. And the view from the 41st floor of Canary Wharf or from the corner of Wall and Broad is grim. Helicopters and slow planes

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