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09 Nov 2008
"Obama bounce" will not boost market confidence say city sceptics
The ‘Obama Bounce’ is not going to shorten the credit crunch, according to London’s sceptical professionals.  69% of City professionals thought the Obama Bounce - which lifted markets around the world in the wake of this month’s US presidential elections and was credited for the surge in Gordon Brown’s popularity – wouldn’t last.  945 lawyers, tax, insurance, and risk professionals were surveyed by recruiter GRS.  An optimistic minority (31%) believed his election would lead to a quicker economic recovery.   Ken Brotherston, CEO of GRS, says, “Choosing the right man for the job can make a big difference to the way companies – and indeed countries - perform.  Obama is the finest reflection of the electorate he represents, he’s a strong cultural fit. Markets around the world proved they were optimistic about the future in the wake of his election – that’s why they bounced.  But London’s finance professionals are more cautious about the long-term prospects for the global economy.  The majority think even Obama will have difficulty turning around the seriously troubled economic situation he has inherited.
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