GRS
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GRS News
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.” "Obama bounce" will not boost market confidence say city sceptics
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