Time to tighten the belt
In the first quarter, the dominant concern was that the credit crisis posed systemic risks to the world financial system that could lead to a deep and prolonged economic downturn. The events surrounding the collapse of Bear Stearns marked an important catharsis, so when the US and European banks reported their earnings towards the end of Q2, the significant writedowns and capital-raising operations were smoothly absorbed by the markets.
In addition, the world economy appears to be more resilient
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