Global

GLOBAL - Europe will experience the weakest economic recovery outside Japan in 2003, Isis Asset Management predicts.

GLOBAL - A record 234 companies defaulted on US$178bn (£109bn) worth of corporate bonds worldwide last year, research by ratings agency Standard & Poor's shows.

GLOBAL - Axa Investment Managers has issued a warning regarding the current situation in the Gulf and the imminent possibility of war.

GLOBAL - MSCI performance figures for early reporting funds in its Hedge Fund Composite Index showed growth of 1.3% in December.

UK - Hewitt Bacon & Woodrow has added four new consultants to its investment team: Andrew Chapman, Colin Campbell, Sean Daykin and Nick Duff.

GLOBAL - Recent optimism over prospects for equity markets in 2003 is misplaced.

GLOBAL - Historically low cash levels are preventing fund managers from taking advantage of undervalued equities, according to the latest Merrill Lynch survey.

GLOBAL - Online fixed income trader TradeWeb achieved trading volume totals of US$10.8trn (£6.7bn) for 2002 - its fifth year of operation.

GLOBAL - Gold will provide a safe haven for pension funds over the coming year, Axa Investment Managers says.

GLOBAL - European hedge fund manager Aspect Capital has unveiled its first Japanese equity fund.