Further uncertainty for pension funds

ONCE uncertainty over the war was out of the way, markets were due to pick up and the global economic outlook to improve.

That was the expert market consensus. Much of the recent lethargy in markets could be explained by the war factor. Once a decision was taken one way or the other, then the chances were markets would improve was the prevailing view. So far little has happened. Perhaps the markets need thousands of Iraqis dead before they are happy the war is resolved or perhaps they want Saddam dead.

Perhaps however, just perhaps, the markets are not really being dictated by the war. What then?