Limbo may be an abandoned concept as far the Catholic Church is concerned, but many stock investors are beginning to understand what limbo would feel like as they wait for the dust to settle after the recent collapse in global equity markets.
This week's roller-coaster performance on Wall Street has left many investors unsure which way to jump while the debate raging between bulls and bears on the other side of the Atlantic has added to the confusion.
"It's virtually impossible to understand markets. They are so irrational right now," said one institutional investor.
Proving the point, Irish shares underperformed other European stocks again yesterday despite boasting the strongest growing economy in the European Union.
The ISEQ index ended 93 points or 2.3 per cent lower at 3,944.47, nearly 3 per cent below its end-1997 level. The index has fallen by 10 per cent this week alone.
CRH, which is still benefiting from strong half-year results announced earlier this week, was one of the few stocks to buck the general downward trend and gain 6p to 840p. Most of the other leading stocks sank. AIB lost 43p to 822p, Bank of Ireland was down 5p at £10.50, Irish Life shed 20p to 465p while Smurfit was down 15p at 100p.
For those attempting to take a rational view of markets, the performance of the US economy will be the key factor in the weeks ahead. That in turn will depend on the confidence of the US consumer whose financial well-being has become increasingly tied up with the performance of the US stock market, particularly mutual funds, in recent years.
Meanwhile, there seems to be no imminent solution to the troubles in Russia. "The choice is either the abyss of hyperinflation or the mobilisation of control over the economy," acting Prime Minister, Mr Viktor Chernomyrdin told the upper chamber of Russia's parliament yesterday. "From January of 1999, the country moves to economic dictatorship."
However, until the Russian authorities succeed in stemming the relentless slide of the rouble - which has fallen by some 60 per cent in the last three weeks - markets will remain nervous that the government is moving ever closer to defaulting on $140 billion (£93 billion) of foreign debt. As yet this remains intact despite a domestic debt default announced last month.
