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Hugh Stevenson appointed to FSA board

Hugh Stevenson has been appointed by the Treasury a non-executive director of the FSA board for a three-year term.
Hugh Stevenson is currently the chairman of Equitas and Merchant Trust. He begins his term on the FSA board on June 1st 2004.
Financial secretary Ruth Kelly says: “Hugh Stevenson&#39s experience as a practitioner in investment banking, fund management and insurance will prove invaluable to the board, particularly when the FSA takes on its new role of regulating the general insurance market from January 2005.”

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In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.

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