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Investor gloom at lowest level since September 11

Investor confidence is at its lowest level since the terrorist attacks on the Twin Towers on September 11, 2001, according to research commissioned by JP Morgan Fleming.

Forty-two per cent of investors questioned for the survey predicted that stockmarkets will be even lower in six months&#39 time. Only 22 per cent believe there will be a rally within this period.

The company&#39s confidence index stands at 42 points compared with 44 points after September 11 and 83 points a year ago.

The survey is carried out each month by Market Minder among 500 randomly selected investors.

JP Morgan Fleming head of market research Peter Brewster says: “We are into a bear market, the depths of which have not been seen since the 1940s. The looming threat of war with Iraq is casting a shadow over the markets and has shattered any hope of a recovery in investor sentiment in the first quarter of 2003.

“This uncertain environment also represents a valuable buy opportunity for investors, with many quality shares trading at extremely low valuations. The question is whether investors have the courage to buy when signs of a market recovery seem so few and far between.”

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