Equities will find it hard to make headway in 2009 and there will not be a strong recovery until credit market conditions show real signs of improvement and forced selling abates.

• 股市会发现，在2009年很难取得进展。而且，在信贷市场显示出真正好转的迹象以及被迫抛售的情况减轻之前，不会出现强劲的反弹。