“All the things they said would happen to you Don’t you know they’re all coming true Goin’ nowhere fast

“Nothing’s strange as when it seems You’re living out all your worst possible dreams Goin’ nowhere fast”

Beck Hansen’s lyrics might have been written in the late 80s, but global stock markets were dancing to the same despondent tune during August. Gloomy sentiment about credit woes and a worsening global economic picture dampened investor sentiment, resulting in a down-month for most markets. Although the MSCI World Index (-1.6%) managed to hold its mid-July trough, the MSCI Emerging Markets Index (-8.2%) was less fortunate and recorded fresh lows for 2008.

The biggest loser for the month was the Russian Trading System Index, which declined by 16.3%