Since 3 June 2008, the local FTSE ST Indices, led by Straits Times Index have been mired in a declining trend.

Despite the US Congress’ recent approval of a mammoth US$700b bailout package, global stock markets continued their rapid descent.

We are now suffering from a loss of confidence in the market and unless sentiment improves from now till the time Americans vote, we are unlikely to see a post-election rally in the US market.

For the not-so-young group of readers, this tune should sound familiar to all for it used to – and still does – occupy airwaves.

American International Group Inc. (AIG) units across Asia reported a slowdown in policy cancellations on 18 September and some denied reports of receiving buyout offers as focus shifted to the future of the Asian operations.

Ever since the sub-prime crisis last year, the financial turmoil has claimed several victims, ranging from US financial institutions Freddie Mac and Fannie Mae to global investments firms such as Merrill Lynch and American International Group (AIG).

Analysts around the world may be crowing over the (alleged) inflation corpse, but in Indonesia at least it is too soon to say price pressures are dead and buried.

It seems that investors have finally thrown in the towel, as average trading volume for the past fortnight have been consistently below the one-billion mark.

It has been a very quiet fortnight with no major positive or negative news, as trading remained focused on “worsening credit worries”.

The deal - set to be marketed globally - will raise the profile of the firm in other parts of the world and also give it the financial flexibility to make investments and acquisitions in the future, he added.