Markets: More fear, less hope

Forget about this week’s Y1.38 trillion (E11.6bn) capital raising for Norinchukin. That was flagged by the Japanese cooperative back in November. Also forget about Saab filing for bankruptcy: General Motors has long been clear that it couldn’t rescue its Swedish subsidiary. Instead, there is plenty of genuinely shocking bad news to worry about. The index of service-sector activity in the eurozone fell to a record low on Friday. Eurozone GDP is shrinking at a 6% annual rate, according to JP Morg...