Global equity markets diverged on Tuesday and risk aversion increased amid year-end worries, after investors were forced to focus on the weakening earnings outlook.
Disappointing news from some high-profile companies dominated markets. Sony, the Japanese electronics group, said it was cutting 16,000 jobs and curbing investments; US logistics group FedEx slashed its 2009 outlook; and Texas Instruments, the US chipmaker, issued a profit warning.
