Morgan Stanley Dean Witter & Co.
The article says six-month period ended April 30, 2003, was difficult for international equity investors. The moves during the period were sharp: markets breached their October lows in mid-March before moving solidly higher in April. Asia was more defensive until late in the period when the news on SARS escalated and the markets sold off, and the U. S. dollar lost value against nearly all the major currencies, particularly the Euro, which gained approximately 13 percent over the period. Read the article to about the economic slow down and how the economy got out of it.