Cees van Lotringen

Europe and the United States are facing an almost unprecedented economic crisis: debts are rising faster than ever while growth has plummeted. But investors have decided not to focus on the dark side of the moon, but to look on the bright side of life instead.

The first US earnings results came in published last week. As always, the major banks were first, showing disappointing results and withdrawing guidance for the second quarter. The consequence: analysts look into a black hole of uncertainty.