Financial market developments

• The level of gross international debt issues was high, with OECD borrowers prominent; net borrowing in the international markets, however, remained low in the fourth quarter of 1992.
• Equity prices in some major European markets rose sharply, benefiting from currency depreciation and lower interest rates.
• Derivatives activity increased, against a background of currency and interest rate uncertainties.
• Major banks continued to report mixed performance.

Financial market developments