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The slump in financial assets has led to negative returns for super funds. While disconcerting, occasional negative returns in superannuation funds are a normal part of the investment cycle. But reacting to the current turmoil by moving to cash will lock in losses and only lead to lower long term returns. The wisest approach is to have an appropriate long term investment strategy and to stick to it, says the AMP’s head strategist and economist, Dr Shane Oliver

As the Group of Eight world leaders discuss the environment, the world economy and global food prices and the impact of biofuels, the struggling UK Government of Prime Minister Gordon Brown, has made a significant concession to slow the use of biofuels.

While oil trading dominated commodity markets last week lead slumped sharply, losing 13%.

If our report of earlier in the week wasn’t bad enough about the British economy, more figures have come to light that suggest it’s almost in free fall, so rapid is the downturn.

The UK housing sector, already beset by plunging demand and prices, has been hit with a potential body blow which could tip the economy into a deep recession.

Inflation in South Korea has had its biggest rise in 10 years as the country battles rapidly rising oil prices.

"Inflation is likely to remain relatively high in the short term, and the consumer price index will be further boosted in coming quarters by the recent rises in global oil prices."