Another half year has passed since 5 April 2011, and in that time the markets have done a 180 degree turn. When we last sent valuations out it seemed that recovery was on the way with the FTSE 100 having reached a new high of 6,106 since mid 2010. However, since late July 2011 the European debt situation and worries about global demand have left an shadow of uncertainly over the markets. The FTSE 100 closed today at 5102.17.