Book values remained stable last week. The S&P 500 Banks Index implied book value has increased by three percentage points since the end of November, reflecting a 32 percent aggregate decline from December 31, 2007. The Guy Carpenter Global Composite regained some momentum, edging slightly higher from the previous week. The Global Composite has lost 15 percent of its aggregate implied book value, compared with 17 percent at the end of November.
(Chart after the jump)