Merrill closed the equity strategy desk in early 2005, according to Mr. Halldin.
"We see a global equity strategy focused on where the earnings are produced".
Sam Stovall, managing director of US equity strategy at S&P Capital IQ, said: "The sentiment is dominated by fear.
The agency's charges stem from Merrill's equity strategy desk, which ran the firm's proprietary trading operation from 2003 to 2005.
"It really is Europe today," said Barry Knapp, head of United States equity strategy at Barclays Capital.
Mr. Aleynikov joined Goldman in May 2007 and was a vice president for equity strategy, but announced his resignation after little more than two years.
A Global Telephone Play Jason James, head of global equity strategy at HSBC in London, recommended Vodafone, the mobile telephone service giant based in Britain.
"Wall Street analysts are notorious for being overly optimistic," said Christopher N. Orndorff, head of equity strategy at Payden & Rygel, the asset manager based in Los Angeles.
David Readerman, director of growth equity strategy at Thomas Weisel Partners, a San Francisco investment firm, said that military contractors were increasingly of interest to him.
6.32pm GMT "Twitter's IPO shows the sublime and ridiculous nature of our capital markets," says Peter Garnry, head of equity strategy at Saxo Bank.
"This has been the perfect storm," said David Readerman, a partner and director of growth equity strategy at Thomas Weisel Partners, the San Francisco-based investment firm.
