LEADER: Caution replaces gloomy forecasts

Uncertainties over the near term direction of the regional and global economy have certainly dampened adspend growth, highlighted by the beating major regional titles appear to have taken in January. Interestingly, media owners are now saying that their prospects have brightened and that gloomy predictions of just a few months ago are giving way to cautious optimism. No-one can say at this stage if last year's bull run will be repeated. But which ever way you look at it, cautious optimism is a pretty decent improvement over the bleak outlook that prevailed just a few months ago. That's a healthy sign - that we're not talking the business any further down.

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