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For equity just read the WSJ/FT/whatever. Have a grasp on what the markets are doing.
FI is more complicated than equities, but you should know what a bond is and MAYBE how it is priced (basically, you just discount future cash flows to present value), but besides that you are a summer analyst and you aren't going to be expected to know shit. General knowledge of news events, a good personality, and a sincere interest is all you need for a summer gig.
don't read advice on wall street oasis =P
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