More rate cuts expected from ECB

Professional Adviser
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Fund manager's comment/Graham Bamping

The first half of this year unfortunately saw more of the same for the major stock markets, as a wave of negative earnings news flooded the market, with technology, media and telecoms shares showing particularly poor returns. In our view, a protracted global economic growth slowdown is likely to be avoided, with the relatively flexible US economy leading any upturn. The old economy appears close to an interest rate-led turnaround, although relative inventory levels suggest the upturn in technology and telecoms is likely to lag the cyclical upturn. European shares followed the g...

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