Global markets will peak in 2005 on the back of weaker fundamentals
We believe that equity markets will make further progress in the near term as investors continue to assume risk, encouraged by the oil price easing from record levels and easier monetary policy than originally expected. However, there is a realistic danger that global equity markets will peak in early 2005 as weaker economic and profits data comes through. As a result, we have cut our 2% overweight position in Japanese equities prompted by a foreseen slowdown in global trade and disappointing recent consumer demand. While we continue to have a positive stance on Japan, we believe the mac...
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