In the UK, the economic data continues to hold up relatively well, a trend which looks set to contin...
In the UK, the economic data continues to hold up relatively well, a trend which looks set to continue, with the consumer sector remaining relatively firm, notwithstanding some understandable weakness in the housing market. As a consequence, the top-down UK earnings look more resilient than elsewhere in the world, reinforcing the relative attractiveness of the UK. While the stream of profit warnings from the corporate sector is well advanced, further significant deterioration seems likely. Nevertheless, on any sensible investment horizon, we would be inclined to be positive on UK equities...
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