Over 12 months ago we were optimistic on the outlook for equity markets because they had fallen belo...
Over 12 months ago we were optimistic on the outlook for equity markets because they had fallen below fair value against bonds and interest rates were being cut aggressively to boost global economic growth. This year looking forward, the outlook is far more uncertain. The overall interest rate profile is upwards and the sell-off in bonds has made equities look expensive, particularly in the US. A fundamental shift within global markets has been the dichotomy in performance between the 'old' sectors and the 'new' industries. This 'new paradigm' of technology-related growth remains on tra...
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