Top-line growth stays just out of reach

There is no doubt that, as far as the corporate sector is concerned, things are looking up. The reporting season is in full swing and, thus far, the majority of companies have reached their earnings forecasts via the combined effects of severe cost cutting and debt repayment or restructuring on the bottom line. The bull investor nirvana of top-line growth, however, remains maddeningly elusive. From March until May this year, equity markets rallied due to the perception of under-valuation and as investors' appetite for risk increased. The second stage of the market recovery saw macroecon...