OMAM's Murphy: Fundamentals not fear

As the summer lull descends on the UK equity market, the recent sharp correction – the FTSE 100 has fallen over 17% from peak to trough in 11 weeks – has led to a dramatic rise in bearish sentiment among market participants, prompting some to wonder if the only bulls left are those in Pamplona. Every market discussion currently encompasses the dreaded economic ‘double dip’, eurozone sovereign debt crises, deflation, leading indicators rolling over, no weapons left in policymakers’ armoury, Chinese hard landings and technicalities such as the ‘death cross’. You get the picture. This be...