David Hambidge: Half-time report

The global equity bull market is now well into its 10th year and, while it has certainly been a golden period to have been invested in stocks, it is clear equities and most other asset classes have benefitted hugely from a combination of ultra-low interest rates and money-printing in the form of quantitative easing (QE) by the world's major central banks. This probably goes some way to explaining why 2018 has so far been a much more challenging year for risk assets. Yes - global economic growth has been respectable and more synchronised over the last year or so and corporate profitabilit...