- Despite the arrival of ‘freedom day’ in the UK and the strength of other developed market economic recoveries, global equity market progress has been relatively muted in recent months.
- Should profits forecasts match expectations, markets could trade sideways as earnings catch up over time.
- As risks to the outlook have grown, investors find equities trading close to their 15-year record forward price/book levels which on the face of it offers a limited cushion for any downside surprises.
For further details see:
Global Equities: Volatility Rises At The Upper Reaches Of Valuation