Equities have traded sideways for the last 18 months digesting a global growth slowdown. We are seeing nascent signs of recovery in some economies: New Zealand, Portugal, Indonesia, South Africa and Mexico. Meanwhile, the cost of financing has collapsed with bond yields and raw material costs are also far more affordable.
The third quarter has the harshest year on year growth comparisons. After which we expect growth to positively surprise and equity markets to once again assert themselves.
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