Introduction……..
Since we released our Half-Year Investment Review & Outlook back in July, we have seen most of the main global equity indices continue to grind higher, with some relatively small bouts of volatility along the way while keeping the general trend of the last 18 months well intact.
With the main indices either side of the Atlantic having now rallied between 15% – 20% so far this year, we acknowledge that it would be normal to see some pullbacks as we head towards year-end and into 2022.
However, while slightly smaller gains may be expected after equities’ robust run of the last year and a half, we would argue that risk assets can and should still move higher in the medium-long term. We are of the belief that stocks will continue to be driven by a combination of robust earnings growth, attractive valuations relative to bonds, an ongoing return to more normalized economic activity as a higher percentage of the global population receive their vaccines, and still-accommodative central banks who will not tighten policy carelessly and stifle economic growth in the process of doing so………….
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