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Summary of key points • The recovery in equity markets has continued as we expected, as investors responded to the pause in the tightening of monetary policy by the US Federal Reserve. • A key question remains: what if the Fed wants to resume interest rate increases...

Summary of key points Since New Year, equity markets have recovered some of the steep decline that occurred in the December quarter of 2018. Both the decline and the partial recovery have been driven by shifts in sentiment rather than much in the way of major change...

Summary of key points The equity markets have recovered partially from the significant but not catastrophic sell-off in October. As we indicated earlier such episodes will become more frequent and severe in the unstable policy environment being driven out of...

Summary of key points Both short and long-term US interest rates rose by enough to trigger a significant but not catastrophic sell-off in US equities. This spread to other equity markets. It is likely to be short lived, with equity prices recovering, however, such...

Summary of key points   Continued earnings per share growth together with interest rates and bond yields that are still low by historical standards are underpinning share price growth across a number of major equity markets....

Summary of key points   Synchronised world GDP growth continues, and it is underpinning earnings per share growth across a number of major equity markets. Major budget deficits in most places except for Germany provide ongoing...