Where Next for Markets?

Over the last few weeks, we have seen a sharp reversal in trends across certain asset classes. Long term interest rates have risen by 0.5% in the US and Europe, the Euro has bounced 8% from its low against the US Dollar, European stocks have sold off  and the oil price rallied 25% in April alone. These moves have led to one or two influential investors claiming markets may have reached an inflexion point and a bigger correction in share prices is around the corner. Whilst we accept the risks of a more meaningful pullback have risen following the uninterrupted gains of recent years, we remain  reassured by the quality of companies we invest in and how they are performing in the real economy.

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