Have Markets Over-discounted the Good News?
25th February 2019
The ongoing strong performance of equity markets and higher risk bond markets, in essence, is saying the macroeconomic data is wrong and that things will get better. Since the start of the year, global equity markets have risen 11% while the global economic data has mostly disappointed. The market has taken it at face value that an agreement on trade between China and the United States may be at hand. However, our medium-term concern...