David Bulteel

“Following the sharp setback in equity markets during early summer, most regions have experienced a gradual recovery to regain much of the lost ground. Earlier concerns about inflation and rising interest rates have been replaced by a belief that a gradual slowdown in economic growth and inflation will be achieved, without the world tipping into recession. Bond markets have also rallied but seem unlikely to improve much further without weaker economic data. Equity valuations remain attractive relative to bonds.”