JPM's Fish: I would welcome a 10% US equity correction

Manager of the JPM American investment trust says a market pull-back is overdue

JP Morgan Asset Management's Garrett Fish has said a 10% correction in the US share prices this year would be good for the market, as valuations become increasingly stretched.

Despite uncertainty over the situation in Russia, the S&P 500 is up 20% in the last year, as confidence returns to developed markets. The manager of the £729m JPM American investment trust said a correction is overdue. "I would welcome a 10% correction," he said. "If we see that kind of decline, that is normal, but does not mean [the rally] is over. The longer we go on without one, the likelihood increases it will be worse when it happens." Continuing fallout from Russia and the ‘fragile five' emerging market countries could hit US stocks, particularly those that depend on expor...