Equities

The S&P 500 has risen more than 40% since the lows witnessed earlier this year.

Despite frequent waves of negative news, there are several bullish trends emerging for the US economy and its stock market.

Since March this year the Asia Pacific markets have rallied strongly, as investors anticipated that loose monetary policy and government stimulus packages would be enough to trigger a recovery.

Janus US High-Yield heads say research is key to the fund's management strategy

There is little doubt the tide is turning for one of the most unloved regions. Investor sentiment towards Europe in July, as measured by the Bank of America Merrill Lynch fund manager survey, was at its lowest level since 2003.

Japan's economy expanded 0.9% in the second quarter compared to the previous one, lifting hopes that it may be recovering after four quarters of contraction.

Simon Lue-Fong, manager of Pictet's Emerging Local Currency Debt fund, has reduced his long duration bias in preparation for the end of emerging market bank's rate cutting cycle.

On a local currency basis, the FTSE World Europe ex UK Total Return Index has outperformed the S&P 500 Total Return Index since the March 2009 lows, reflecting the fact that European markets tend to be more sensitive to global growth.

Emerging market currencies have rallied strongly after a rough opening to the year. Globalisation, the structural driver for the asset class, continues.

All 14 vehicles in European peer group hit double-digit returns over the past six months, bouncing back from a difficult 2008