Europe/US - European growth shifting away from periphery toward Germany and France

We feel the business cycle is a little easier to read than the equity market at the moment. Having ...

We feel the business cycle is a little easier to read than the equity market at the moment. Having appraised the top-down data coming in, we have spent more time than usual over the last three months meeting companies in order to calibrate our top-down and bottom-up views. The message that emerged from this process is pretty clear. The problem with the world is too much growth, not too little. Speaking to European corporates is like getting religion at the moment - their belief levels are very high. They are telling us that growth should remain robust through the second and third quarters...