Expect a mixed macro picture and slower growth

ON NORTH AMERICA

TANA FOCKE, fund manager of the Smith & Williamson North American Trust on North America

For several months the market has been dominated by macro news – even the most recent earnings season saw very little stock differentiation. One of the few things that rises in falling markets is correlation. The mixed signals we are seeing from the macro are the worst home sales since records began in 1999, and yet, private employers have been hiring more workers than expected. We expect a mixed macro picture with a slower growth environment rather than a double-dip recession. Political uncertainty has created an overhang in the markets in the shorter term. However, this could eventu...