Which developed economy will win the ugly contest?

ON NORTH AMERICA

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Ian Heslop, manager of the Old Mutual Global Equity Absolute Return fund, gives his predictions for the equity market of the 'least worst' developed economy.

While the economic outlook for developed economies currently looks like an ugly contest, with the US arguably the least of the worst, the use of this argument to allocate to North American equities is not too enticing. However, it is instructive to remember equity markets are often perverse in their outcomes. The S&P 500 is up 12% in dollar terms as monetary policy floods the economy with liquidity. As we currently stand, there are good reasons to be positive towards the largest, most dynamic and liquid market equity investors have at their disposal. Unemployment rates remain stubb...

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