Trevor Greetham, director of asset allocation at Fidelity Worldwide Investment, explains why he starts 2013 in a positive mood.
Global stock indices posted double-digit returns in 2012 with Hong Kong and Germany the best performing major markets, and Japan and Spain the worst. Bond markets continued their steady progress with emerging market debt, high yield and Italian government bonds stand- out performers at the riskier end of the spectrum. Risk on/risk off will still be with us in 2013 but we are upbeat on the world economy and expect the trend to favour US and emerging market stocks. The shock caused by the failure of Lehman Brothers in September 2008 gave rise to what has been called the risk on/risk off...
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