Woodford and Thomas see tough year ahead

blackrock's ALBERT MORILLO believes EUROPEAN MARKETS OFFER FAIR VALUE, WHILE aberdeen's PAUL REED SEES OPPORTUNITIES IN CORPORATE bonds

UK fund managers Neil Woodford and Nigel Thomas are predicting mild economic recovery in 2002 but neither see the stock market providing stellar returns. After a year of UK economic outperformance compared to the UK's G7 counterparts, but weak stock market returns, the pair are anticipating 2% GDP growth and positive equity returns in 2002. Speaking at FundsNetwork's investment forum in Birmingham last week, Woodford, manager of the Invesco Perpetual Income and High Income funds, said very strong consumer and Government spending would continue to buoy the UK economy this year. Conver...