GAM's Howard: The relentless logic of the S&P 500
How US market is overcoming obstacles
Julian Howard of GAM
Trade disputes; rising US interest rates; wage inflation; political uncertainty; presidency 'by Twitter'; a stronger US dollar; an inverted US yield curve; rising US debt. On paper, the case for the US stock market both in itself and relative to other regions would appear weak.
Higher volatility only seems to confirm this catalogue of headwinds: the first half of 2018 saw the S&P 500 post 36 days in which it moved by 1% or more compared with just eight in 2017. And yet by 27...
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