Brexit proving a headwind
The healthcare sector has been under a black cloud since the US Presidential Election last year, driven by concerns over drug pricing.
So far this year, we have seen Japan's equity market rising on the back of a supportive global backdrop, a relatively stable currency and healthy corporate earnings growth.
China has improved in last 18 months
At first glance, European smaller companies look expensive. They trade on a two-year forward earnings-per-share multiple of 15.8x, against their 15-year average of 13x.
Threat of policy mistake
Dividend yield and growth seem primed for a renaissance
Great diversity on offer
The monetary policy debate is likely to continue to dominate volatility in government bonds markets, and its ripples are likely to impact broader fixed income markets.
Lucy Macdonald, manager of the Brunner investment trust, takes a closer look at the prospects for global equity markets.
Korea performed well
Attractive economic backdrop
Seen a lull in inflation
Growth becoming harder to achieve
Pressure from sector disruptors
Emerging market bonds generated decent performance in the first half of 2017, rallying well after weakening towards the end of last year on the US election result.
With many asset classes having been pumped up to high valuations by central bank stimulus, we are concerned that investors are no longer receiving particularly generous rewards for taking market risk.
Japan (Topix) is doing well this year in US dollar terms, up 12% compared to 11% for the S&P 500 and 13% for the MSCI World index.
Improved political visibility
Companies with high growth are worth higher price tag
We have recently been summing up our overall market view as being characterised by elevated multiples applied to cyclically high earnings.
Large caps are the place to be over next ten years
Brazil is a good illustration of why many investors remain wary of emerging market debt (EMD), despite the serious attractions of the asset class.