fund manager views

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