Mark Hargraves, senior portfolio manager at AXA Framlington (an expertise of AXA Investment Managers), reminds investors that corporate profitability, where Europe scores highly, drives equity returns, not GDP growth.
The Dow Jones index broke through the 15,000 point threshold for the first time ever on Tuesday.
One of the German government's closest economic advisers has warned the euro has a "limited chance of survival" and may only last for another five years.
Under Madame Lagarde, the IMF is having some second thoughts about cutting deficits.