Analysis

The global economy is at last enjoying a return to growth, albeit slowly, and given the progress so far we are very positive in our outlook for Brazil.

We are seeing growing evidence of impending tightening by key Central Banks. Most investors are probably eyeing the dominant player, the US Federal Reserve.

Finding equity income has become more difficult because key income-producing companies have reined in their dividend payouts.

The year has started off in a fashion we expect to continue - that is a battle between bottom-up optimism and top-down pessimism for the hearts and minds of investors.

The Japanese market has been a laggard in the broad equity market recovery that began in March last year.

All but one of 142 funds in resurgent IMA peer group register positive returns over one year to 19 February.

The US economic recovery is well under way, but our estimate is lower than the consensus view.

A mid-cycle correction, which we anticipated for Q2 2010, may have already started and there is good reason for us to advise a more cautious approach within the Pacific Basin.

For many, high yield is nothing more than a niche investment. However, last year's impressive returns and increased issuance is bringing the attractions of this asset class to a much wider audience.

Concerns about a sovereign credit crisis in peripheral Europe drove equity markets significantly lower in the past few weeks, although corporate earnings results overall showed a solid improvement.