Cazenove's Dean: Markets stuck in 'www.cycle'

Equity markets are stuck in a ‘www. cycle' which cannot end until major headwinds such as the eurozone crisis and countries' debt levels are tackled, according to Cazenove's Julie Dean.

The manager, one of the best performing in the UK equity space, said the financial crisis which has kept the FTSE 100 moving in a narrow trading range over the last three years shows no sign of abating. “We have had very shallow periods of recovery followed by shallow periods of retraction for the last three years, so it has been a www.cycle,” she said. “It remains a crisis without a resolution, and although trend earnings have recovered in the UK, the market’s P/E ratio is still below the average it has traded at over the last 50 years.” Dean, who runs the £370m Cazenove UK Oppo...