Fear returns to the market – Jonathan Stewart, CIO

Sadly, the second quarter of 2010 proved a much tougher one for markets than the first.  The year had opened with quite buoyant hopes for improving economic growth and a strong earnings recovery that would serve to drive solid performances from risky asset classes like equity.  This indeed was our view, albeit that we continued to harbour a concern that excessive private and public debt levels in the major economies would prove to be a medium-term challenge to markets.
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