GERMANY

WHY BACK MINERS?

PHARMACEUTICALS

THE BIG QUESTION

The financial markets in May provided a reminder macro events, economic data and political decisions continue to create a recipe for market volatility.

Although there has been a recent upturn in volatility, the economic landscape has improved significantly since the market lows of March 2009.

The global economy will continue to move forward, albeit not at a historically fast pace.

Europe is likely to experience lower growth due to "fiscal austerity". However, as a result of the awkward outlook, European equities look inexpensive.

EMERGING MARKETS

THE BIG QUESTION